Markets close less; Metal stocks performed better

Markets saw a cheap trading day, with key indices trading in a narrow range throughout the day.

Bank Nifty downgraded the Nifty index by 4 0.4% and both indices were down ~ 0.6% / 0.2%. Bank heavyweights topped the second consecutive trading session, with the Nifty metal index closing 2% higher. Shares of Tata Steel, JSW Steel, and JSL Hisar added new long positions.

Nifty Midcap 100 index closed higher on~0.7%.

The market width ended in favor of improvements as the forecast/decline ratio ended at 3: 2x. The Nifty saw a long day unfolding.

Prior to the options (expiring July 29, 2021), as the Nifty was low, call option strikes were seen across the board writing. The India Vix index rose 4% to 13.4.

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