Indian Market Outlook:
Indian markets were weak in trading yesterday where Nifty saw a fall of 105 points from its yesterday’s High. The weakness continued despite positive news in the Indian banking sector about the deleveraging of the Essar group. The Essar Group has announced to sell its stake in Essar oil and use the funds to pay off its debt amounting Rs. 90000 Cr. Banks including ICICI Bank, Axis Bank and SBI have a significant exposure to the Essar Group. ICICI bank rose 7% as the investors discounted that the proceeds from the sale of Essar Oil would be used to pay off the debt. Indian markets shrugged out the positive news, Nifty fell into the negative territory and broke the support of 8550 which was two month’s low. With Nifty holding on to the support of 8520, a further fall below it would land Nifty at 8460.In cash segment, FII and DII combined have been sellers worth Rs. 2862 Cr in the past four trading sessions and this is adding on to the selling pressure in the Indian markets.
Nifty Futures is expected to open at 8565 as per SGX Nifty at 8:30 am IST, which is 35 points above its previous close of 8530.
Open Interest Index F&O and Cash Segment Activity
In cash segment, last trading day, FII have sold shares worth Rs. 456.64 Cr and DII bought shares worth Rs. 236 Cr. A combined sell of Rs. 221 Cr. For this expiry, FII and DII together are buyers worth Rs. 920 Cr.
In Index Options, last trading day, FII have bought 16364 contracts, below its 1 year average of 18280 contracts. Pro have sold 36454 contracts, above its 1 year average of 27670 contracts. Combined there has been a net sell of 20090 contracts, below its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net sellers of 189276 contracts.
In Index Futures, last trading day, FII have sold 16041 contracts, above its 1 year average of 9706 contracts. Pro have bought 3864 contracts, below its 1 year average of 4903 contracts. Combined there has been a net sell of 12177 contracts above its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net sellers of 91046 contracts.
International Market Morning Update:
The big support of 2107 holds strong. China’s economic data, due tomorrow morning 7:30 AM IST, will be watched keenly to decide the next course of direction in the international markets.
In the European Markets, German Dax was down 0.8% in trading yesterday.
Today morning Nikkei is trading 0.14% up with an upward bias.
List of Top Gainers and Losers on 17th October 2016
Dynamic Sector Performance – 17th October 2016
Stocks Near Support
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2. Past performance is not an indicator of future returns.