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Informist, Thursday, Apr. 9, 2026

 

By Simran Rede

 

MUMBAI – Traders built short positions as the Nifty 50 retreated on Thursday after a near 4% surge in the previous session, driven by news of a two-week ceasefire between the US and Iran. However, sentiment turned negative on reports that Iran has closed the Strait of Hormuz in response to Israeli attacks on Lebanon, weighing on Indian equities Thursday. Put selling is likely to cap losses in the Nifty 50, keeping the index in a tight range. 

 

In a social media post Wednesday, Iran's Parliamentary Speaker Mohammad Bagher Ghalibaf accused the US of violating several terms of the ceasefire agreement, including Israel's ongoing strikes in Lebanon, a drone entering Iranian airspace, and what he described as the denial of Tehran's right to enrich uranium. 

 

On Thursday, the Nifty 50 settled at 23775.10, down 222.25 points, or 0.9%, and the BSE at 76631.65, down 931.25 points, or 1.2%. Despite weakness throughout the session, the 50-stock index ended slightly off its intraday low, indicating buying interest near immediate support. "A small negative candle was formed on the daily chart on Thursday that placed beside the bull candle of Wednesday," Nagaraj Shetti, senior technical research analyst at HDFC Securities, said in a note. "This market action signals a consolidation movement in the market after a sharp upside."

 

Premiums on deep out-of-the-money call contracts, which are 5-9% higher than the spot level, fell 63-68%, indicating strong resistance to the upside. Traders also wrote some far out-of-the-money strike put options, suggesting a rangebound movement for the index Friday. They also bought a few out-of-the-money put options, indicating slight negative market sentiment.

 

For the contracts expiring next week, the put-call ratio is at 0.92, indicating sideways movement with slightly negative bias, Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market, said. The news flow from West Asia will continue to dictate the market's short-term movement, keeping volatility high, he said. Market participants will also monitor talks between the US and Iran, which are scheduled to be held in Islamabad, Pakistan. 

 

--Nifty 50 April closed at 23864.50, down 193.30 points; 89.40-point premium to the spot index

--Nifty 50 May closed at 23986.00, down 196.50 points; 210.90-point premium to the spot index

--Nifty 50 June closed at 24160.00, down 172.40 points; 384.90-point premium to the spot index

 

HDFC Bank, Tata Consultancy Services, BSE, ICICI Bank, Infosys, Reliance Industries, State Bank of India, Larsen & Toubro, Multi Commodity Exchange of India, Bosch, Hindalco Industries, Maruti Suzuki India, Hindustan Aeronautics, Bharat Heavy Electricals, Vedanta, Axis Bank, and National Aluminium Co. were the most actively traded underlying stocks Thursday.  End

 

Edited by Saji George Titus

 

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