MTECHTIPS:-Technical Snapshot:
The Nifty August series futures and options expiry session turned out to be a bolt from the blue for the domestic frontline indices as they staged a surprise intraday come-back in the last leg of trade recapturing the psychological 5,300 (Nifty) and 17,500 (Sensex) levels. Moreover, the gauges gained a massive over five percent gains in the August F&O series as traders were keen to roll-over their position to fresh month F&O contract despite mounting worries over policy paralysis in the wake of the parliamentary logjam over controversial CAG report on coal blocks.The markets traded lower for the entire day as investors remained on the safer side ahead of first quarter GDP numbers scheduled to be announced on Aug 31, also the RBIs governor stating that high inflation and wrecked government finances leave little room for either the central bank or the government to throw policy lifeline, pressurized the market sentiments. The indices, although, witnessed an unexpected recovery in the final half an hour of trade and clocked gains of over half a percent led by recovery in Banking, Auto and software stocks. Realty space emerged as a strong pillar of strength for the bourses garnering over a gain of about two percent as short covering was seen in the counter after few days of continues fall.The markets rose on overall volumes of over Rs 3.30 lakh crore while the turnover for NSE F&O segment too remained on the higher side as compared to that on Wednesday at over Rs 2.56 lakh crore.