Current Market Update
Active Stock Options
- Indian Oil Corporation’s 90 Call: Premium up 47% at Rs 3.3. The contract has added 32.1 lakh shares in Open Interest.
- Asian Paints’ 2,300 Call: Premium up 83% at Rs 69.85. The contract has added 35,100 shares in Open Interest.
- Tata Steel’s 600 Call: Premium up 34.5% at Rs 29.6. The contract has added 4.91 lakh shares in Open Interest.
Nifty Bank Falls Over 400 Points
Buzzing Stock: LT Foods
- Trading at the highest level in three months
- Gains as much as 7.8% to Rs 58
- Biggest single-day advance in over three months
- Up for the second straight day
- Extends gains after taking support at 100-Day Moving Average
- Today’s volumes are quadruple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 71
- Both analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 4.9%
Diesel Sales In India Decline
Also Read: India Diesel Sales Take a Dip With Festive Cheer Fading Fast
In Focus: Laurus Labs
Also Read: Here’s Why Laurus Labs’ Shares Have Rallied This Year
Markets At Noon
- Benchmark indices continue to trade with a negative bias
- Nifty down 0.3% at 13,074
- Sensex down 0.4% at 44,479
- Nifty Bank down 0.7% at 29,607
- Nifty Midcap index up 0.4%
- Nifty Smallcap index little changed
- India Volatility Index down 1% to 20
- Nifty Metal and Nifty Realty are the top sectoral gainers; up 2.7%
- Nifty I.T. index declines 0.4%
- GAIL remains the top Nifty gainer; up 5.9%
- Shree Cement is the top Nifty laggard; down 1.5%
- 1,067 stocks on the NSE gain while 716 are declining
Outperforming The Economy
Also Read: Indian Companies That Consistently Outpaced The Economy
IPO ALERT
Also Read: Burger King India IPO: Here’s All You Need To Know
Behind The Rally In Carborundum Shares
Also Read: What Triggered A 30% Rally In Carborundum Stock Over Past Three Weeks
Tata Near Deal to Buy Alibaba-Backed Indian Online Grocer
Also Read: Tata Near Deal to Buy Alibaba-Backed Indian Online Grocer
Phoenix Mills Up 13%
Also Read: GIC To Acquire A Stake In Phoenix Mills Subsidiaries
Large Trade Alert: Bharti Infratel
- 6.65 crore shares exchange hands in a single large trade
- Single large trade takes place during pre-open session
- Shares exchanging hands amount to 2.5% of total equity
- Buyers and sellers are unknown
Shares gave up gains of as much as 4% to decline 1.3% to Rs 213.2 in the early minutes of trade.
Opening Bell: A Subdued Start
Indian equity markets have opened on a tepid note despite a strong close overnight on Wall Street. Sentiment across Asia is mixed this morning.
The S&P BSE Sensex opened 0.2% higher at 44,729 while the NSE Nifty 50 index gained 12 points at the start of trade to open at 13,121. Both benchmark indices had ended at a record high on Tuesday.
Sectoral indices too have had a subdued start to the session. The Nifty Realty index has opened 0.5% higher while Nifty PSU Bank, Nifty Media and Nifty FMCG are up 0.3% at the start of trade.
Broader markets have opened higher and are outperforming benchmarks in the early minutes of trade. The Nifty Midcap index is up 0.4% while the Smallcap index has gained 0.5%.
1,130 stocks on the NSE have opened with gains while 439 are trading with losses.
A Tepid Start Likely
Good Morning!
Indian equity markets posted another record high on Tuesday, beginning the truncated week on a strong note. The Relative Strength Index of the Nifty 50 is back to above 70, the overbought territory.
The mid-cap index ended at the highest since August 2018, while the small-cap index ended at its highest since May 2019. The auto index closed nearly at a two-year high on Tuesday.
But futures are pointing towards a subdued start to today’s trading session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 13,134 as of 8:05 a.m. on Wednesday.
No stocks are part of the F&O ban for today’s session. In terms of positions for Thursday’s weekly options expiry, the 13,500 call continues to command maximum open interest with close to 40 lakh shares.
Globally, Asian markets are mixed this morning after a record overnight close on Wall Street. Benchmark indices in South Korea are outperforming, along with those Japan. Markets in China and Hong Kong are trading lower.
Futures on the Dow Jones are trading lower by 200 points. The index gained 0.6% on Tuesday.
West Texas Intermediate crude fell 1.1% to $44.09 per barrel, while gold was little changed at $1,814.2/Oz.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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