If you thought yesterday's turnover was something special, today's scale evened that - another peaked scale, if you want to call it that, Rs 91,000 crore is done in terms of turnover, a never before seen figure in our capital market history. And close to Rs 73,000 crore coming from the futures and options side will give you an indication of what may happen tomorrow in terms of the final turnover on expiry day.
The midcap and small cap indices have been an area of concern for the better part of the last couple of days. And even today they were down over a percent apiece. And even though the turnover was special, the breadth was not at all in trade today, largely in favour of the declines by over 500 stocks. So that was not looking too good in fact for the broader markets.
The Sensex also nothing special to report on a final closing figure for itself, just about 95 points down or thereabouts. It was down over 200 points today. And the Nifty is also closed largely in the red for itself, a few percentage points shaved there close to about 7/10ths knocked off the Nifty as well.
The futures and options side, close to about 50% of the Nifty positions have been rolled over and the July series has moved into a 7 or 8 point premium and the August series is also standing at close to about 6-7 point discount. So there was a lot of action playing out there and a lot of stocks that looked weak today, some news driven, the likes of SAIL, Praj, Ambuja Cement, India Cement, where rollover in these stocks was anywhere between 45-65%. Lanco as well on the kind of news that came in last evening - that stock looked weak, close to about 51% of the positions rolled over. So all of these stocks saw some unwinding pressures coming in.
But on the flip side, though you are seeing some strong rollovers - in fact, long positions are being built in the August series in stocks like ITC, IFCI, the odd BILT, which came out with news yesterday and of course the odd Reliance Capital, IDFC and Pantaloon Retail to round it off. Very strong rollovers were seen in some of these stocks, about 50% plus in some of them. So that was what was playing out on the futures and options side.
But like we said, ITC is doing something of itself. A couple of brokerages come out with an aggressive price target today; that stock rallies a good 9%, the last time you saw volumes of 25 million, you can go back about a couple of years and you wouldn't have found that on ITC.
Outside that, stocks like ONGC, Hindustan Unilever, Bharti ahead of its results had a very good day in trade today. All these stocks are up about a percent and a half for themselves. But that was about it. Suzlon led it on the downside, 6.5% down for Suzlon. Satyam, GAIL, SAIL, all of those stocks looking relatively weak on the Nifty, anywhere between 2% to 7% down for all of those counters.
Cement - all that news of cartelisation, ACC, Ambuja and Grasim led it from the frontliners and that effect trickled down to the midcap space as well with India Cement down over 8% for itself, Mysore and Shree Cement shaving off close to about 7.5-8% for themselves as well. And capital goods as a space, which has run up so hard, corrected today, led by L&T and BHEL. All of those stocks as well, having an off day, closed to about 3% down for some of those stocks. So that was all weak in trade today. Also weak was Maruti, Bajaj Auto, Hero Honda, all of those auto stocks as well choosing to take the day off.
But amongst all of this, Allied Digital listed and had a very good listing you will have to say on a day like this. The stock closed a very handsome 17% or 18% above its issue price.
But let's take a look at what happened in the midcap space. Stocks like SPARC did really well, HDIL that listed yesterday, IFCI, very few winners from that midcap space, more so in terms of losers, Lanco on that news we spoke about, Indiabulls Financial Services, PTC and then the entire midcap banking space led by Dena Bank, Andhra Bank, a lot of those stocks having a weakish sort of a day. A few others like HCC, Dish TV to round off the day. Reliance Capital didn't have a very special set of earnings to come out with today.
So it is F&O expiry tomorrow, and we have been doing record turnovers. Let's see whether we can cross that Rs 100,000 crore turnover mark tomorrow. A lot of big results, Bharti, Maruti, all of that to look forward to. That's tomorrow.
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