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SGX Nifty is at 10,594, down 6 points. For today,we expect the markets to consolidate and trade range bound.
Yesterday, Nifty saw a sharp fall which got bought into with the Index recovering over 230 points from the lows to the high of the day.This after the double whammy of BJP loss in state elections in the Hindi heartland & the exit of RBI Governor saw foreign selling accentuate the early morning fall. Strong mutual fund buying coupled with short covering drove the indices higher. Mid caps led the pull back with the index gaining over 2% as markets responded well to the new RBI Governor appointee.
Global markets: Asian indices opened with gains led by the Japanese Nikkei, which traded over 1.5% higher with rest of the regional markets. The positive development of Canada granting bail to Chinese CFO of Huawei was well received by investors which should see more gains in most Asian stocks. Macro news from China also saw positive response as it cut duty on US imports of cars which should further ease trade tensions.
US markets: US stocks give up gains to close in the red as President Trump rhetoric unnerves most with heated exchange over closure of US economy. Markets extremely fragile on sentiment with futures rising sharply after Canada issues bail to Huawei CFO as President Trump reassures Chinese on positive action.
FII/DII Data: In yesterday’s trading session FIIs sold 2421cr stock in the cash market whereas DIIs bought 2255cr worth of stock. In the derivative market, FIIs sold 635cr of Index futures and bought 43cr worth of Index options. In the Stock futures segment, FII’s bought 672cr worth of stock futures and sold 6cr stock options.
FII View: FIIs created bearish positions in Index Futures in yesterday’s trade which is deduced by the fact that they created 1974 fresh short contracts while simultaneously reducing 3542 long contracts in the segment. However in order to hedge their positions they also purchased 20209 long contracts in Index Call Options.
| FII | OI (in000's) | % Chg | % Chg Since Expiry | Long/ Short Ratio | Long/Short Since Expiry |
| Index Long | 151 | (2) | 8 | 0.8 | 0.7 |
| Index Short | 191 | 1 | 44 | ||
| Index Call Long | 250 | 9 | 30 | 2.4 | 0.8 |
| Index Call Short | 104 | 12 | 63 | ||
| Index Put Long | 329 | 8 | 30 | 1.9 | 0.8 |
| Index Put Short | 174 | 22 | 73 |
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