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Below are Views On Quote on F&O Expiry By Mr. Deepak Gupta, VP- Derivative Sales, Emkay Global Financial Services

"The April series started with the market being nervous about the rising Covid cases in India. It kept on moving in a broad range of 300 points as incremental news on new cases and lockdowns kept trickling in. But in last 5 working days, Nifty seems to have made a bottom and rallied. This seems to have been triggered again by the Government pulling its act together on the Covid situation in India and thereby, reducing the chances of a big spike in daily Covid cases from hereon. The metals sector continued to rally and was the best performing sector this series with BSE Metals Index clocking a gain of 28% vs 3% gain on Nifty. NSE gives participant wise OI data and they divide the participants into Clients, FIIs, DIIs and Proprietary books. A peculiar thing this series was that the Clients did not reduce their longs much even as the markets corrected and then increased their longs as the markets tried to rally. This was despite the fact that the FIIs were net sellers in cash in this series. The roll spread last series was high because of the high NDF cost and the rally in stocks in last one week helped the roll spreads to move up this series. If the global markets remain supportive, any significant dip in the number of cases in India can propel the markets up further to newer highs.”

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