External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>BSE has attained a 20/7% notional/premium market share, largely driven by the rising popularity of its derivatives contracts</li><li>Among these, the SENSEX contract has matured, commanding ~40% of the market share, while the BANKEX is in its build phase, currently holding a 12% market share</li><li>We believe the derivative growth for BSE will continue to be led by (1) the scaling of the BANKEX contract, (2) the go-live of large discount brokers, (3) a higher volume of algo and proprietary traders, (4) an increase in active UCCs, and (5) greater participation of FPIs</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSE has attained a 20/7% notional/premium market share, largely driven by the rising popularity of its derivatives contractsAmong these, the SENSEX contract has matured, commanding ~40% of the market share, while the BANKEX is in its build phase, currently holding a 12% market shareWe believe the derivative growth for BSE will continue to be led by (1) the scaling of the BANKEX contract, (2) the go-live of large discount brokers, (3) a higher volume of algo and proprietary traders, (4) an increase in active UCCs, and (5) greater participation of FPIsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>BSE,s market share gain in the derivatives segment is quite impressive and the recent pricing reset improves revenue visibility with better profitability</li><li>The new BSE is well-placed to get a share of the large options market in India, powered by the new generation of option traders</li><li>The SENSEX contract has been quite successful and has reached a market share of 25% while the overall notional market share is at ~12%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSE,s market share gain in the derivatives segment is quite impressive and the recent pricing reset improves revenue visibility with better profitabilityThe new BSE is well-placed to get a share of the large options market in India, powered by the new generation of option tradersThe SENSEX contract has been quite successful and has reached a market share of 25% while the overall notional market share is at ~12%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSE (Update): The All-New BSE. Maintain BUY

<ul><li>BSE has witnessed success with the SENSEX contract in the much larger equity derivatives segment, dominated by NSE</li><li>The SENSEX contract is currently catering to ~40% of the NSE’s derivatives volume (NIFTY) but with the launch of the BANKEX contract, BSE will address ~95% of NSE’s derivative volume</li><li>With a single contract, the exchange has reached ~9/3% notional/premium market share, which is impressive</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSE has witnessed success with the SENSEX contract in the much larger equity derivatives segment, dominated by NSEThe SENSEX contract is currently catering to ~40% of the NSE’s derivatives volume (NIFTY) but with the launch of the BANKEX contract, BSE will address ~95% of NSE’s derivative volumeWith a single contract, the exchange has reached ~9/3% notional/premium market share, which is impressiveContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSE: Derivatives Scaling New Highs. Maintain BUY

<ul><li>BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index options contract (SENSEX) in May 2023</li><li>Impressively, BSE market share in the equity derivatives segment reached 3.4% in August (vs zero in April)</li><li>BSE expiry day market share has reached ~11% without any liquidity enhancement scheme (LES)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index options contract (SENSEX) in May 2023Impressively, BSE market share in the equity derivatives segment reached 3.4% in August (vs zero in April)BSE expiry day market share has reached ~11% without any liquidity enhancement scheme (LES)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Nearly 90% of the way through the review period of the June rebalance, we see one potential index change with <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> in deletion zone.</li>
<li>
<a href="https://www.smartkarma.com/entities/oil-natural-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:3456:1" rel="noopener">Oil &amp; Natural Gas Corp (ONGC IN)</a>, <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a> and <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> are potential replacements with sector balance likely to come into play.</li>
<li>Passive trackers will need to trade over 13 days of delivery volume on the potential index changes.</li>
</ul>


Nearly 90% of the way through the review period of the June rebalance, we see one potential index change with Wipro Ltd (WPRO IN) in deletion zone.

Oil &amp; Natural Gas Corp (ONGC IN), Coal India Ltd (COAL IN) and Adani Enterprises (ADE IN) are potential replacements with sector balance likely to come into play.
Passive trackers will need to trade over 13 days of delivery volume on the potential index changes.


SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

India

Bombay Stock Exchange Limited provides market for trading in equity, debt instruments, derivatives, and mutual funds. The Company offers services including risk management, clearing, settlement, market data services, and education. Bombay Stock Exchange serves customers in India. ... More

Bombay Stock Exchange (BSE IN)

BSE: Gaining Strength. Maintain BUY

BSE has attained a 20/7% notional/premium market share, largely driven by the rising popularity of its derivatives contracts

HDFC Securities

BSE (Update): The All-New BSE. Maintain BUY

BSE,s market share gain in the derivatives segment is quite impressive and the recent pricing reset improves revenue visibility with better...

HDFC Securities

BSE: Derivatives Scaling New Highs. Maintain BUY

The SENSEX contract is currently catering to ~40% of the NSE’s derivatives volume (NIFTY) but with the launch of the BANKEX contract

HDFC Securities

BSE: - Derivatives Boost. Upgrade to BUY

BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index...

HDFC Securities

SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

Wipro should be deleted from the Sensex in June. Either ONGC, Coal India and Adani Enterprises will be added to the index. Passives will need to...

Brian Freitas