ANXIOUS

The markets opened on a strongly positive, tracking their Asian peers and continued to trade in the same way till the start of the second half of the trading session, when the markets touched their intraday highs, but from this point onwards, the markets started loosing all their gains and touched their intraday low and with just one hour left to the end of the day's trading session, the markets recovered part of their gains and ultimately both the indices ended almost flat. The Nifty and the Sensex closed up by 21 and 61 points respectively. The market breadth was positive throughout the day and ended in the positive zone, with 810 advances to 629 declines. On the sectoral front, the FMCG sector was the biggest gainer followed by the IT, Banking and Metal sectors. On the individual stocks front, Sesa Goa, IDFC, Tata Steel, Tata Power & HCL Tech were the star performers for the day. On the institutional side there was hardly any activity, with the FIIs turning net buyers to the tune of mere 86 crores, while the DIIs were net sellers to the tune of 15 crores in the cash market.

On the derivatives side, the FIIs turned net buyers in both Index and Stock futures, to the tune of 636 and 37 crores respectively. Nifty future closed at 5140, with just 2 points discount to the spot, along with a massive loss of open interest. On the Options side, the PCR increased to 1.20, along with a marginal increase in India VIX by 0.69%. On the Call and Put Options side, the story was almost same, with 4600 to 5500 calls and puts shedding open interest, which is quite usual on the day before the expiry and the focus ultimately shifted to the next series, where the maximum open interest build up on the Call option side, is happening at the 5200 call, followed by the 5300 & 5100 calls, while on the Put options side , the 5000 put has added the maximum open interest, followed by the 4900 & 4800 puts. The activity in the F&O space indicates suggests a lot of long positions are being rolled over, on the expectations of positive news flow from the domestic and international front.

On the technical side, Nifty closed above the 5100 level, once gain with slight increase in volumes, but still it is stuck in the congestion zone, around 5150. Nifty has been trading sideways for the third week in a row, and a breakout must happen, in order to come out of  this indecision period, and much of it will depend on the news flow the macro as well as the micro level. The levels to watch out for Nifty, will be 5158, 5176 & 5189 on the upside and 5112 & 5096 on the downside. On the currency front, the Rupee continued its downward journey and closed at 57.15 for the day, while the USD-INR future closed at 57.20 for the day. 

On the International market front, the Asian and the European markets have closed on a strongly positive note, and the U.S. markets are also trading on a firm note on the back of better than estimated data on housing and durable goods orders. 

On the energy futures front, both the Brent and the WTI crude futures are trading on a strongly positive note at 93.62 & 80.42 $/bbl, after the data showed fall in the weekly U.S. crude oil inventories and the Natural gas future is also trading up by 1.69% at 2.85 $/MMBtu.