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Nifty snapped four series’ winning streak, Midcaps/IT outperforms

Post multi-month uptrend, this month US key Indices took a pause. Rebounding off recent low, Dollar index revisits levels of 104. US Gold and Silver rallied in the recent past. After multi-week decline, Brent Crude oil regains momentum on upside.

August series Highlights a) Nifty retreats off record high, losing 2% it snapped four series’ winning streak b) Losing 3.7% on eoe, BankNifty was the dragger; throughout the series it failed to surpass levels of 46000. C) IT index stood out as an out-performer (up ~5% eoe) d) Mid-Smallcap 100 indices continued their upward trajectory at all-time higher zone, both moved up more than 5%, thereby out-performing the benchmark index. e) Continuing prior month’s throwback, FMCG index remained weak (down 2.7%)

Rollovers for Nifty/Bank-Nifty stood at 78% (~1.06cr OI)/77% (~25 lakh OI) vs 84% (~1.3cr OI)/77% (~20 lakh OI) of the prior month. Nifty’ open interest base has decreased by 20%, while BankNifty OI base increased by 21% eoe. FIIs’ were net seller on index futures throughout the month, however at the end of the series they turned net buyers.

Exhibit 1: Sector-wise rollovers (%)

Exhibit 2: Sector wise open interest change (%)

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