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SGX Nifty is at 10898, down 89 points. We expect some consolidation around current levels as local funds book profits with the mid-caps seeing more traction on the upside.
On Wednesday, the Nifty saw another superb close with the index approaching 11000 levels and the mid-caps outperforming. This came in as bond yields hit 8 months lows, rupee sees gains, and foreign investors turn big buyers.
Global markets: Asian indices traded in the red led by the Japanese Nikkei. With lower yields and oil prices it should bode well for Asian indices as lower cost of funds see corporate earnings do better. Expect more trade-related news from the Chinese government, which should soothe the sentiment further.
US markets: US stocks ended at year lows as the US Fed hikes key rates by 25bps, while lowers 2019 rate hike projections to two; markets continue to sell-off. Bond yields hit 2.77%, the lowest in the last 6 months, while Brent crude also retreats to trade near $56 per barrel. Technical weakness seeing Dow Jones slipped into heavily oversold territory.
FII/DII Data: In yesterday’s trading session, FIIs bought 1209cr stock in the cash market whereas DIIs sold 481cr worth of stock. In the derivative market, FIIs bought 501cr of Index futures and sold 356cr worth of Index options. In the Stock futures segment, FIIs sold 71cr worth of stock futures and sold 324cr stock options.
FII View: FIIs created bullish positions in Index Futures in yesterday’s trading session, which is deduced by the fact that they created 5333 net long contracts in the segment, while simultaneously creating 2274 short contracts in Index Put Options. However, the long-short ratio in Index Futures currently stands at 0.8x since the start of the December series which is a bearish sign.
| FII | OI (in000's) | % Chg | % Chg Since Expiry | Long/ Short Ratio | Long/Short Since Expiry |
| Index Long | 184 | 6 | 32 | 0.9 | 0.8 |
| Index Short | 211 | 3 | 59 | ||
| Index Call Long | 243 | 0 | 27 | 2.5 | 0.8 |
| Index Call Short | 99 | 3 | 55 | ||
| Index Put Long | 378 | 0 | 50 | 2.3 | 0.9 |
| Index Put Short | 165 | 1 | 64 |
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