Indian equity benchmark -- Nifty -- closed Thursday’s trading session with over half-percent gains on monthly F&O expiry. After making a flat start, soon index started northward journey, as investors got some support with Additional Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajeev Singh Thakur’s statement that the government has released Rs 2,874.71 crore to the beneficiaries of the production-linked incentive (PLI) scheme till March, with a majority of companies from eight sectors like electronics, telecom, pharma and food processing.
In afternoon session, index continued its northward journey, as some support also came after India and the four-nation bloc EFTA discussed ways to resume negotiations for a free trade agreement with a view to strengthening economic ties between the two regions. Meanwhile, the Centre gave its nod to the National Medical Devices Policy 2023 with an aim to achieve 10-12 per cent share in the growing global market over the next 25 years. In last leg of the session, index extended its gains and ended with gains of 101.45 points, as investors turned their attention towards fundamentally strong stocks.
Most of the sectorial indices ended in green except FMCG. The top gainers from the F&O segment were L&T Technology Services, Glenmark Pharmaceuticals and Vodafone Idea. On the other hand, the top losers were Voltas, HDFC Life Insurance Company and Godrej Consumer Products. In the index option segment, maximum OI continues to be seen in the 17900 -18100 calls and 17400 -17600 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 1.95% and reached 11.43. The 50 share Nifty up by 101.45 points or 0.57% to settle at 17,915.05.
Nifty May 2023 futures closed at 17995.80 (LTP) on Thursday, at a premium of 80.75 points over spot closing of 17915.05, while Nifty June 2023 futures ended at 17995.80 (LTP), at a premium of 80.75 points over spot closing. Nifty May futures saw an addition of 54,853 units, taking the total open interest (Contracts) to 1,68,126 units. The near month derivatives contract will expire on May 25, 2023. (Provisional)
From the most active contracts, Reliance Industries May 2023 futures traded at a premium of 13.65 points at 2395.35 (LTP) compared with spot closing of 2381.70. The numbers of contracts traded were 66,265. (Provisional)
Infosys May 2023 futures traded at a premium of 7.10 points at 1254.10 (LTP) compared with spot closing of 1247.00. The numbers of contracts traded were 47,040. (Provisional)
ICICI Bank May 2023 futures traded at a premium of 4.90 points at 922.50 (LTP) compared with spot closing of 917.60. The numbers of contracts traded were 45,989. (Provisional)
Bajaj Finance May 2023 futures traded at a premium of 42.00 points at 6242.00 (LTP) compared with spot closing of 6200.00. The numbers of contracts traded were 36,259. (Provisional)
Hindustan Unilever May 2023 futures traded at a premium of 18.90 points at 2487.90 (LTP) compared with spot closing of 2469.00. The numbers of contracts traded were 30,153. (Provisional)
Among, Nifty calls, 18000 SP from the May month expiry was the most active call with an addition of 6,035 units open interests. Among Nifty puts, 17000 SP from the May month expiry was the most active put with an addition of 6,218 units open interests. The maximum OI outstanding for Calls was at 18000 SP (39,719 units) and that for Puts was at 17500 SP (56,654 units). The respective Support and Resistance levels of Nifty are: Resistance 17965.13 -- Pivot Point 17881.52 -- Support 17831.43.
The Nifty Put Call Ratio (PCR) finally stood at (1.47) for May month contract. The top five scrips with highest PCR on Dalmia Bharat (1.69), Laurus Labs (1.29), Bajaj Auto (1.16), HCL Technologies (1.09) and Berger Paints India (1.06).
Among most active underlying, Reliance Industries witnessed an addition of 32,730 units of Open Interest in the May month futures, ICICI Bank witnessed an addition of 27,208 units of Open Interest in the May month futures, Bajaj Finance witnessed an addition of 9,605 units of Open Interest in the May month futures, HDFC Bank witnessed an addition of 10,318 units of Open Interest in the May month futures and Infosys witnessed an addition of 21,859 units of Open Interest in the May month futures. (Provisional)
