Detail

Indian equity benchmark -- Nifty -- finished in a positive terrain on last trading session of financial year 2023-24. Index made an optimistic start and extended its gains, as sentiments got boost with Union Finance Minister Nirmala Sitharaman’s statement that the government will continue the push on its reforms agenda in its third term since political continuity, along with a predictable and stable economic environment and taxation structure, is important to achieve the laid-down developmental goals. Further, foreign fund inflows supported sentiments. Foreign institutional investors (FIIs) net bought shares worth Rs 2,170.32 crore on March 27, provisional data from the NSE showed. 

In afternoon session, index continued its northward journey and traded near day’s high point, as sentiments remained up-beat with Chairman of the 16th Finance Commission Arvind Panagariya stating that India can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the next five years. Traders also took a note of the Finance Ministry’s statement that the Centre plans to raise Rs 7.5 lakh crore through market borrowing in the April-September period of 2024-25 (H1FY25) to fund the revenue gap. In the next financial year (FY25), the government plans to borrow a total of Rs 14.13 lakh crore. In last leg of trade, index came off day’s high point, but ended in positive terrain with gains of 203.25 points.

Most of the sectorial indices ended in green except IT stock. The top gainers from the F&O segment were Grasim Industries, Bajaj Finserv and LIC Housing Finance. On the other hand, the top losers Hindustan Copper, Oberoi Realty and IDFC First Bank. In the index option segment, maximum OI continues to be seen in the 22900 - 23100 calls and 21900 - 22100 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 1.02% and reached 12.83. The 50 share Nifty up by 203.25 points or 0.92% to settle at 22,326.90.

Nifty April 2024 futures closed at 22464.95 (LTP) on Thursday, at a premium of 138.05 points over spot closing of 22326.90, while Nifty May 2024 futures ended at 22615.00 (LTP), at a premium of 288.10 points over spot closing. Nifty April futures saw an addition of 57,583 units, taking the total outstanding open interest (Contracts) to 2,24,639 units. The near month derivatives contract will expire on April 25, 2024. (Provisional) 

From the most active contracts, HDFC Bank April 2024 futures traded at a premium of 12.95 points at 1459.95 (LTP) compared with spot closing of 1447.00. The numbers of contracts traded were 1,18,652. (Provisional) 

Reliance Industries April 2024 futures traded at a premium of 21.20 points at 2991.50 (LTP) compared with spot closing of 2970.30. The numbers of contracts traded were 89,557. (Provisional) 

ICICI Bank April 2024 futures traded at a premium of 8.45 points at 1104.50 (LTP) compared with spot closing of 1096.05. The numbers of contracts traded were 68,226. (Provisional) 

Infosys April 2024 futures traded at a premium of 7.30 points at 1502.55 (LTP) compared with spot closing of 1495.25. The numbers of contracts traded were 56,424. (Provisional) 

State Bank of India April 2024 futures traded at a premium of 4.50 points at 757.45 (LTP) compared with spot closing of 752.95. The numbers of contracts traded were 48,380. (Provisional)

Among, Nifty calls, 22500 SP from the April month expiry was the most active call with an addition of 11,074 units open interests. Among Nifty puts, 22000 SP from the March month expiry was the most active put with a contraction of 413 units open interests. The maximum OI outstanding for Calls was at 23000 SP (49,521 units) and that for Puts was at 22000 SP (51,020 units). The respective Support and Resistance levels of Nifty are: Resistance 22507.40 -- Pivot Point 22335.50 -- Support 22155.00.

The Nifty Put Call Ratio (PCR) finally stood at (1.22) for April month contract. The top five scrips with highest PCR on JK cement (4.50), Torrent Pharmaceuticals (2.62), Aurobindo Pharma (1.64), Coromandel International (1.60) and Syngene International (1.54).

Among most active underlying, HDFC Bank witnessed an addition of 47,258 units of Open Interest in the April month futures, Reliance Industries witnessed an addition of 38,454 units of Open Interest in the April month futures, State Bank of India witnessed an addition 12,885 units of Open Interest in the April month future, ICICI Bank witnessed an addition of 14,847 units of Open Interest in the April month futures and Tata Motors witnessed an addition 12,352 units of Open Interest in the April month future. (Provisional)