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Nifty ends flat on Tuesday

October 14, 2024 08:18 AM

Overview

Nifty October 2024 futures closed at 25976.40 on Tuesday, at a premium of 179.50 points over spot closing of 25796.90

Detail

Indian equity benchmark -- Nifty -- ended with minor losses on Tuesday. After making a cautious start of the day, soon market spiked up tracking broadly positive cues from global peers. However, index failed to protect its gains and turned negative as traders were worried after government data showed that the growth in production of eight key infrastructure sectors entered a negative zone after three-and-a-half years, contracting 1.8% in August 2024 due to decline in output of coal, crude oil, natural gas, refinery products, cement and electricity. Also, Reserve Bank of India said the country’s current account deficit widened marginally to $9.7 billion or 1.1% of GDP in April-June 2024, as against $8.9 billion or 1% in the year-ago period.

In afternoon session, market altered between positive and negative territories amid weak HSBC India Manufacturing PMI data. The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 56.5 last month (September) from 57.5 in August - the weakest since January - and slightly below a preliminary estimate of 56.7. Growth in India's manufacturing industry cooled to an eight-month low in September as solid demand and output eased slightly. In late afternoon session, index continued to trade lackluster as traders avoided to take risk.

Traders were seen piling up positions in Media and IT stocks, while selling was witnessed in Oil & Gas, Realty and Bank. The top gainers from the F&O segment were National Aluminium Company, Balrampur Chini Mills and Polycab India. On the other hand, the top losers from the F&O segment were Indusind Bank, Jubilant FoodWorks and Muthoot Finance. In the index option segment, maximum OI continues to be seen in the 26900 - 27100 calls and 24950- 25150 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 6.26% and reached 11.99. The 50 share Nifty down by 13.95 point or 0.05% to settle at 25,796.90.

Nifty October 2024 futures closed at 25976.40 on Tuesday, at a premium of 179.50 points over spot closing of 25796.90, while Nifty November 2024 futures ended at 26108.00, at a premium of 311.10 points over spot closing.  Nifty October futures saw a contraction of 7,671 units, taking the total open interest (Contracts) to 5,88,424 units. The near month derivatives contract will expire on October 31, 2024. (Provisional)

From the most active contracts, HDFC Bank October 2024 futures traded at a premium of 9.55 points at 1737.85 (LTP) compared with spot closing of 1728.30. The numbers of contracts traded were 49,263. (Provisional)

SBIN October 2024 futures traded at a premium of 6.40 points at 801.90 (LTP) compared with spot closing of 795.50. The numbers of contracts traded were 43,216. (Provisional)

Reliance Industries October 2024 futures traded at a premium of 26.50 points at 2953.50 (LTP) compared with spot closing of 2927.00. The numbers of contracts traded were 40,559. (Provisional)

ICICI Bank October 2024 futures traded at a premium of 9.65 points at 1286.65 (LTP) compared with spot closing of 1277.00. The numbers of contracts traded were 40,177. (Provisional)

Tata Motors October 2024 futures traded at a premium of 7.00 points at 973.40 (LTP) compared with spot closing of 966.40. The numbers of contracts traded were 30,625.  (Provisional)

Among, Nifty calls, 27000 SP from the October month expiry was the most active call with an addition of 4,173 units open interests. Among Nifty puts, 25000 SP from the October month expiry was the most active put with an addition of 13,012 units open interests. The maximum OI outstanding for Calls was at 27000 SP (2,59,124 units) and that for Puts was at 25000 SP (1,58,181 units). The respective Support and Resistance levels of Nifty are: Resistance 25,889.93 -- Pivot Point 25,814.57 -- Support -- 25,721.53.

The Nifty Put Call Ratio (PCR) finally stood at (1.11) for October month contract. The top five scrips with highest PCR on Petronet LNG (1.50), MRF (1.35), Indigo (1.00), M&M (0.97) and L&T Finance (0.95). 

Among most active underlying, HDFC Bank witnessed an addition of 3,421 units of Open Interest in the October month future, ICICI Bank witnessed an addition of 3,383 units of Open Interest in the October month futures, Reliance Industries witnessed an addition of 13,128 units of Open Interest in the October month future, SBIN witnessed a contraction of 424 units of Open Interest in the October month futures and Kotak Mahindra Bank witnessed an addition of 1,367 units of Open Interest in the October month futures. (Provisional)