Markets erase early gains in final hour of trade

Nifty and Bank Nifty futures witnessed short selling as the underlying prices trended lower along with a rise in the open positions.

Jul 12, 2019 10:07 IST India Infoline News Service

Indian equity markets closed on a negative note giving up intraday gains in entirety in the closing hour of trade. Nifty Bank index underperformed the Nifty index as Axis Bank and Indusind Bank traded with a negative bias.

However, the Nifty Midcap 100 index outperformed the benchmark index by 0.5%. The Nifty IT index recovered in the closing hour of trade led by strong gains of ~1% in Infosys ahead of its Q1FY20 earnings.

The market breadth ended in favor of declines with the advance/decline ratio closing at 1:1x.

Nifty and Bank Nifty futures witnessed short selling as the underlying prices trended lower along with a rise in the open positions.

On the options front (July 18, 2019 expiry), across-the-board short selling was seen in Nifty OTM call & put option strikes, making 11700 level as an immediate ceiling and 11400 as a floor level for the weekly series.

India vix closed at 12.5, down 8.6%.
 
 
Top 2 F&O Gainers: REC & JINDAL STEEL
Top 2 F&O Losers:  ENGINERSIN & WIPRO
Nifty  -30 @11,553
Bank Nifty -116 @30,601

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