Sensex up 100 pts, Nifty opens above 10,600 amid rally in oil stocks

Asian markets shrug off gains seen on Wall Street overnight

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

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 were seen 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.

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./p>

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.

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.

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