Bank Nifty weekly options expiry shifts to Wednesday; Nifty Midcap Select F&O contracts to expire Monday
时间:2024-06-26 02:11:59 阅读(143)
The National Stock Exchange (NSE) has again revised the expiry day of futures and options (F&O) contracts for Bank Nifty and Nifty Midcap Select. Now the Bank Nifty weekly F&O contracts will expire on Wednesday instead of Thursday. There’s no change in the monthly and quarterly expiry days; these contracts will expire on the last Thursday of every month. Meanwhile, Nifty Midcap Select contracts will now expire on Monday instead of Wednesday. The monthly contracts will expire on the last Monday of the respective contract month.Bank Nifty F&O Expiry Day Change
The change in Bank Nifty F&O expiry day will be effective from the trade date of September 04, 2023, Monday and accordingly, all existing weekly contracts with Thursday expiry will be revised to Wednesday, September 01, 2023, EOD. The first Wednesday’s weekly expiry will be on September 06, 2023. There is no change in the trading cycle and Bank Nifty will continue to have 4 weekly expiration contracts (excluding monthly contracts), 3 monthly expiration contracts and 3 quarterly expiry cycles (March, June, September and December cycle).
Last month, NSE scrapped its plan to shift the expiry of its Nifty Bank derivative contracts to Friday from Thursday after BSE’s request. The shift was to be effective from July 7, with all existing contracts with Thursday expiry revised to Friday at the end of July 6. The first Friday expiry was to be on July 14. The change would have meant four weekly expiry dates at NSE — Nifty Financial Services expiry on Tuesday, Nifty Midcap Select on Wednesday, Nifty 50 on Thursday and Nifty Bank on Friday.
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- uidance range. Ebit margins at 18.2% were down 140bps and missed estimates due to higher-than-expected employee costs. Profits at Rs 39.8 bn were up 11% y-o-y and were slightly ahead of estimates due to a $21m gain booked on the buyback of senior notes in Q4.
Services miss estimates; Software better than expected: Services business grew 0.6% q-o-q cc and missed HCLT’s Q3FY23 guidance, mainly due to a 3.8% q-o-q cc decline in the ER&D segment. Growth in the IT&BS segment moderated slightly to 1.6% q-o-qcc but was in line with estimates. BFSI and Life Sciences were the key growth drivers, while communications were the drag among verticals. Growth was led by the Americas region, while Europe and ROW posted declines.
Decline in bookings reflects delays in decision-making: HCLT won 10 large deals in services and three large deals in Software with net-new deal TCV of $2.1bn, down 8% y-o-y. Deal wins were driven by the services portfolio, were centered on cost optimisation and vendor consolidation and came mainly from BFSI, manufacturing and Life Sciences verticals. Management highlighted a ramp-down in discretionary spending in Hitech and communications verticals but pointed to a strong deal pipeline.
FY24 guidance in line with expectations: HCLT has guided for 6-8% y-o-y growth for overall business and 6.5-8.5% y-o-y cc growth in services segment and 18-19% margins in FY24—all in line with our assumptions. We maintain our FY24-25 cc revenue growth and margin estimates and expect HCLT to deliver 6.5% cc revenue growth and 18.4% margins in FY24. However, we lower our earnings forecasts by 2% to factor the higher tax rate indicated by the management.
Also read: MSME listing: How to migrate from NSE SME platform to main board? Check revised criteria
Raise PT: HCLT has fared better in Q4, particularly in North America and BFSI, unlike its peers. However, rising demand uncertainty as a US recession nears remains a concern. HCLT’s stock at CMP trades at 17x PE and offers a 5% yield, which in our view should limit downsides and derating. Hence, we raise our target PE to 17x (16x earlier) and raise our PT to Rs 1,125, offering 8% potential upside.
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