In today’s briefing:
- India: Potential Free Float Changes & Passive Flows in May
- EQD / NSE Volatility Update / 22-Apr-24 to 26-Apr-24
India: Potential Free Float Changes & Passive Flows in May
- Companies in India have disclosed their shareholding pattern as of end-March in April. There are companies with significant float changes from end-September and/or end-December.
- The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
- Depending on the date that the shareholding was published, there could be 14 stocks with passive inflows from global trackers while 7 could see passive outflows in May.
EQD / NSE Volatility Update / 22-Apr-24 to 26-Apr-24
- SEBI extends cross-margining discounts to correlated assets with different maturities – Dispersion trading & vol arb strategies to benefit.
- In spite of upcoming tier-1 event risks the vol surface has flattened dramatically. Current IV levels are supportive of a continued “High & Down” vol state.
- Curve steepening seen in Nifty50 IVs. Unusual kinked-shaped in BankNifty term structure has normalized – vol curve now has a uniform orientation.
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