Closing Bell: A Strong F&O Series Expiry
Indian equity markets saw a sharp surge in the final hour of trading to end the November F&O expiry session on a strong note.
The S&P BSE Sensex ended 1% higher at 44,259 while the NSE Nifty 50 index recovered over 200 points from the day's low to end just below the mark of 13,000. The index closed 1% higher at 12,987.
For the November Series, the Sensex ended with gains of 11.7% while the Nifty ended 11.5% higher. Out of the 20 sessions this series, the Nifty gained in 16 of them. This was the second best F&O series for both Sensex and the Nifty after the April F&O series, during which the benchmarks had gained 12% and 14% respectively.
The day belonged to Metal stocks which saw its sectoral index ending with gains of 3.8%. JSW Steel (Up 7%) and Tata Steel (Up 5%) were the top gainers on the Nifty 50 index. While JSW Steel ended at its highest level since October 2018, the closing for Tata Steel was the highest since November 2018.
Other top performers for the day were the PSU Bank index, which gained 2% and the Nifty Pharma index, which ended 1.4% higher. The Nifty Bank recovered over 600 points from the day's low to end 1.2% higher at 29,549.
Broader markets too ended with gains but could not keep up pace with the benchmark indices. Both Nifty Midcap and Smallcap indices ended with gains of 0.9% each.
The India Volatility Index saw its biggest one-day drop since May 2019, falling 13.4% to end at 20. The VIX also snapped a five-day gaining streak.
1,261 stocks on the NSE ended with gains while 588 stocks declined.
How Did The Sectoral Indices Fare
Banking Stocks Extend Gains
Buzzing Stock: Gujarat Gas
- Trading at a record high
- Gains as much as 3% to Rs 348
- Up for the fourth straight day
- Today's volumes are 38% higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 75
- 26 out of the 32 analysts tracking the stock have a buy recommendation; 3 each have a hold and sell
- Return potential of the stock as per Bloomberg data is 4.9%
Strong Traction In Metal Stocks
The New Wheels Podcast
In Focus: Vedanta
Markets At 2 P.M.
- Benchmark indices reverse losses to trade little changed
- Nifty up 20 points at 12,878
- Sensex up 65 points at 43,893
- Nifty Bank up 0.3% at 29,276
- Nifty Midcap index up 0.1%
- Nifty Smallcap index up 0.6%
- India Volatility Index down 11.3% to 20.5
- Nifty Metal is the top sectoral gainer; up 1%
- Nifty Auto is the only sectoral laggard; down 0.4%
- Other sectoral indices trade little changed
- Grasim remains the top Nifty gainer; up 3.2%
- Eicher Motors remains the top Nifty laggard; down 2.3%
- 1,079 stocks on the NSE are trading with gains while 723 decline
In Focus: Thermax
Vaccine Tour To The U.S.?
PSU Bank Index At Three-Month High
The Biggest Challenge For Indian Steel Mills
Big reform is needed to streamline electricity tariffs into a single-rate mechanism in-line with global standards, from about 32 different tariffs in India currently, according to JSPL MD VR Sharma.
Speaking at an industry webinar, Sharma said that consumption of power in steel melting is about 550-800 kw hour per tonne and with power rates ranging between Rs 3-14 per kwh, the costs become challenging.
About 40% of India's steel output comes from secondary steel producers and this ratio will rise with the implementation of the new scrap recycling policy.
India can bridge at least 25% of the gap between targeted steel production capacity of 300 million tonnes by the end of the decade and current capacity of 140 million tonnes by scrap recycling, Sharma said.
Source: Bloomberg
In Focus: ICICI Lombard
15,000 For Nifty?
Markets At Noon
- Benchmark indices continue to trade with modest losses
- Nifty down 0.3% at 12,817
- Sensex down 0.3% at 43,683
- Nifty Bank down 0.4% at 29,090
- Nifty Midcap index unchanged
- Nifty Smallcap index up 0.3%
- India Volatility Index down 12% to 20.34
- All sectoral indices are trading flat
- Nifty Pharma trades with gains of 0.5%
- Nifty Auto and Nifty I.T. index down 0.3% each
- Grasim is the top gainer on the Nifty; up 2%
- Eicher Motors remains the top laggard on the Nifty; down 2.3%
- 1,005 stocks on the NSE are trading with gains while 754 decline
RBI Governor's Speech Live
In Focus: Siemens
In Focus: Laurus Labs
In Focus: Astral Poly Technik
In Focus: Bajaj Auto
Markets At 10:10 A.M.
- Benchmark indices decline for the second day
- Nifty down 0.3% at 12,820
- Sensex down 0.25% at 43,717
- Nifty Bank down 0.4% at 29,073
- Nifty Midcap index down 0.3%
- Nifty Smallcap index down 0.4%
- India Volatility Index down 10% to 20.82
- All sectoral indices give up gains to trade lower
- Nifty I.T. and Nifty Auto index decline 0.5% each
- Nifty Metal and Nifty Realty index down 0.3% each
- Titan is the top Nifty gainer; up 1.4%
- Eicher Motors is the top Nifty laggard; down 2.3%
- 36 out of the 50 Nifty constituents are trading with losses
- 911 stocks on the NSE trade with losses while 760 gain
A Rethink On Voluntary Liquidation?
Opening Bell: A Subdued Start
Indian equity markets have opened with modest gains on the November F&O expiry day, after snapping a three-day winning streak on Wednesday.
The S&P BSE Sensex opened 0.3% higher at 43,967 while the NSE Nifty 50 index gained 0.4% to open at 12,906.
Among the sectoral indices, the Nifty Bank is up 0.6% at the start of trade, after a 550 point drop on Wednesday.
The Nifty Media and Nifty Metal indices are up close to 0.5% each while the other indices are trading little changed.
Broader markets too have opened in-line with the benchmarks. The Nifty Midcap index is up 0.4% while the Smallcap index has gained 0.5% at the start of trade.
1,145 stocks on the NSE are trading with gains while 421 are declining.
Current Market Update
November F&O Expiry Session
Good Morning!
Today is the monthly options expiry of the November series, during which the NSE Nifty 50 index has gained 10%. Out of the 19 trading sessions that have taken place until closing on Wednesday, the index has declined in only four of them, including the fall on Wednesday.
Futures are indicating that the expiry session may start on a positive note. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.5% to 12,980 as of 8:25 a.m.
Nifty Rollovers were significantly higher at 64% as compared to the three-month average of 57%. Higher rollovers were seen in stocks like Siemens, Federal Bank, IDFC First Bank, Havells and LIC Housing Finance while rollover activity was lower in Coforge, Petronet LNG, GCPL, NMDC and Chola Finance, according to a note from ICICI Direct.
In Cues from the F&O Space - Canara Bank and Indiabulls Housing Finance are back in the F&O Ban on the options expiry day while and Adani Enterprises and Federal Bank are out of the Ban. The 13,500 Call option for today's expiry continues to command the maximum open interest at close to 50 lakh shares.
Asian markets are mixed this morning after a rally that propelled global equities to an all-time high showed signs of cooling off.
Futures on the Dow Jones are trading 65 points higher. The index ended 0.6% lower, below the mark of 30,000 on Wednesday.
West Texas Intermediate crude rose 0.5% $45.93 per barrel.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
RECOMMENDED FOR YOU
POPULAR