A morning walk down Dalal Street | October series may witness further volatility; crucial support for Nifty at 10,866

Indian markets failed to hold on to gains and closed negative on the September expiry day on Thursday.

The S&P BSE Sensex closed 218 points lower while the Nifty50 failed to hold on to 11K and closed at 10,977, down 76 points. Sensex skips 6 percent in September series while Nifty rollover according to provisional data stands at 63 percent for October series compared to 68 percent seen in the beginning of September series, and 3-month average which is also placed around 68 percent.

Lower overall roll-overs put pressure on stocks, especially in the Financials. Nifty corrected by 0.7 percent for the day and is down by 6 percent the September series.

The Nifty Bank index corrected by almost 11 percent. Higher crude oil prices, as well as fall in currency in the second half of the session, led to some bit of sell-off on D-Street.

From the primary market front, State-owned railways engineering and construction firm Ircon International is set to debut on bourses on September 28 after good subscription to its public issue. The Rs 466-crore initial public offer was subscribed 9.9 times during September 17-19, 2018. The issue price is fixed at higher end of price band of Rs 470-475 per share. Dinesh Engineers will open for subscription today. The company after consultation with merchant bankers has fixed price band at Rs 183-185 per share for the issue.