SGX Nifty indicates flat opening for Indian markets

The dampener was the broader market as debt market downgrades saw NBFC & PSU banks see extreme selling pressure.

SGX Nifty is at 11,794 levels, down 56 points. The dampener was the broader market as debt market downgrades saw NBFC & PSU banks see extreme selling pressure.

On Tuesday, Nifty saw a superb recovery in the last hour of trade after being down almost 100 points to close almost flat. Nifty Metals, IT, and selected financial services stocks led the pull back as local mutual funds bought heavyweights. On Wednesday, financial markets in India were shut on account of Labour Day Holiday.

Global Markets: Asian markets opened weak after the US indices corrected sharply even after the Federal Reserve left rates unchanged. The strength in the US $ saw weakness in most emerging market currencies, which in turn resulted in a spill over effect on equities. Earnings will be the next catalyst for market direction as trade talks reach the final outcome this month.

US Markets: US indices correct sharply even as Federal Reserve leaves rates unchanged & signals neutral policy to continue. Markets fall as expectations of rate cut get diminished with Central Bank Chief indicating no chances of a rate cut as inflation may have bottomed out. The dollar sees the rally as bond yields also rise to 2.63%.

FII/DII Data: In yesterday’s trading session, FIIs bought 115cr worth of stock in cash, whereas DIIs bought 730cr worth of stock. In the derivative market, FIIs sold 1479cr of Index futures and bought 1052cr worth of Index options. In the Stock futures segment, FIIs bought 165cr worth of stock futures and sold 70cr stock options.

FII View: In Index future segment, FIIs index future long/short ratio stands at 2.4x vs 2.9x, on account of an unwinding of long positions and addition of marginal short positions. On the Index option’s front, they continued to remain net buyers expecting a rise in the volatility levels going forward.

FII	OI(000's)	% Chg	% Chg Since Expiry	Long/Short Ratio	Long/Short Since Expiry
Future Index Long	190	3	(2)	2.4	0.8
Future Index Short	80	34	19
Option Index Call Long	173	15	5	2.5	0.9
Option Index Call Short	70	12	14
Option Index Put Long	274	18	8	2.3	1.1
Option Index Put Short	117	14	1

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