Market Live: Sensex up 100 pts, Nifty opens July series above 10,600; HPCL, IOC, BPCL rally

Asian markets are mixed on the last trading day of the quarter, shrugging off gains seen on Wall Street overnight.

US. oil prices held around three-and-a-half year highs touched the previous day as a Canadian production outage disrupted the North American market.

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International oil markets also remained firm as looming sanctions by Washington against Iran are expected to lead to a sharp drop in supplies from the OPEC-member.

US West Texas Intermediate (WTI) crude futures were at $73.18 a barrel, down 0.37 percent from their last settlement.WTI on Thursday hit its highest since November 2014 at $74.03 per barrel.

Brent crude futures were at $77.74 per barrel, down 0.14 percent, reports Reuters.

Shares of Kalpataru Power Transmission added 4 percent as company secured new orders/notification of award of Rs 1,235 crore.

The said orders include, order for railway infrastructure construction from Bangladesh Railways in a consortium wherein KPTL’s share is Rs 553 crore and orders for transmission line and substation in Tajikistan and India totalling Rs 346 crore.

It also received order from RVNL for design, supply, erection, testing & commissioning for railway electrification, signalling and associated civil works of Rs 185 crore in a consortium.

And order for laying of pipeline & associated works of Rs 151 crore from Andhra Pradesh Gas Distribution Corporation.
Nifty rolls were at 64 percent, lower than the 3M average of 66.33 percent

Market wide rollover was at 84.09 percent, in line with the 3M average of 84.98 percent

Sectorally, realty, textile and metal stocks witnessed high rollover of positions while stocks from the oil & gas, FMCG and cement space witnessed relatively low rolls into the July series

Highest rollover was observed in JSW Steel (97 percent), Dabur (95 percent), Britannia (94 percent), M&M Finance (94 percent) and LIC Housing Finance (93 percent) while rollover activity was relatively low in OFSS, Indian Bank, Torrent Power, KPIT and ACC

Among index stocks, Sun Pharma, Tech Mahindra, Bajaj Auto and Tata Motors witnessed high rolls into the July series while Adani Ports, Titan, HCL Tech and Tech Mahindra witnessed relatively low rolls into the next series

Among heavyweights, auto and metal stocks saw fresh short additions while relatively low short positions were seen in cement and oil & gas space

The open interest in Nifty futures at 18.8 million shares is in line with the open interest seen in the last couple of months at inception. The roll spread in the Nifty remained subdued throughout the settlement week and finally declined further to 17 points in the last session. Activity suggests continued short rollover in the Nifty in the July series as well. The Nifty has major support around 10550 while 10600 Put strike has the highest Put option base.

At the same time, Bank Nifty open interest has declined substantially to 1.93 million shares from 2.84 million shares in the last series at inception. The roll spread in the banking index has remained under continued pressure indicating consolidation in coming sessions. Roll spread in the banking index has declined to almost 90 points during the settlement suggesting continued short bias.

Benchmark indices started off the July series on a positive note despite mixed Asian cues, after rattled in previous two consecutive sessions.

The 30-share BSE Sensex rose 115.70 points to 35,153.34 and the 50-share NSE Nifty gained 38.60 points at 10,627.70.

Tech Mahindra, Tata Motors, Tata Steel, Titan Company, HPCL, BPCL, IOC, Infosys, Reliance Industries and Hindalco Industries are early gainers.

Dr Reddy's Labs, NTPC, Asian Paints and Axis Bank are under pressure.

The Nifty Midcap index gained 150 points and Nifty Bank rose 33 points.

Mahindra CIE rallied 5.5 percent post block deal in the morning.

HEG, Graphite India, V-Mart Retail, Kaya, Future Consumer, Delta Corp and InterGlobe Aviation are early gainers.

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