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Mumbai: The Nifty recovered more than 100 points from the low of the day to close flat with a positive bias, while the Nifty Bank fell back despite recovering more than 300 points from the low of the day. HDFC Bank & Kotak Bank contributed nearly 300 points of the 350 points awarded to Nifty Bank. Nifty closed higher for the second day in a row led by Oil & Gas stocks, but Nifty Bank snapped its 3-day winning streak.
Foreign investors positioned themselves for the expiration of weekly options by adding 11,950 short calls along with the addition of 24,603 long put contracts.
The Nifty Midcap Index extended its gain to 4 days in a row, while the Nifty Smallcap Index broke its 3-day winning streak.
Among other industry indices, Nifty Realty continued to earn more than 3 percent in each of the last 2 trading sessions, Nifty Metal gained more than 1.5 percent in each of the last 2 days, Nifty Energy gained more than 1 percent in each of the past 2 days and Nifty Auto continued to earn more than 1 percent in each of the past 3 days.
Foreign investors bought Rs 357 million worth of Indian shares in the cash segment on a provisional basis and bought Rs 962 million on the futures and options market. They lowered the net long position in index futures to 77 percent compared to 80 percent the day before. That’s below the December average of 79 percent. National institutions sold Rs 1,636 million worth of Indian shares on the spot market.
