Large deal in Newgen Software, FIIs bet on Hindalco: What kept dealers busy on expiry day?

Indian equities ended the October F&O series on a positive note with benchmark indices ending the session with gains. Metals were the outperformers on Thursday while IT stocks dragged courtesy weak overnight cues from Wall Street.

Dealers believe that flows today were largely mixed but driven mostly by expiry-related plays. They also say that the Nifty is struggling to cross the mark of 17,800 with aggressive rollovers done for the upcoming series.

For the November F&O series, some of the key triggers include the continuation of the earnings season, the MSCI rejig in mid-November, and mid-term elections in the US.

Hindalco: The metal major ended as one of the top performers on the Nifty 50 index on Thursday, gaining 3.5 percent. The stock gained for the third straight session. Dealing rooms suggest that FIIs have been active participants in the stock with follow-up buying seen on one of the large FII desks.

Cipla: While most Pharma names were under pressure, Cipla stood out, ending 0.9 percent higher on Thursday. The stock also gained for the third straight day, hitting a 52-week high in intraday trading. Dealers suggest that there have been strong buy flows at the leading FII desk and that delivery volumes are likely to be high in Thursday's session.

Max Financial: The stock has been under pressure recently, ending lower for the second day in a row and also closing near its 52-week low. Dealers suggest that a leading FII has been an active seller in the counter. However, they add that the selling pressure is likely to abate soon.