A total of five stocks have been put under the ban for the Friday trade of 23rd June, 2023 under the futures and options (F&O) segment by the National Stock Exchange (NSE).
According to the NSE, the securities have been put on ban under the F&O segment as they have crossed 95 per cent of the market-wide position limit (MWPL),. However, the stocks will be available in the cash market for trading.
The stocks that are a part of the F&O ban list by the stock exchange for Friday are Bharat Heavy Electricals Ltd (BHEL), Hindustan Copper Ltd, L&T Finance Holdings, RBL Bank, and Punjab National Bank.
The NSE on 22nd June mentioned that the derivative contracts in the mentioned securities have crossed 95 per cent of the market-wide position limit and have been currently put in the ban period by the stock exchange. According to a statement made by NSE, ’It is hereby informed that all clients/members shall trade in the derivative contracts of said security only to decrease their positions through offsetting positions. Any increase in open positions shall attract appropriate penal and disciplinary action.”
No fresh positions are allowed for any of the F&O contracts in the particular stock when it is placed under the F&O ban period by the stock exchanges.
Sensex and Nifty ended lower on 22nd June representing weak global sentiment as the risk appetite of investors remained low on concerns over rate hikes after Jerome Powel, the Federal Reserve chairman said that the US Fed would bring more hikes this year.
Shares of Reliance Industries, Infosys, Bajaj Finance, Asian Paints and Tata Steel ended as the top drags on the Sensex index. Mid and smallcaps have also suffered loss.
Ajit Mishra, SVP of Technical Research, Religare Broking Ltd. said, “Markets witnessed a roller-coaster ride on the weekly expiry day and settled marginally in the red. After the flat start, Nifty tried crossing the record high again but profit taking in heavyweights across sectors gradually pushed the index lower. It attempted to recoup losses in the middle but in vain.” He further added that, ” We’re seeing profit taking at higher levels due to feeble global cues but the tone is still positive. The real challenge is to handle positions amid choppiness. We suggest keeping a check on trades and advise preferring hedged bets until the market clears the air over the next directional move.”
