NSE Nifty was up by 0.36 per cent or 77.75 points at 21,599.85 points, while the BSE Sensex was at 71,410.40, up by 0.36 per cent or 265.83 points. A total of 3,675 stocks were actively traded; 2,341 advanced, while 1,182 declined, and 152 stocks remained unchanged, where 323 stocks hit a 52-week high, and 14 stocks hit a 52-week low at 10.30 am on Wednesday.
Anand James, Chief Market Strategist, Geojit Financial Services, on Nifty outlook said, “The stubbornness of the 21,790 region was underestimated, and triggered rejection trades, something that we hoped not to see this time. Our downside marker was also penetrated on the way, stretching the fall another 150 points further.
While weakness should prevail at the open, the 21,481 region may be expected to allow bulls to regroup and stage an upswing, but there is no visibility past 21,640 for the day. Alternatively, slippage past 21,481 could expose 21,200-20,900, but such a deep dive is less anticipated today.
The Nifty weekly contract has the highest open interest at 22,500 for Calls and 21,000 for Puts, while monthly contracts have the highest open interest at 23,000 for Calls and 21,000 for Puts. The highest new OI addition was seen at 21,700 for Calls, and 20,700 for Puts in weekly, and at 21,600 for Calls and 21,600 for Puts in monthly contracts.”
He further added, “FIIs decreased their future index long position holdings by 3.98%, decreased future index shorts by 0.73%, and in index options by 6.89% increase in Call longs, 2.58% decrease in Call short, 16.72% increase in Put longs and 4.82% decrease in Put shorts.”
Major gainers on the NSE at 10.30 am include Tata Motors (2.29%); Adani Ports (2.11%); Adani Enterprises (1.29%); UPL (1.14%); Reliance (1.10%). Major losers include L&T (-5.24%); Titan (-1.20%); Kotak Bank (-1.07%); ICICI Bank (-0.93%); Hero Motocorp (-0.61%)
The BSE smallcap was up by 1.29%, whereas the Midcap was up by 0.85% indicating gains.