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Nifty erases initial gains to end in red on Thursday
Jul-03-2025

Indian equity benchmark -- Nifty -- extended its previous session losses and ended lower on Thursday amid rising concerns over looming US President Donald Trump’s tariff deadline. Index made a flat-to-positive start followed by broadly positive cues from other Asian markets. Despite some initial volatility, index gained traction in green terrain. Some support came with the report of HSBC final India Services Purchasing Managers' Index (PMI), compiled by S&P Global, climbed to 60.4 in June from 58.8 in May. Also, the HSBC India Composite PMI Output Index - which measures both manufacturing and services - surged to 61.0 in June as against 59.3 in May. In afternoon session, index trimmed some of their gains but continued their trade in green as some volatility crept in ahead of weekly F&O expiry. Downside remained capped amid a private report stating that India-US likely to sign interim trade deal in next two days. However, in last leg of the trade, index erased all initial gains and closed below 25,450 mark.

Traders were seen piling up positions in Media, Consumer Durables and Auto stocks, while selling was witnessed in PSU Bank, Metal and Realty. The top gainers from the F&O segment were Bosch, Blue Star, and 360 One Wam. On the other hand, the top losers were FSN E-Commerce Ventures, Punjab National Bank and ICICI Prudential Life Insurance Company. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 24900 - 25100 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 0.48% and reached 12.39. The 50 share Nifty down by 48.10 point or 0.19% to settle at 25,405.30.

Nifty July 2025 futures closed at 25500.00 (LTP) on Thursday, at a premium of 94.70 points over spot closing of 25405.30, while Nifty August 2025 futures ended at 25609.80 (LTP), at a premium of 204.50 points over spot closing. Nifty July futures saw an additional of 700 units, taking the total open interest (Contracts) to 1,88,506 units. The near month derivatives contract will expire on July 31, 2025. (Provisional) 

From the most active contracts, Avenue Supermarts July 2025 futures traded at a discount of 8.00 points at 4322.00 (LTP) compared with spot closing of 4330.00. The numbers of contracts traded were 19,759. (Provisional) 

ICICI Bank July 2025 futures traded at a premium of 8.10 points at 1435.10 (LTP) compared with spot closing of 1427.00. The numbers of contracts traded were 17,866. (Provisional) 

Vedanta July 2025 futures traded at a premium of 2.85 points at 460.95 (LTP) compared with spot closing of 458.10. The numbers of contracts traded were 17,483. (Provisional) 

State Bank of India July 2025 futures traded at a premium of 5.40 points at 812.40 (LTP) compared with spot closing of 807.00. The numbers of contracts traded were 16,750. (Provisional) 

Reliance Industries July 2025 futures traded at a premium of 9.00 points at 1524.00 (LTP) compared with spot closing of 1515.00. The numbers of contracts traded were 16,225. (Provisional)

Among, Nifty calls, 25500 SP from the July month expiry was the most active call with an additional of 1,695 units open interests. Among Nifty puts, 25500 SP from the July month expiry was the most active put with an additional of 2,249 units open interests. The maximum OI outstanding for Calls was at 26000 SP (60,605 units) and that for Puts was at 25000 SP (87,238 units). The respective Support and Resistance levels of Nifty are: Resistance 25533.75 -- Pivot Point 25459.05 -- Support 25330.60.

The Nifty Put Call Ratio (PCR) finally stood at (1.21) for July month contract. The top five scrips with highest PCR on One97 Communications (1.28), Blue Star (1.22), Dabur India (1.10), Polycab India (1.03) and Manappuram Finance (1.01).

Among most active underlying ICICI Bank witnessed an additional of 1,801 units of Open Interest in the July month future, HDFC Bank witnessed a contraction of 464 units of Open Interest in the July month future, Reliance Industries witnessed an additional of 830 units of Open Interest in the July month futures, Avenue Supermarts witnessed an additional of 4,247 units of Open Interest in the July month futures and BSE witnessed an additional of 554 units of Open Interest in the July month futures. (Provisional).

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