India is taking notable steps to establish a new SCO Development Bank, with member nations moving towards finalizing the foundational documents for this crucial financial entity. Both Russia and Kazakhstan have shown interest in hosting the headquarters. The bank aims to finance collaborative economic projects while enhancing trade partnerships, marking a significant push for financial independence from traditional systems used for manipulation.
India joins talks to set up SCO Development Bank – Daily Market Update 3rd Sept 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to positive note.
- European equity market ended on a flat to negative note.
- Asian equity markets are trading higher.
- GIFT Nifty is up by 150 points, Nifty futures likely to open around 24120 levels.
The benchmark Nifty index opened with a significant downward gap amid fresh geopolitical escalation between the US and Iran and settled at 23914 spot levels after a cut of 141 points from its previous closing values.
The broader markets performed inline with the benchmark as Mid and Small cap indices fell 0.53% & 0.37% respectively.
The majority of sectoral indices, tracked at NSE, ended in red. Among them, Nifty Auto, Media and IT index were at the bottom of the tally, down 1.79%, 1.75% & 1.25% respectively.
The Nifty index halted around the support levels of 23800 spot. Technically, Nifty index has multiple supports in the 23800–23600 spot zone, and the possibility of a bounce-back rally up to 24000 spot cannot be ruled out at this juncture. A decisive close above 24000 will be a positive development that could take it higher toward 24200 spot levels in the near term.
Derivatives Overview & Outlook
Yesterday, short buildup was seen in Nifty, Banknifty & Midcapnifty futures with an increase in open interest by around 4% & 2.5% and 2% respectively. On the other hand, no significant changes was observed in Finnifty futures on open interest front.
Performance on the sectoral front was mix. Among them, Automobiles and New-age stocks witnessed maximum addition of short positions while some long buildup was seen in Cement stocks along with some short covering among Power and Chemical stocks.
On options front, call writing along with some put addition was seen at multiple OTM strikes. Maximum positions are at 24200 CE followed by 25000 CE and 23000 PE followed by 23800 & 23500 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 6888 Cr in the cash segment, sold index futures worth Rs 1117 Cr and bought stocks futures worth Rs 2604 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 2813 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24120-24250; Supports 23850-23700
Banknifty – Resistances 58000-58350; Supports 57200-57000
Finnifty – Resistances 26100-26300; Supports 25850- 25700
F&O stocks in ban today: LICHSGFIN & SAIL.
Disclosure
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