21st October Market Report

Daily Market Report:

The Indian Equity benchmark indices BSE Sensex and Nifty 50 were closed negative at the end of the day. BSE Sensex was down by 456.09 points to 61259.96 and Nifty was down by 152.15 points to 18266.60

Bharti Airtel, SBIN, Tata Motors were the top gainers

A massive selling by DIIs suggest that smart money regards markets as overvalued and overheated. The market direction will depend on whether the exuberant retail investors will again rush in to absorb the selling by institutions.

The ongoing market correction is not an overreaction and can sustain in the near term due to high valuations.

Retail investors needs to be careful and avoid buying on dips kind of strategies, as seeing selling pressure seen in the broader market

UBS says India's equity valuations are unattractive, double upgrades China

Unilever India warns of inflationary pressures after profit jump

Jubilant Food works Q2 net jumps 58% YoY

People's Bank of China Loan Prime Rate at 3.85% vs Previous 3.85%

U.K. Consumer Price Index (CPI) YoY at 3.1% vs Expected 3.2%

Eurozone Consumer Price Index (CPI) YoY at 3.4% vs Expected 3.4%

Today Results:

Asian Paints, JSW Steel

Open Interest:

On open interest, Maximum put open interest was seen at 17500 followed by 18000. Maximum call open interest was seen at 18500 followed by 19000

Minor Put Writing seen at 18200

Call Writing seen at 18300 followed by 18400

India VIX up by 5.35% from 17.38 to 18.31 level.

Spike in volatility suggests a volatile move could be seen but the main reason for the spike in volatility was Call unwinding pressure in the market

Vix has to cool down below 15-14 levels to ensure a smooth ride for the market.

Participant wise open interest data of FII Shows put selling in the index is more than call selling. FII's were 68.04 % long in index future was decreased compared to the previous day.

In Cash Market, FII's are net sellers 1843.09 crores, and DII's are net sellers 1680.73 crores.

Options data suggests a trading range between 18000 to 18500.

Global Markets:

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

Dow Jones industrial average was up by 152.03 points or 0.43% to 35609.34 

S&P 500 Index was up by 16.56 points or 0.37% to 4536.19 

Nasdaq Composite was down by 7.41 points or 0.049% to 15121.68

European markets were positive at the end of the day

Most of the Asian markets are positive right now 07.30 IST

SGX Nifty trading 42.50 points higher to 18359.50 07.30 IST

SGX Nifty indicates a positive opening for Indian markets.

Keep an eye on these Economic Data:

U.S. Initial Jobless Claims Data after Indian market hours

U.S. Existing Home Sales Data after Indian market hours