NSE to launch options on WTI crude, natural gas futures contracts from October 9

The National Stock Exchange (NSE) has moved up the launch date for options contracts related to WTI crude oil and natural gas futures in the commodity derivatives segment. Originally scheduled for October 16, the exchange will now introduce these options contracts on October 9.

Starting from October 9, the NSE will offer options contracts for November, December, and January for WTI crude oil, as well as November and December contracts for natural gas.

Trading of these contracts will be available from Monday through Friday, with trading hours set between 9:00 am to 11:30 pm or 11:55 pm, depending on US daylight saving time.

Regarding allowable open positions, for individual clients in the case of WTI contracts, the limit will be either 9,60,000 barrels or 5 percent of the market-wide open position, whichever is higher. For a member collectively representing all clients, the limit will be 96,00,000 barrels or 20 percent of the market-wide open position.

For natural gas, individual clients will have a limit of 120,00,000 MMBtu or 5 percent of the market-wide open position, while for a member collectively for all clients, the limit will be 12,00,00,000 MMBtu or 20 percent of the market-wide open position.

For inquiries related to risk management, clearing, and settlement, members are advised to contact NSE Clearing Limited.


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M&M's August Auto Sales Surge 19%, Driving Stock Prices Higher

In a noteworthy development, Mahindra and Mahindra Limited (M&M) have reported a robust growth of 19% in their August auto sales, reaching a total of 70,350 vehicles, compared to 59,000 units in the same month the previous year. This impressive performance has pushed M&M's stock price up by nearly 2% to Rs 1600 on September 1.

The surge in domestic passenger vehicle sales played a significant role in this achievement, with M&M reporting a 25% increase in August sales, reaching 37,270 units compared to 29,852 units in the corresponding period of the previous year.

In the Utility Vehicles segment, M&M achieved a milestone by selling its highest-ever SUVs—37,270 vehicles in the domestic market and a total of 38,164 vehicles, including exports.

The company's commercial vehicle sales within the domestic market stood at 23,613 units.

Veejay Nakra, President of the automotive division, commented on the strong demand for key SUV brands but also noted their vigilance regarding the availability of semi-conductors and select parts to ensure a smooth and sustained scale-up.

However, the overall exports in August 2023 experienced a 17% decline, totaling 2,423 units compared to 2,912 units in August 2022.

Turning to the farm equipment sector, M&M saw a modest 1% increase in total tractor sales for August, with 21,676 units sold compared to 21,520 units in August of the previous year.

Hemant Sikka, President of the Farm Equipment Sector, highlighted that despite a 9% monsoon deficit at the end of August, Kharif sowing remained on track and had improved compared to the previous year for all key crops except pulses. With favorable terms of trade for farmers and the upcoming festive season, M&M anticipates an increase in tractor demand in the coming months.

Domestic tractor sales for the month increased by 3% to 20,647 units compared to 20,138 units year-on-year, while tractor exports experienced a 26% decline year-on-year, totaling 1,029 units.

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NDTV Stock Rises 4% Following Approval to Launch 4 Regional Channels by Ministry

New Delhi Television (NDTV) shares surged by 4 percent on August 18 following the Ministry of Information and Broadcasting's approval for the Adani Group-owned broadcaster to launch four regional channels. At 1 pm, the NDTV stock was trading at Rs 226.05, marking a gain of Rs 5.05 or 2.29 percent on the NSE.

According to an exchange filing, NDTV has received official clearance to uplink and downlink four news and current affairs channels: NDTV Rajasthan, NDTV Madhya Pradesh/Chhattisgarh, NDTV Gujarati, and NDTV Marathi.

In an additional announcement, the Indian English news broadcaster revealed its plan to initiate the launch of NDTV Madhya Pradesh/Chhattisgarh on August 21. This strategic expansion follows the Adani Media Group's acquisition of NDTV from its previous promoters in December of the preceding year.

The company's Q1FY24 results displayed a 35.03 percent YoY decline in revenue from operations, amounting to Rs 69.99 crore. Furthermore, NDTV reported a loss of Rs 8.08 crore, contrasting with a net profit of Rs 25.81 crore recorded in the corresponding quarter of the previous year. The operating loss for the quarter stood at Rs 9.68 crore.

NDTV operates in the television and digital broadcasting sector, providing news coverage, analysis, and multimedia content through its television channels and digital platforms. The company generates revenue through advertising and partnerships.

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Over 80 smallcaps gain up to 40% even as market ends flat for the week

The Indian equity benchmarks remained almost unchanged for the week ended June 2 even after hitting a five-month high on buying in broader indices, the outperformance of realty stocks, and better macro and auto sales data. During the week, the 30-pack Sensex gained 45.42 points to close at 62,547.11 and the broad-based Nifty rose 34.75 points to end at 18,534.1.

