26th November Market Report

Daily Market Report:

The Indian Equity benchmark indices BSE Sensex and Nifty 50 were closed positive at the end of the day. BSE Sensex was up by 454.10 points to 58795.09 and Nifty was up by 121.20 points to 17536.25

Reliance, Divislab, ITC were the top gainers.

It was a Reliance day on the Indian equity market because Reliance alone contributed more than 85 percent of Nifty gain

Bank Nifty ends November F&O series down 5% first fall in 4 months

FIIs (foreign institutional investors) are selling relentlessly in our Indian market.

Part of the reason FIIs are selling is not because they have given up on the growth story of India but because valuations are not cheap and the inflation risk is as real in India as it is anywhere else in the world and yet RBI, historically one of the more vigilant central banks, right now it seems to be more on the dovish side.

ICICI Bank, India’s largest private sector lender raised Rs.3,595 crore through infrastructure bonds for the second time this financial year.

India's GDP growth to rebound strongly, FY22 growth seen at 9.3%: Moody's

Indian bonds closer to being included in global indexes as govt plans tax changes

Tata Steel announced commissioning of an 8 million tonne iron ore crushing and washing plant in Odisha

The government’s reported proposal to hike GST on gold jewellery to five percent from three percent will be a setback to the rebounding jewellery industry in India

With US markets closed for Thanksgiving, the focus was trained on Europe where a surge in COVID-19 cases is raising the prospect of lockdowns.

Asian stocks down after Fed says ready to act on inflation

Bank of America foresees $100 billion wave of IPOs in EV space

Rising inflation were visible in the minutes of the recent FOMC meeting signalling higher chances of an aggressive policy tightening. 

Open Interest:

On open interest, Maximum put open interest was seen at 17500 followed by 17400. Maximum call open interest was seen at 18000 followed by 17500

Put Writing seen at 17400 followed by 17500

Call Writing seen at 17500 followed by 18000

India VIX fell by 2.53% from 17.10 to 16.66 level.

Participant wise open interest data of FII Shows put selling in the index is more than call selling. FII's were 69.62% long in index future was increased compared to the previous day.

In Cash Market, FII's are net sellers 2300.65 crores, and DII's are net buyers 1367.80 crores.

Options data suggests a trading range between 17000 to 17600

Global Markets:

U.S Markets are Holiday for Thanks Giving day

European markets were positive at the end of the day

Asian markets are negative right now 07.30 IST

SGX Nifty trading 122 points lower to 17455.50  07.30 IST

SGX Nifty indicates a negative opening for Indian markets.

Keep an eye on these Economic Data:

ECB President Lagarde Speaks at 13.30 IST

India FX Reserves (USD) Data after Indian Market hours