Indian equity benchmark -- Nifty -- ended flat with positive bias on Thursday amid concerns over US President Trump’s tariff. Investors remained cautious as US President Donald Trump asked US supreme court to uphold his tariffs on trading partners. Index made a gap-up start after Goods and Services Tax (GST) Council approved a new dual-slab structure of 5 percent and 18 percent, and scrapped the existing 12 percent and 28 percent rates, in a landmark move aimed at simplifying India's indirect tax regime. Some support also came as Foreign Direct Investment (FDI) in India rose 15 per cent to $18.62 billion during April-June this fiscal year, while the inflow from the US nearly tripled to $5.61 billion during the quarter despite tariff issues.

However, in early noon session, market gave up some gains but continued its trade in green. Persistent foreign fund outflow dampened investors’ sentiments. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,666.46 crore on Wednesday, as per exchange data. Further, index pared more gains in dying hours of trade but managed to end the session in green with marginal gains amid the expiry of Sensex F&O contracts as well as profit taking in index heavyweight like Reliance Industries and Infosys.

Traders were seen piling up positions in Auto, FMCG and Consumer Durables stocks, while selling was witnessed in OIL & GAS, IT and Realty. The top gainers from the F&O segment were Mahindra & Mahindra, Bajaj Finance and Colgate Palmolive (India). On the other hand, the top losers were One 97 Communications, Max Financial Services and Exide Industries. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 23900 - 24100 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 0.70% and reached 10.85. The 50 share Nifty up by 19.25 point or 0.07% to settle at 24,734.30.

Nifty September 2025 futures closed at 24836.00 (LTP) on Thursday, at a premium of 101.70 points over spot closing of 24734.30, while Nifty October 2025 futures ended at 24953.00 (LTP), at a premium of 218.70 points over spot closing. Nifty September futures saw an addition of 7,892 units, taking the total open interest (Contracts) to 2,27,917 units. The near month derivatives contract will expire on September 30, 2025. (Provisional) 

From the most active contracts, Mahindra & Mahindra September 2025 futures traded at a premium of 14.00 points at 3494.00 (LTP) compared with spot closing of 3480.00. The numbers of contracts traded were 46,851. (Provisional) 

Bajaj Finance September 2025 futures traded at a premium of 4.85 points at 937.90 (LTP) compared with spot closing of 933.05. The numbers of contracts traded were 35,876. (Provisional) 

Maruti Suzuki India September 2025 futures traded at a premium of 31.00 points at 14711.00 (LTP) compared with spot closing of 14680.00. The numbers of contracts traded were 24,314. (Provisional) 

Reliance Industries September 2025 futures traded at a premium of 6.70 points at 1365.80 (LTP) compared with spot closing of 1359.10. The numbers of contracts traded were 22,233. (Provisional) 

Tata Motors September 2025 futures traded at a premium of 2.55 points at 690.55 (LTP) compared with spot closing of 688.00. The numbers of contracts traded were 19,213. (Provisional)

Among, Nifty calls, 25000 SP from the September month expiry was the most active call with a contraction of 165 units open interests. Among Nifty puts, 24500 SP from the September month expiry was the most active put with an addition of 149 units open interests. The maximum OI outstanding for Calls was at 25000 SP (79,641 units) and that for Puts was at 24000 SP (65,446 units). The respective Support and Resistance levels of Nifty are: Resistance 24907.30 -- Pivot Point 24807.75 -- Support 24634.75.

The Nifty Put Call Ratio (PCR) finally stood at (1.09) for September month contract. The top five scrips with highest PCR on Petronet LNG (1.27), Tata Steel (1.13), Tata Power Company (1.07), National Aluminium Company (1.05) and Adani Ports and Special Economic Zone (1.01).

Among most active underlying Mahindra & Mahindra witnessed an addition of 8,528 units of Open Interest in the September month future, Bajaj Finance witnessed an addition of 6,526 units of Open Interest in the September month future, HDFC Bank witnessed an addition of 1,324 units of Open Interest in the September month futures, Maruti Suzuki India witnessed an addition of 1,249 units of Open Interest in the September month futures and ICICI Bank witnessed an addition of 88 units of Open Interest in the September month futures. (Provisional).