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>Telecommunications Consultants India Limited (TCIL) raised US$513m by selling 15% of the shares outstanding in <a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom (6597372Z IN)</a>. Post the sale, they still hold 15% of the company.</li>
<li>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom (6597372Z IN)</a> will start trading on 12 April and the grey market indicates the stock will open at INR 664/share, 16.5% higher than the IPO price.</li>
<li>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> should be added to one smallcap index in August and another smallcap index in December. A move above INR 700/share could result in midcap inclusion in December.</li>
</ul>


Telecommunications Consultants India Limited (TCIL) raised US$513m by selling 15% of the shares outstanding in Bharti Hexacom (6597372Z IN). Post the sale, they still hold 15% of the company.

Bharti Hexacom (6597372Z IN) will start trading on 12 April and the grey market indicates the stock will open at INR 664/share, 16.5% higher than the IPO price.

Bharti Hexacom should be added to one smallcap index in August and another smallcap index in December. A move above INR 700/share could result in midcap inclusion in December.


Bharti Hexacom IPO: Index Inclusion Timeline

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>We visit the small, sandy town of Phalodi known for its betting market known as "Satta Bazaar". </li>
<li>The people of Phalodi bet on anything and have been known for making accurate predictions about major events like the Elections. </li>
<li>The pundits anticipate more traction in terms of their seat estimates starting from April 10th, 2024. The tentative estimates currently stand at 330-340 seats for the BJP.</li>
</ul>


We visit the small, sandy town of Phalodi known for its betting market known as "Satta Bazaar". 
The people of Phalodi bet on anything and have been known for making accurate predictions about major events like the Elections. 
The pundits anticipate more traction in terms of their seat estimates starting from April 10th, 2024. The tentative estimates currently stand at 330-340 seats for the BJP.


Head of Trading/ Partner, AceGama Advisors

Sankalp Singh

Head of Trading/ Partner

Proprietary Trading Desk

AceGama Advisors

Trading desk specializing in the Listed & OTC options strategies for risk management & investment purposes.

Equity Derivatives

<ul>
<li>Equities shrug off hawkish RBI rhetoric - eye on $3 Billion inflows from MSCI rejig &amp; June Elections results</li>
<li>Short dated IVs trade lower. Quarterly-expiry IVs continue to hold at &gt;13.0% levels as they capture multiple event risks</li>
<li>Short vega positions recommended as "High &amp; Down" vol state persists. Use current scenario to buy tail hedges as protection for long Equity positions. </li>
</ul>


Equities shrug off hawkish RBI rhetoric - eye on $3 Billion inflows from MSCI rejig &amp; June Elections results
Short dated IVs trade lower. Quarterly-expiry IVs continue to hold at &gt;13.0% levels as they capture multiple event risks
Short vega positions recommended as "High &amp; Down" vol state persists. Use current scenario to buy tail hedges as protection for long Equity positions. 


EQD / NSE Volatility Update / 01-Apr-24 to 05-Apr-24

<ul>
<li>On-The-Run Quarterly Options now capture India General Elections. Position buildup can be seen in the 21,000 put and 24,000 call strikes</li>
<li>Weekly and Monthly contract risk premia being squeezed lower due to holiday shortened trading but Quarterly contracts exhibit vol richness</li>
<li>Scale back short gamma exposure as reward-risk unappealing at current IV levels</li>
</ul>


On-The-Run Quarterly Options now capture India General Elections. Position buildup can be seen in the 21,000 put and 24,000 call strikes
Weekly and Monthly contract risk premia being squeezed lower due to holiday shortened trading but Quarterly contracts exhibit vol richness
Scale back short gamma exposure as reward-risk unappealing at current IV levels


EQD / NSE Volatility Update / 25-Mar-24 to 29-Mar-24

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> has been rallying for months, but in the last few weeks there has been a considerable slow down in its rising pace.</li>
<li>Currently the index is at a point where it could pull back this coming week, based on our MRM patterns reading. </li>
<li>A possible alternative scenario would be a continuation of the rally for a total of 4-5 weeks up in a row.</li>
</ul>


The NIFTY Index has been rallying for months, but in the last few weeks there has been a considerable slow down in its rising pace.
Currently the index is at a point where it could pull back this coming week, based on our MRM patterns reading. 
A possible alternative scenario would be a continuation of the rally for a total of 4-5 weeks up in a row.


India

The NIFTY 50 index is National Stock Exchange of India's benchmark stock market index for Indian equity market. Nifty is owned and managed by India Index Services and Products (IISL), which is a wholly owned subsidiary of the NSE Strategic Investment Corporation Limited.

NIFTY Index (NIFTY INDEX)

Bharti Hexacom IPO: Index Inclusion Timeline

TCIL has raised US$513m in Bharti Hexacom by selling 15% of the shares in the company. Free Float will increase from 8.25% at listing to 15% by...

Brian Freitas

India Elections | Pandits from Phalodi

Phalodi's Satta Bazaar in focus for accurate predictions, with BJP expected to win 330-340 seats in upcoming elections.

Pranav Bhavsar

EQD / NSE Volatility Update / 01-Apr-24 to 05-Apr-24

Equities remain resilient despite RBI's hawkish stance. Markets focused on inflows from MSCI rejig & Elections. Short vega positions & Equity Tail...

AceGama Advisors

EQD / NSE Volatility Update / 25-Mar-24 to 29-Mar-24

June Expiry date captures General Elections. Vol richness in Quarterly contracts while Weekly and Monthly contracts have lower risk premia - scale...

AceGama Advisors

EQD | Is the NIFTY's Rally Halting?

Our proprietary WEEKLY patterns model indicate this coming week will be crucial for the NIFTY's short-term direction: the index could pull back...

Nico Rosti

Bharti Hexacom IPO: Index Inclusion Timeline

TCIL has raised US$513m in Bharti Hexacom by selling 15% of the shares in the company. Free Float will increase from 8.25% at listing to 15% by...

Brian Freitas

India Elections | Pandits from Phalodi

​Phalodi's Satta Bazaar in focus for accurate predictions, with BJP expected to win 330-340 seats in upcoming elections.

Pranav Bhavsar

EQD / NSE Volatility Update / 01-Apr-24 to 05-Apr-24

​Equities remain resilient despite RBI's hawkish stance. Markets focused on inflows from MSCI rejig & Elections. Short vega positions & Equity Tail...

AceGama Advisors

EQD / NSE Volatility Update / 25-Mar-24 to 29-Mar-24

June Expiry date captures General Elections. Vol richness in Quarterly contracts while Weekly and Monthly contracts have lower risk premia - scale...

AceGama Advisors

EQD | Is the NIFTY's Rally Halting?

Our proprietary WEEKLY patterns model indicate this coming week will be crucial for the NIFTY's short-term direction: the index could pull back...

Nico Rosti

Phalodi's Satta Bazaar in focus for accurate predictions, with BJP expected to win 330-340 seats in upcoming elections.

Equities remain resilient despite RBI's hawkish stance. Markets focused on inflows from MSCI rejig & Elections. Short vega positions & Equity Tail...