The broader market, however, did better. For the week, the BSE midcap index rose nearly 2 percent and the small-cap index added 2.4 percent. The large-cap index ended flat. "Global markets were mixed as concerns about a weak global growth outlook persisted. India's Q4FY23 GDP growth improved to 6.1 percent and surprised on the upside," Shrikant Chouhan, Head of Equities Research (Retail), Kotak Securities, said.

India's GDP numbers beat expectations to rise 6.1 percent in the January-March quarter. Manufacturing PMI, too, expanded to a 31-month high of 58.7 in May from 57.2 in the previous month. BSE realty, healthcare and auto indices gained around 1.5-3 percent during the week, he said. BSE oil & gas and energy index corrected around 3 percent.

The auto index got a boost from May sales. Bajaj Auto reported a 29 percent jump in sales in the month at 3,55,148 units and Escorts Kubota reported highest-ever figures for May by selling 9,167 tractors, while Mahindra & Mahindra's sales were up 14 percent YoY. The Nifty realty index gained nearly 4 percent, media 3 percent and healthcare added 2.5 percent. The oil & gas index was down.7 percent and the energy index was nearly 2 percent.

Where is Nifty50 headed?

Rupak De, senior technical analyst, LKP Securities

The Relative Strength Index (RSI) has shown a bearish crossover, indicating a potential downturn in prices. The overall sentiment in the market is expected to remain sideways, indicating a lack of clear direction in the near term. The Nifty is likely to find support at 18,450-18,500, while resistance levels are anticipated at 18,650 and 18,800.

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

The Nifty consolidated during the week but will likely resume the uptrend in the coming week. From a short-term perspective, we maintain our positive outlook on the index for a target of 18,800. The level of 18,460- 18,420 will act as the crucial support zone, while the hurdle is at 18,600–18,660.

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Top 10 Factors that affect the Stock Market on Monday

Bulls kept charging the markets throughout the truncated week that ended April 7, pushing the benchmark indices to sustain their rally. A host of reasons such as higher-than-expected PMI manufacturing data, monthly auto sales numbers, provisional Q4FY23 numbers from banks and NBFCs, FII inflow, and the RBI's surprise pause in interest rate hike with upward revision in growth forecast to 6.5 percent from 6.4 percent aided the surge.

The BSE Sensex climbed 841 points or 1.4 percent to 59,833, and the Nifty50 rose 239 points or 1.4 percent to 17,599, supported by banking and financial services, auto, pharma, and infrastructure stocks.

The broader markets also traded higher with the Nifty Midcap 100 and Smallcap 100 indices gaining 1 percent and 2 percent.

After yet another encouraging week, the momentum is expected to continue along with some volatility in the holiday-shortened week beginning April 10 with focus on corporate earnings, inflation data, global news flows, and FOMC minutes, experts said. 

1) Corporate Earnings

The corporate earnings season for the March FY23 quarter will be kicked off by index heavyweights Infosys on April 13, Tata Consultancy Services on April 12, and HDFC Bank on April 15.

2) CPI Inflation

The consumer price inflation, which measures the change in prices of a basket of goods and services, is likely to drop below the 6 percent mark in March on April 12, with moderation in food inflation, against 6.4 percent in the previous month, while core inflation is likely to be sticky around 5.9-6 percent.

3) US Inflation and FOMC Minutes

On the global front, investors will look for cues from US inflation numbers and FOMC minutes scheduled to be released on April 12. Overall, the inflation is expected to moderate further to around 5.3 percent in March against 6 percent in the previous month, while the core inflation is likely to be steady at around 5.5 percent, as per the forecast available on Trading Economics.

4) Global Economic Data Points

5) FII Flow

The consistent FII inflow due to the falling US dollar index and bond yields also aided the markets and experts believe the flow is expected to continue given the hope that Federal Reserve may consider a pause in interest rate hike cycle sooner than later.

6) Oil Prices

Crude oil prices reached to a month's high, with international benchmark Brent crude futures rising to over $85 a barrel, from $79.77 on a week-on-week basis and WTI crude climbing from $75.67 to $80.46 a barrel in the same period, after a surprise OPEC+ output cuts and more-than-expected draw in US oil stocks. But the gains were capped towards the end of week after the weak US economic data raised fears over demand outlook.

7) Technical View

The Nifty has formed bullish candlestick pattern on the weekly scale, with making higher top higher bottom for second consecutive week, and the momentum indicator RSI (relative strength index) giving a nice positive crossover. Also the index climbed back above the 50-week EMA (exponential moving average - 17,426), which is another positive sign.

8) F&O Cues

The weekly Option data indicated that the 17,600 is expected to be a crucial level for the next direction of Nifty50, where we have seen maximum Call as well as Put open interest. Further, the index may find strong resistance around 17,600-17,800 area, whereas 17,500 is expected to be near-term support followed by crucial support at 17,000 levels.

