The Sensex is likely to close below 14,000 and Nifty should breach the 4,300 mark before the expiry of the derivatives contract. Recent records suggest that indices close below their previous month’s levels on the derivatives expiry date if the preceding Friday witnesses bearish sentiment, as was the case today. Profit-booking dragged the benchmark indices near its support level of 4,300 today.
There was call selling at 4300 and 4400 strike prices and put buying at the strike price of 4400. The benchmark indices are unlikely to maintain those levels as the options traders are willing to pay a premium for in-the-money call and at-the-money put options.There was net buying in index futures and net sales in index options on July 24, going by the derivatives trading data for the day. The FIIs wrote calls at 4300 and 4400 strike prices and bought puts at the strike price of 4400.
The Nifty is likely to find support between 4200 and 4300. The put call ratio (PCR) at the strike price of 4200 is 2:1, while the PCR at the 4300 strike price is 1:1, suggesting support at these levels.The Nifty July and August futures contracts closed at a premium, indicating long rollovers at lower levels. The intra-day short positions in Nifty July futures were squared off and rollovers in August futures came down by 0.5 million shares in the after-trade session. With the July futures to expire in four days, the Nifty August futures witnessed an open interest build-up of 9.5 million shares. This is marginally higher from 9.1 million shares seen during the same time last month.
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Trades between FIIs generated a volume of Rs 111 crore on the BSE Friday-an increase of 68.12% from Rs 66 crore clocked on Thursday. As many as 7 stocks witnessed trades of 12 lakh shares on Friday.
Oriental Bank of Commerce was traded at highest premium of 3.48% on BSE with 62,900 shares changing hands at Rs 163.50 as against the spot price of Rs 158. Grasim Industries was traded at second highest premium of 3.10% on the BSE with 60,729 shares changing hands at Rs 1,900 as against the spot price of Rs 1,842.95.
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IDBI Bank today reported a 4 per cent rise in net profit to Rs 160 crore for the first quarter this year as against Rs 153 crore during the previous comparable period. The total income for the reporting quarter rose 24.94 per cent to Rs 2,740 crore from Rs 2,193 crore in the first quarter of 2007-08. Interest income grew 34.85 per cent to Rs 2,418 crore during the quarter ended June 2008, compared to Rs 1,793 crore the first quarter last year.
Interest expenses too grew at around the same pace, rising 34.45 per cent to Rs 2,326 crore. The bank's net interest income was up by 31 per cent at Rs 92 crore. While other banks are reporting a steep rise in provisions mainly for mark-to-market losses on their investment portfolio, IDBI Bank said that provisions and contingencies fell 76.81 per cent to Rs 19.88 crore during the first quarter of the current financial year, compared to Rs 85.73 crore during the corresponding period last year. It, however, reported a loss of Rs 34 crore on treasury operations, compared to a profit of Rs 85.73 crore.
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