Indian equity markets witnessed wild swings as both Nifty & Bank Nifty gave away its large gains in the closing hour of the trade. Across the board profit booking was seen in the largecap names as the Nifty index underperformed Midcap and Smallcap index.
Shares of major heavyweights like ITC & HDFC Bank closed ~3% & 2% lower respectively on account of unwinding of long positions. Nifty IT index continued its negative momentum, closing ~0.65% lower.
Market breadth ended in the favour of the declines with advance/decline ratio closing at 1:1x.
On the options front (May 30, 2019 expiry), across the board open positions were added in call and put option strikes with a sharp reduction in option premium on account of fall in the implied volatility levels, indicating an addition of option writing positions.
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