Indian equity benchmark -- Nifty -- extended its gaining streak for third straight session on Thursday as ceasefire in the Middle East that appears to hold. Index made a flat-to-positive start followed by broadly positive cues from other Asian markets. Soon, index gained traction as market participant opted to buy fundamentally good stocks. Sentiments remained optimistic as rating agency Icra in its Macro Update July 2025 retained India's Gross Domestic Product (GDP) growth forecast for fiscal 2025-26 (FY2026) at 6.2 per cent, assuming well-distributed monsoons and crude oil prices averaging around $70/barrel. In afternoon session, index continued its northward journey. Meanwhile, Indian government disbursed Rs 21,534 crore under Production-Linked Incentive (PLI) schemes so far for 12 sectors, including electronics and pharma. In last leg of the trade, index intensified its gains to touch day’s high and closed above 25,500 mark.

Most of the sectorial indices ended in green except Media, Realty and IT stocks. The top gainers from the F&O segment were Tube Investments of India, Dalmia Bharat, and Hindustan Copper. On the other hand, the top losers were Prestige Estates Projects, Mazagon Dock Shipbuilders and UPL. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 24900 - 25100 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 2.87% and reached 12.59. The 50 share Nifty up by 304.25 point or 1.21% to settle at 25,549.00.

Nifty July 2025 futures closed at 25618.00 (LTP) on Thursday, at a premium of 69.00 points over spot closing of 25549.00, while Nifty August 2025 futures ended at 25722.30 (LTP), at a premium of 173.30 points over spot closing. Nifty July futures saw an additional of 28,059 units, taking the total open interest (Contracts) to 2,02,532 units. The near month derivatives contract will expire on July 31, 2025. (Provisional) 

From the most active contracts, State Bank of India July 2025 futures traded at a premium of 6.50 points at 802.55 (LTP) compared with spot closing of 796.05. The numbers of contracts traded were 56,569. (Provisional) 

Reliance Industries July 2025 futures traded at a premium of 5.60 points at 1500.90 (LTP) compared with spot closing of 1495.30. The numbers of contracts traded were 54,918. (Provisional) 

HDFC Bank July 2025 futures traded at a discount of 8.90 points at 2008.80 (LTP) compared with spot closing of 2017.70. The numbers of contracts traded were 53,540. (Provisional) 

Bajaj Finance July 2025 futures traded at a premium of 6.50 points at 956.50 (LTP) compared with spot closing of 950.00. The numbers of contracts traded were 42,224. (Provisional) 

Bharti Airtel July 2025 futures traded at a discount of 5.60 points at 2010.00 (LTP) compared with spot closing of 2015.60. The numbers of contracts traded were 35,827. (Provisional)

Among, Nifty calls, 26000 SP from the July month expiry was the most active call with an additional of 10,851 units open interests. Among Nifty puts, 25200 SP from the July month expiry was the most active put with an additional of 19,633 units open interests. The maximum OI outstanding for Calls was at 26000 SP (59,861 units) and that for Puts was at 25000 SP (85,017 units). The respective Support and Resistance levels of Nifty are: Resistance 25656.23 -- Pivot Point 25458.07 -- Support 25350.83.

The Nifty Put Call Ratio (PCR) finally stood at (1.31) for July month contract. The top five scrips with highest PCR on APL Apollo Tubes (1.97), Titagarh Rail Systems (1.62), Jindal Stainless (1.38), Cholamandalam Investment and Finance Company (1.32) and Dabur India (1.31).

Among most active underlying HDFC Bank witnessed an additional of 24,554 units of Open Interest in the July month future, Reliance Industries witnessed an additional of 27,213 units of Open Interest in the July month future, ICICI Bank witnessed an additional 10,752 units of Open Interest in the July month futures, Bharti Airtel witnessed an additional of 13,729 units of Open Interest in the July month futures and Bajaj Finance witnessed an additional of 17,441 units of Open Interest in the July month futures. (Provisional).