S&P CNX Nifty snapped the session off the day’s high, eking out small gains after trading lackluster on Tuesday, holding its crucial 5,650 mark. The market witnessed consolidation for second consecutive trading session in the F&O expiry week, as market participants closely awaited the government’s market borrowing calendar for second half of current fiscal scheduled to be released within this week. On the global front, Asian markets made a mixed closing on Tuesday, though the mood in the region remain subdued since morning but few of the indices showed good efforts to close in green in the dying hours. Moreover, European counters traded flat in the early deals as investors remain concerned about global growth and waited for Spain to unveil plans to resolve its fiscal problems. Back home, investors sentiments remained higher on reports suggesting that the PMO is all set to unleash measures aimed at boosting sectors such as industry, energy, finance and infrastructure.
Earlier, market made a decent starts with Nifty recapturing 5,700 level in the morning after government approved a bailout plan for the cash-strapped power utilities, which sent shares exposed to state-owned electricity distributors soaring. But, market failed to hold on to early gains and entered the red terrain as selling intensified in metal stocks. Scrips like Sterlite Industries, Tata Steel, SAIL, Sesa Goa, NMDC and Jindal Steel & Power all edged lower after LMEX, a gauge of six metals traded on the London Metal Exchange, dropped 1.24% on September 24, 2012. Selling in sugar stocks also dampened the sentiments on news that the government deferred a decision on scrapping subsidy on levy sugar under the public distribution system (PDS) quota ahead of the upcoming festive season demand. However, the index gained strength in the second half supported by renewed buying witnessed in FMCG space. Realty stocks too supported the sentiments, extending recent gains as investors bet that retail real estate will get a boost from the entry of foreign supermarket chains in the country, with the government allowing up to 51% foreign direct investment in multi-brand retail sector. In late trade, investors again started booking their profits as cues from global markets remain subdued. Finally, Nifty managed to negotiate a positive close.
Meanwhile, most of the sectoral indices on the NSE were settled in the green, CNX Realty remained the major gainer, up 2.13% followed by CNX FMCG up 1.86% and CNX Media up by 1.39% while CNX Metal and CNX Auto declined 1.39% and 0.79% remained the top losers in the trade. The India Volatility Index (VIX), a gauge for market’s short term expectation of volatility, tumbled 9.13% and reached 17.11.
The India VIX witnessed contraction of 9.13% at 17.11 as compared to its previous close of at 18.83 on Monday.
The 50-share S&P CNX Nifty gained 4.30 points or 0.08% to settle at 5,673.90.
Nifty September 2012 futures closed at 5683.00 on Tuesday at a premium of 9.10 points over spot closing of 5,673.90, while Nifty October 2012 futures were at 5708.70 at a premium of 34.80 points over spot closing. Nifty September futures saw contraction of 2.33 million (mn) units taking the total outstanding open interest (OI) to 19.20 mn units. The near month September 2012 derivatives contract will expire on Thursday i.e. September 27, 2012.
From the most active contracts, Tata Motors September 2012 futures were trading at a premium of 0.70 at 269.60 compared with spot closing of 268.90. The number of contracts traded was 21,899.
Cairn India September 2012 futures were trading at a discount of 2.90 at 332.20 compared with spot closing of 335.10. The number of contracts traded was 26,490.
BHEL September 2012 futures were at a discount of 0.15 point at 254.40 compared with spot closing of 254.55. The number of contracts traded was 29,757.
Tata Steel September 2012 futures were at a premium of 2.00 point at 401.10 compared with spot closing of 399.10. The number of contracts traded was 16,013.
ICICI Bank September 2012 futures were at a premium of 1.60 point at 1069.45 compared with spot closing of 1067.85. The number of contracts traded was 25,130.
Among Nifty calls, 5800 SP from the September month expiry was the most active call with an addition of 1.31 million open interest.
Among Nifty puts, 5600 SP from the September month expiry was the most active put with an addition of 0.16 million open interest.
The maximum OI outstanding for Calls was at 5800 SP (8.95 mn) and that for Puts was at 5600 SP (7.71mn).
The respective Support and Resistance levels are: Resistance 5700.25 -- Pivot Point 5676.35 --Support 5650.
The Nifty Put Call Ratio (PCR) OI wise stood at 1.61 for September-month contract.
The top five scrips with highest PCR on OI were India Infoline 5.33, Mphasis 3.00, Bhusan Steel 3.00, CESC 2.50, and Jindal Steel 2.25.
Among the most active underlying, Suzlon witnessed an addition of 24.80 million of Open Interest in the September month futures contract followed by IFCI, which witnessed contraction of 9.83 million of Open Interest in the near month contract. Meanwhile, RCOM witnessed contraction of 20.52 million in the September month futures. Also, Unitech witnessed contraction of 2.60 million in Open Interest in the September month contract. Finally, Shree Renuka Sugars witnessed contraction of 6.72 million of Open Interest in the near month futures contract.
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