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Nifty reclaims 18500, Banknifty settles at record high

US markets largely trended up this month but stayed beneath their September peak. Dollar index recovery proved short?lived, sustaining below the 108?110 zone. Brent crude lost 40% off the March peak, hovering at multi?month lower band. Following a multi?month decline, US Gold and Silver saw a positive traction. On the currency front, USDINR pair stayed on below 83 levels.  

November series Highlights a) Nifty rose ~4% eoe, a whisker away from its all?time high of 18604 b) Among sectoral indices, PSUBank index was the major out?performer (eoe up 17%), while Private Bank index lacked needful upside momentum and underperformed the benchmark index (eoe up 2.6%) C) IT , Oil & Gas and Metal index rallied 6?8% d) Rally in Auto, Pharma, Smallcap and Media was short?lived, ending November series on a negative note.

Rollovers for Nifty/Bank?Nifty stood at 82% (~1.2cr OI)/88% (~32lakh OI) vs 76% (~1cr OI)/82% (~20lakh OI) of the prior month. FIIs’ remained net buyers on index futures, however they trimmed their stocks' futures positions.

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