Indian equity benchmark -- Nifty – ended Friday’s trading session with cut of over a percent ahead of a key U.S. jobs report that could influence the magnitude and pace of the Federal Reserve's interest rate cuts. After making cautious start, soon index slipped into deep red, as some cautiousness came ahead of the Goods and Services Tax (GST) Council meeting scheduled to hold on September 09, where members could likely decide on four options regarding tax treatment of health insurance. The cost to the exchequer could potentially range from nearly Rs 650 crore to Rs 3,500 crore. Traders took a note of Union Minister of Commerce & Industry, Piyush Goyal’s statement that a genuine rational single window is key for ease of doing business in the country. He said that if all States and Union Territories (UTs) come to one platform for approvals and facilities, it would attract global investment in each state.
In afternoon session, index continued its southward journey, as traders were concerned with Minister of Road Transport and Highways Nitin Gadkari’s statement that India, an oil guzzler with a massive fossil fuel market, will find it difficult to cut crude imports by 25 per cent. India imported 87.7 per cent of its crude oil in 2023-24. In last leg of trade, market touched day’s low levels. Finally, index ended near day’s low point and settled below 24,900 mark.
All the sectorial indices ended in red. The top gainers from the F&O segment were SBI Cards and Payment Services, Marico and PI Industries. On the other hand, the top losers Vodafone Idea, GMR Airports Infrastructure and Indus Towers. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 23900 - 24100 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 6.49% and reached 15.13. The 50 share Nifty down by 292.95 point or 1.17% to settle at 24,852.15.
Nifty September 2024 futures closed at 24909.40 (LTP)on Friday, at a premium of 57.25 points over spot closing of 24852.15, while Nifty October 2024 futures ended at 25047.00 (LTP), at a premium of 194.85 points over spot closing. Nifty September futures saw a contraction of 6,951 units, taking the total outstanding open interest (Contracts) to 5,88,439 units. The near month derivatives contract will expire on September 26, 2024. (Provisional)
From the most active contracts, State Bank of India September 2024 futures traded at a premium of 0.60 points at 784.50 (LTP) compared with spot closing of 783.90. The numbers of contracts traded were 98,314. (Provisional)
Reliance Industries September 2024 futures traded at a premium of 4.05 points at 2935.00 (LTP) compared with spot closing of 2930.95. The numbers of contracts traded were 72,839. (Provisional)
HDFC Bank September 2024 futures traded at a premium of 2.85 points at 1641.00 (LTP) compared with spot closing of 1638.15. The numbers of contracts traded were 50,454. (Provisional)
Vodafone Idea September 2024 futures traded at a premium of 0.01 points at 13.44 (LTP) compared with spot closing of 13.43. The numbers of contracts traded were 46,331. (Provisional)
ICICI Bank September 2024 futures traded at a premium of 3.55 points at 1213.00 (LTP) compared with spot closing of 1209.45. The numbers of contracts traded were 40,505. (Provisional)
Among, Nifty calls, 25000 SP from the September month expiry was the most active call with an addition of 30,856 units open interests. Among Nifty puts, 24000 SP from the September month expiry was the most active put with an addition of 5,122 units open interests. The maximum OI outstanding for Calls was at 25000 SP (2,35,222 units) and that for Puts was at 24000 SP (1,76,689 units). The respective Support and Resistance levels of Nifty are: Resistance 25,080.17 -- Pivot Point 24,940.73 -- Support 24,712.72.
The Nifty Put Call Ratio (PCR) finally stood at (1.45) for September month contract. The top five scrips with highest PCR on ICICI Lombard General Insurance Company (1.10), Ambuja Cements (1.05), Max Financial Services (1.01), Granules India (1.01) and Petronet LNG (1.00).
Among most active underlying, State Bank of India witnessed an addition of 30,471 units of Open Interest in the September month future, Reliance Industries witnessed an addition of 12,233 units of Open Interest in the September month future, HDFC Bank witnessed an addition of 3,329 units of Open Interest in the September month futures, ICICI Bank witnessed an addition of 5,530 units of Open Interest in the September month futures and Vodafone Idea witnessed a contraction of 1,04,979 units of Open Interest in the September month future. (Provisional)
