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Sensex, Nifty start on a negative note ahead of F&O expiry; PNB rallies 10%

The BSE Sensex was trading 3.77 points, or 0.01 per cent, lower at 33,038.73.

Oct 26, 2017, 09.33 AM IST
Sensex, Nifty start on a negative note ahead of F&O expiry; PNB rallies 10%
NEW DELHI: Benchmark indices opened on a flat note on Thursday ahead of expiry of October futures and options series contracts. State-run PSU bank, IT and select pharma stocks advanced, but were outweighed by weakness in stocks such as ICICI Bank, HDFC and HDFC Bank.

At 9.23 am, the BSE Sensex was trading 3.77 points, or 0.01 per cent, lower at 33,038.73.

The Nifty50 was trading at 10,287.45, down 7.90 points, or 0.08 per cent.

Market-wide rollovers till Wednesday stood at 35 per cent compared with an average rollover of 54 per cent seen in the last three F&O series. Nifty futures rollovers at 44 per cent which were in line rollovers seen on an average in last three series.

Among Sensex stocks, SBI rose 7.88 per cent to Rs 350.30. Axis Bank, Larsen & Toubo and Infosys advanced up to 1.4 per cent. HDFC, Kotak Mahindra Bank, HDFC Bank and Asian Paints fell up to 1.66 per cent.

"Rollovers have been in line with a higher open interest base. With roll levels generally on the higher side this series, most of the short roll positions of both domestic and the FIIs have preferred rolling over. Moreover volatility has offered opportunities to unwind as well towards the end of series. Going into the expiry day, our bias is slightly tilted towards the positive side," Edelweiss Securities said.

Yes Bank, Biocon, Cromton Greaves, Jubilant FoodWorks, Mastek, United Spirits, Whirlpool of India, Srei Infra, Vijaya Bank, GIC Housing Finance, Mphasis, and Indiabulls Ventures are some of the companies scheduled to announce quarterly results on Tuesday.

Meanwhile, Reliance Communications (RCom) was trading 1.82 per cent lower at Rs 16.15 amid reports that the company was shutting major parts of its wireless business in the next 30 days to cut widening losses, blaming, among other factors, the “creative destruction“ wrought by Reliance Jio's free voice services. The shakeout in the sector has led to just three big non-state companies remaining in the fray , aside from the government-run telcos.

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