9) India VIX

The volatility cooled down considerably in the last couple of weeks, with the India VIX fell by 8.8 percent for the passing week to 11.79, the lowest weekly closing level since July 2021, from 12.93 levels last week.

10) Corporate Action

Schaeffler India, Britannia Industries, Varun Beverages, Visaka Industries, Edelweiss Financial Services, and Goodluck India will trade ex-dividend, while Emami will turn ex-buyback in the coming week.

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Bank Nifty closes above 43,339 for the first time, next hurdle 42,750

The Bank Nifty opened lower at 42,959, which was also the day's low. After some volatile moves, the index closed 33 points higher at 43,053. The banking index formed a small-bodied bullish candle on daily frame with a bigger upper shadow. It has to hold above 42,750 to make an up move towards 43,339 and 43,500, whereas supports are placed at 42,750 and 42,500 levels, Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services said.

The Nifty hit another high to close above 18,600 for the first time on November 29, extending the uptrend to the sixth consecutive session supported by positive global cues and buying in FMCG, metal and pharma stocks.

The broader market, however, saw profit booking, with the Nifty midcap 50, midcap 100 and smallcap 100 indices declining half a percent each. On the options front, the maximum Call open interest was at 19,000 strike followed by 20,000 strike, with Call writing at 18,800 strike then 18,700 strike. The maximum Put open interest was seen at 18,000 strike followed by 17,000 strike, with Put writing at 18,600 strike then 18,500 strike.

After opening flat at 18,552, which was also the day's low, the index traded higher for the rest of the day. It hit a new high of 18,678 and closed 55 points higher than the previous day at 18,618. The index has formed a bullish candle on the daily charts, making higher highs for the fifth straight session.

"The market is consistently holding higher high and higher low formation which is broadly positive. Hence the support has now shifted to 18,550 from 18,450," Shrikant Chouhan, Head of Equity Research ( Retail) at Kotak Securities said.
As long as the index trades above 18,550, the uptrend will continue. The market can move to 18,750-18,800, the expert said.

The data indicates that in near term, the Nifty may trade in range of 18,400 to 18,800. India VIX was up by 0.36 percent to 13.62 levels, but overall it has been cooling off for the last nine weeks and supporting the bulls.

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Top 5 stocks that moved the most on November 25

Benchmark indices ended on a flat note on the first day of the December series amid volatility. At close, the Sensex was up 20.96 points or 0.03% at 62,293.64, and the Nifty was up 28.70 points or 0.16% at 18,512.80.

IDFC | CMP: Rs 80.20 | The scrip added over 2 percent on November 25. According to an exchange filing, the scheme of amalgamation of IDFC Alternatives Limited, IDFC Trustee Company Limited, and IDFC Projects Limited (wholly-owned subsidiary companies of IDFC) into IDFC Limited and their respective shareholders was approved by the NCLT, Chennai Bench on November 22, 2022.

Punjab National Bank | CMP: Rs 53.45 | The stock price jumped over 5 percent after the lender announced t has received the Government of India's approval for a stake sale in UTI Asset Management Company. "The Exchange is hereby informed that the bank has received approval of DIPAM, Ministry of Finance for divestment of entire/part stake in UTI AMC in single or multiple tranches subject to compliance of SEBI regulations," PNB said in a stock exchange.

Axis Bank | CMP: Rs 887 | The scrip ended in the green on November 25. Analysts appeared impressed by the lender's long-term vision at the annual analyst day meeting on November 24. "A convincing analyst meets that Axis Bank could compete on its strengths," said brokerage firm Kotak Institutional Equities in a note. ICICI Securities said that the management of the lender demonstrated its ability to translate 'intent' to 'action' towards delivering guided outcomes and initiatives undertaken over the last few years to strengthen its capacity to deliver more efficient and sustainable outcomes.

Adani Enterprises | CMP: Rs 3,900.05 | The share price ended marginally lower on November 25. The company said that the board will meet to consider and approve the proposal for raising funds. In a statement to the stock exchanges, Adani Group's flagship firm had said that raising funds would be by the way of a public offering or preferential allotment issue, including a QIP. Billionaire Gautam Adani is also courting sovereign wealth funds in a push to raise roughly $5 billion across his sprawling business empire after lenders asked the group to reduce leverage, as per sources.

India Tourism Development Corp | CMP: Rs 404.55 | The stock hit the 20 percent upper circuit after the government announced it has fixed an indicative value for 'The Ashok' hotel at Rs 7,409 crore under the national monetization program. Presently, ITDC has a network of three Ashok Group Hotels, one Joint Venture Hotel, 1 Restaurant, 5 ATT Units, 15 Duty-Free Shops at Sea ports, and one Sound & Light Show.

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