After a volatile session, Indian equity benchmark -- Nifty -- ended Tuesday’s trading session on a lower note, pulled down by weak performance of financial stocks. After making a positive start, soon index slipped into a negative terrain. Traders remained cautious as National Stock Exchange's provisional data showed foreign institutional investors (FII) sold shares worth Rs 533.20 crore on April 17. Traders also took a note of report that External Affairs Minister S Jaishankar called for urgently addressing India's trade imbalance with Russia even as he described the partnership between the two countries as among the steadiest of major relationships globally.
However, in early afternoon session, index trimmed some of its losses and traded near neutral line, as traders took some support with report that the Department for Promotion of Industry and Internal Trade (DPIIT) is aiming to get a clear picture of the country's logistics costs in the next four months. At present, the government is going by certain estimates, which suggest that India's logistics cost stands at about 13-14 per cent of the country's GDP (gross domestic product). But, index unable to hold its position and again added losses in last hours of the trade, amid private report that Rakesh Mohan, a part-time member of the Prime Minister's Economic Advisory Council said that after the failure of the Silicon Valley Bank (SVB) it will not be surprising if more financial institutions fail globally, but no direct impact is expected on Indian banks, though a reversal of capital flows and the consequent impact on the exchange rate could affect the economy.
Traders were seen piling positions in Pharma, Healthcare Index and Realty, while selling was witnessed in Consumer Durables, Media and Financial Services. The top gainers from the F&O segment were Lupin, PI Industries and Bharat Heavy Electricals. On the other hand, the top losers were Tata Chemicals, Tata Communications and Power Grid Corporation of India. In the index option segment, maximum OI continues to be seen in the 17900 -18100 calls and 16900 -17050 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 1.54% and reached 12.08. The 50 share Nifty down by 46.70 points or 0.26% to settle at 17,660.15.
Nifty April 2023 futures closed at 17709.10 (LTP) on Tuesday, at a premium of 48.95 points over spot closing of 17660.15, while Nifty April 2023 futures ended at 17772.75 (LTP), at a premium of 112.60 points over spot closing. Nifty April futures saw an addition of 10,463 units, taking the total open interest (Contracts) to 1,97,151 units. The near month derivatives contract will expire on April 27, 2023. (Provisional)
From the most active contracts, Reliance Industries April 2023 futures traded at a premium of 1.35 points at 2341.75 (LTP) compared with spot closing of 2340.40. The numbers of contracts traded were 32,415. (Provisional)
HDFC Bank April 2023 futures traded at a premium of 5.65 points at 1666.00 (LTP) compared with spot closing of 1660.35. The numbers of contracts traded were 28,542. (Provisional)
Infosys April 2023 futures traded at a premium of 4.35 points at 1263.35 (LTP) compared with spot closing of 1259.00. The numbers of contracts traded were 27,470. (Provisional)
ICICI Bank April 2023 futures traded at a premium of 3.25 points at 899.25 (LTP) compared with spot closing of 896.00. The numbers of contracts traded were 22,109. (Provisional)
State Bank of India April 2023 futures traded at a premium of 0.65 points at 545.90 (LTP) compared with spot closing of 545.25. The numbers of contracts traded were 18,775. (Provisional)
Among, Nifty calls, 17700 SP from the April month expiry was the most active call with an addition of 15,936 units open interests. Among Nifty puts, 17600 SP from the April month expiry was the most active put with an addition of 2,414 units open interests. The maximum OI outstanding for Calls was at 18000 SP (94,354 units) and that for Puts was at 17000 SP (1,18,631 units). The respective Support and Resistance levels of Nifty are: Resistance 17747.77 -- Pivot Point 17678.98 -- Support 17591.37.
The Nifty Put Call Ratio (PCR) finally stood at (1.09) for April month contract. The top five scrips with highest PCR on Nestle India (1.34), AU Small Finance Bank (1.24), Siemens (1.19), Godrej Properties (1.08) and Biocon (1.04).
Among most active underlying, HDFC Bank witnessed an addition of 1,964 units of Open Interest in the April month futures, Reliance Industries witnessed an addition of 4,139 units of Open Interest in the April month futures and State Bank of India witnessed a contraction of 1,063 units of Open Interest in the April month futures. (Provisional)
