16th September Market Report

Daily Market Report:

The Indian Equity benchmark indices BSE Sensex and Nifty 50 were closed record high at the end of the day. BSE Sensex was up by 476.11 points to 58723.20 and Nifty was up by 139.45 points to 17519.45

NTPC, Bharti Airtel, Coal India were the top gainers.

Nifty breached the range of 17450, which was trading between 17250 - 17450 for the past 6 days and closed at new high yesterday.

Nifty Rised 10,000 points from covid low ( March 2020 to September 2021) 

Cabinet approval for production linked incentives (PLI) for the auto sector and relief measures for the telecom sector boosted sentiment

India's merchandise exports jumped 45.76% to $33.28 billion in August 2021, led by petroleum products, gems and jewellery, engineering goods, and cotton yarn

The Union Cabinet on Wednesday approved production linked incentive (PLI) schemes for the auto industry, auto component industry, drone industry to enhance India's manufacturing capabilities.

The Cabinet on Wednesday approved 9 structural reforms and 5 process reforms for the telecom sector. Adjusted gross revenue (AGR) definition has been rationalized to exclude non-telecom revenues prospectively and a 4-year moratorium on telecom dues was approved as well.

To encourage investment, 100% foreign direct investment (FDI) under automatic route is permitted in the telecom sector

China Industrial production grew by 5.3% in August from a year earlier after a 6.4% gain in July lower than expected.

U.K. Consumer Price Index (CPI) YoY data at 3.2% vs Expected 2.9% 

Open interest:

On open interest, Maximum put open interest was seen at 17000 followed by 16500. 

Maximum call open interest was seen at 17500 followed by 18000

Put Writing seen at 17500 followed by 17600

Call Writing seen at 17600 followed by 17700.

India VIX was up by 1.13% from 13.58 to 13.73 on a day. India VIX needs to hold below 13 level to continue the bullish momentum.

Participant wise open interest data of FII Shows put selling in the index is more than call selling. FII's were 60.49 % long in index future was Equal compared to the previous day.

In Cash Market, FII's are net buyers 232.84 crores, and DII's are net buyers 167.67 crores.

Options data suggests a trading range between 17400 to 17600.

Global Markets:

U.S Markets were closed Positive at the end of the Day

Dow Jones industrial average was up by 236.82 points or 0.68% at 34814.39 

S&P 500 Index was up by 37.65 points or 0.85% at 4480.70 

Nasdaq Composite was up by 123.77 points or 0.82% at 15161.53 

European markets were Negative at the end of the day

Asian markets are trading mixed right now 07.30 IST

SGX Nifty trading 22 points higher at 17555  07.30 IST

SGX Nifty indicates a Flat to positive opening for Indian markets.

Keep an eye on these Economic Data:

U.S Initial jobless claims data after Indian market hours

U.S core retail sales data after Indian market hours

European Central Bank (ECB) President Christine Lagarde is to speak data after Indian market hours