Daily Derivatives Snapshot Report 09th November 2026 by Axis Securities Ltd
The Day That Was:
Nifty Futures: 25,005 (-0.11%) | Bank Nifty Futures: 58,910 (-0.12%)
Indian equity markets began Samvat 2083 on a cautious and weak note during the special Muhurat Trading session on Sunday, November 8, 2026. Benchmark indices ended marginally lower, snapping their eight-year winning streak in Muhurat Trading and recording their first negative closing since 2017.
The Nifty 50 declined 6.65 points to settle at 25,023.70, as sentiment remained subdued amid multiple macroeconomic headwinds, including rising crude oil prices, escalating Middle East tensions, sustained foreign investor outflows, rupee depreciation and higher US bond yields. These factors weighed on investor confidence despite the festive optimism surrounding the beginning of the new Samvat year.
However, broader markets demonstrated relative resilience, outperforming the benchmark indices. The Nifty Midcap index gained 0.13%, while the Nifty Smallcap index advanced 1.00%, indicating selective buying interest beyond large-cap stocks.
At the sector and stock level, Sun Pharma, Tata Steel, Maruti Suzuki, Power Grid and Adani Ports emerged among the major gainers. Conversely, Mahindra & Mahindra (M&M), IndiGo, Trent, Infosys and Bharti Airtel featured among the prominent laggards.
Stock Futures:
Divi's Laboratories (DIVISLAB) surged 8.28% in the spot market to Rs. 11,175.00, while futures advanced 7.43% to Rs. 11,120.00, accompanied by a 2.62% increase in futures OI to 66.54 lakh contracts, indicating fresh long build-up. The rally was driven by strong Q2 FY27 earnings, with consolidated net profit rising 64% YoY to Rs. 1,127 crore, supported by a 32% increase in total income to Rs. 3,770 crore. Growth was recorded despite lower other income of Rs. 94 crore, as forex gains declined to Rs. 24 crore from Rs. 63 crore in the corresponding period last year.
In derivatives, futures traded at a 55-point discount (-0.49%) to spot. Options positioning remained favourable, with Put OI increasing 14.06% to 20.53 lakh contracts, significantly outpacing the 3.31% rise in Call OI to 32.04 lakh contracts. The PCR remained unchanged at 0.64, while implied volatility declined 5.02% to 40.94, led by a sharper fall in Call IV. Overall, fresh long build-up and stronger Put OI addition indicate positive underlying momentum, although the sub-parity PCR reflects continued call-side positioning.
Siemens (SIEMENS) advanced 3.08% in the spot market to Rs. 3,669.70, while futures gained 2.87% to Rs. 3,679.00, accompanied by a 0.62% increase in futures OI to 37.35 lakh contracts, indicating fresh long build-up. The stock remained resilient despite mixed Q2 FY27 earnings. Revenue from continuing operations grew 17% YoY to Rs. 5,734 crore, while new orders surged 37.8% to Rs. 6,228 crore, taking the order backlog to Rs. 47,034 crore. However, operating profit declined to Rs. 545 crore from Rs. 561 crore, resulting in margin compression to 9.5% from 11.4%, primarily due to higher material costs amid commodity and forex volatility.
In derivatives, futures traded at a 9.30-point premium (+0.25%) to spot. Options positioning remained balanced, with Call OI rising 13.94% to 13.30 lakh contracts and Put OI increasing 12.65% to 11.71 lakh contracts. The PCR remained unchanged at 0.88, while IV eased 4.06% to 40.59. Overall, fresh long build-up, strong order inflows and a robust order backlog support the positive underlying momentum, while balanced options positioning indicates a relatively neutral near-term derivatives outlook.
Voltas (VOLTAS) declined 3.96% in the spot market to Rs. 1,055.50, while futures slipped 3.70% to Rs. 1,053.70, accompanied by a 2.01% increase in futures OI to 1.03 crore contracts, indicating fresh short build-up. The stock faced selling pressure amid a major leadership transition. The company announced that Noel Tata will retire as Chairman and Director on November 11, 2026, upon reaching the prescribed superannuation age, and will subsequently assume the role of Chairman Emeritus. The board appointed Sunil D'Souza, currently MD and CEO of Tata Consumer Products Ltd. (TCPL), as the new Chairman.
In derivatives, futures traded at a 1.80-point discount (-0.17%) to spot. Options positioning indicated significant overhead supply, with Call OI rising 21.27% to 51.39 lakh contracts, significantly outpacing the 6.15% increase in Put OI to 37.90 lakh contracts. The PCR remained unchanged at 0.74, while IV eased 2.78% to 41.77. Overall, fresh short build-up, aggressive Call OI addition and a negative futures basis point to near-term weakness, with options positioning indicating strong overhead resistance.
Manappuram Finance (MANAPPURAM) declined 1.17% in the spot market to Rs. 321.60, while futures slipped 0.95% to Rs. 323.00, accompanied by a marginal 0.59% increase in futures OI to 6.91 crore contracts, indicating mild short build-up. The stock witnessed selling pressure following the resignation of Narayanan Easwaran, Group Chief Technology Officer (GCTO), effective November 7, 2026. The resignation was attributed to personal reasons, including geographical constraints and health issues arising from extensive travel requirements.
In derivatives, futures traded at a 1.40-point premium (+0.44%) to spot. Options positioning indicated a bearish bias, with Call OI increasing 4.53% to 1.20 crore contracts, while Put OI declined 0.45% to 78.81 lakh contracts. The PCR remained unchanged at 0.65, while IV increased 4.73% to 46.92, reflecting heightened volatility expectations. Overall, mild short build-up, higher Call OI and declining Put OI indicate a cautious-to-bearish near-term outlook, with potential overhead resistance.
Put-Call Ratio Snapshot:
The Nifty PCR increased to 1.47 from 1.29, while the Bank Nifty PCR rose to 1.23 from 1.16, indicating an improvement in put-side positioning across both indices.
Participant-wise Open Interest Net Activity:
Index Futures: FIIs led net buying with 37,022 contracts, primarily through short covering of 40,403 contracts. This was absorbed by selling from Clients (-20,860), DIIs (-9,590) and Proprietary desks (-6,572).
Stock Futures: DIIs were the only net buyers, adding 30,325 contracts, largely through short covering. Clients (-15,607), FIIs (-8,147) and Proprietary desks (-6,571) remained net sellers.
Index Options:
Calls: FIIs (+26,124 contracts) and Proprietary desks (+51,052) were net buyers, while Clients were significant net sellers (-79,511).
Puts: FIIs (+23,656) and Clients (+22,877) added positions, while Proprietary desks were major net sellers (-46,669).
Stock Options:
Calls: Clients led net buying with 35,223 contracts, while DIIs (-28,731) and Proprietary desks (-8,415) were net sellers.
Puts: Clients added 33,613 contracts, while Proprietary desks were major net sellers (-36,055).
Securities in Ban for Trade Date 09-November-2026:
1. KAYNES
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