For Derivatives Traders: TCS, Wipro, HCL Tech top gainers while Hindalco, Sunpharma , IndusInd Bank top losers

Indian stock markets ended on a positive note on December 08, amid buying in counters such as Reliance Industries (RIL), TCS, Infosys, and UltraTech Cement. The Sensex rose by 0.40% or 181.5 points to 45609. The Nifty rose by 0.28% or 37.20 points to 13393.

Derivatives summary:

Nifty December futures closed at a premium of 35.20 points versus premium of 31.85 points. • The market added Rs 21764 cr in open interest, taking total open interest in the F&O segment to Rs. 5,02,612 crore. The Nifty call option added 48.59 lakh shares in open interest and the put option added 36.11 shares in open interest. PNB (29%) CONCOR (16%), BANKBARODA (12%), GODREJCP (11%) CHOLAFIN (11%) and WIPRO (10%) were the top gainers in terms of open interest. CANBK (-13), TVSMOTOR (-10%), UPL (-8%) and RBLBANK (-7%) and AMARAJABAT (-7%) were top losers in terms of open interest. Overall futures & options volumes currently stand at 264.68 lakh contracts, with a turnover of Rs 2280191 cr. Volumes in the F&O segment were higher as compared to the previous trading session.
The Nifty IT, PSUBANK, and BANK indices closed in the green zone while the Nifty Metal, Pharma and Media indices closed in the red. Stocks like ULTRATECHCEM. TCS, RELIANCE, WIPRO and HCLTECH were top gainers that rose by 1-2%, while stocks like HINDALCO, SUNPHARMA, COALINDIA, INDUSINDBK and NTPC were top losers losing around 1-2%. Nifty closed at 13425 with a gain of 0.28%.

Daily view:

About 2.04 lakh shares were added in open interest with an increase in prices this indicates that long build-up was observed by market participants. On the options front, the volatility index increased by 3.28%.

Ajit Mishra, VP – Research, Religare Broking said that Markets traded volatile in a range but managed to end higher, in continuation to the prevailing uptrend. Initially, favourable global cues helped the benchmark to inch higher but profit-taking at the higher levels erased all the gains. The benchmark hovered in a range thereafter while movement on the broader front kept the participants busy. In line with the benchmark index, volatility remained high on the sectoral front too while the broader indices ended on a flat note.

They feel markets have priced in all the positives (vaccine updates, high FII flows, etc) and now the upcoming domestic macroeconomic data viz. IIP, CPI and WPI would be critical for further directional move. Having said that, we reiterate our view to continue with the trend and avoid contrarian trades.


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