The markets opened on a shaky note, and touched their intraday lows within the first hour of the trading session, but recovered their losses within the next one hour, and traded on a strong note for the rest of the session with occasional swings between the positive and negative territories, but ultimately both the indices closed at their highest point of the day. The Nifty and the Sensex closed up by 40 and 154 points respectively for the day. The market breadth, surprisingly turned, marginally negative by the end of the session with 709 advances to 733 declines. On the sectoral front, FMCG sector was the biggest gainer, followed by the Energy, Pharma and Banking sectors. On the individual stocks front, Ambuja cement, Gail, Siemens, Reliance Industries and ITC were the star performers for the day. On the institutional side, surprisingly both FIIs and DIIs were net sellers to the tune of 93 and 279 crores in the cash market.
On the derivatives front, the FIIs were net sellers in both Index and Stock futures, to the tune of 254 and 11 crores respectively. Nifty future closed at 5111, with just 7 points premium to the spot, along with a moderate fall in open interest. On the Options side, the PCR marginally fell to 1.12, along with a fall in the India VIX by 5.18%. On the Call options side, the 5000 call lost the maximum open interest, followed by the 4900 & 4800 calls, on the other hand the 5300 call added the maximum open interest followed by the 5100 & 5200 calls. On the Put options side, the 5100 put added the maximum open interest followed by the 4900 & 5000 puts. The entire activity in the F&O space indicates profit booking on the futures side, along with call writing at higher levels. This indicates that every rise is being used as an opportunity to short the market, which is validated by the buy and sell figures on the institutional side.
On the technical side, Nifty managed to close above yet another important level of 5100, but on the other hand failed to conquer yesterday's high of 5190. On a short term basis, Nifty must close above the 5059 level, to sustain the uptrend. The levels to watch out for Nifty will be 5129, 5154 & 5166 on the upside and 5063, 5026 & 4995 on the downside. On the currency front, the Rupee closed almost flat and the USD-INR future closed at 56.05 for the day.
On the international markets front, with a exception of the Asian markets, which have closed in the red, the European markets have closed on a strongly positive note on the expectations of Greek voters being rewarded for supporting the pro- euro parties, with European creditors set to ease bailout terms on the debt swamped country. The U.S. markets are also trading on a very firm note on the back of speculation, that signs of slowing growth amid European debt turmoil, might force the Fed to announce new steps to boost the economy. On the energy futures front , the Brent crude future is trading marginally higher at 96.36 $/bbl, and the WTI crude future is trading up by 1.11% at 84.53 $/bbl, while the Natural gas future is trading down by 3.76% at 2.53 $/MMBtu.
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