Season 2, Episode 113 | 2026-08-28
One Stock, Two Exchanges, Two Prices | IndusInd Closes 1002.90 And 970 On The Same Day | BANKEX -1,094 Points vs Nifty Bank -0.47%, Nine Of Ten Worst Dislocations Are Banks | Sensex Indicative Flashes 75,098, Monthly Settles 667 Points Below
IndusInd Bank closed at 1,002.90 on one exchange and 970 on the other. Same stock, same second, 3.3% apart. Federal Bank: 344.80 against 334.10. IDFC First: 83.80 against 81.30. PNB: 115.40 against 112.
Cold Open | One Stock, Two Exchanges, Two Prices
Yesterday IndusInd Bank closed at 1,002 on one exchange and at 970 on the other. Same stock, same company, same everything, but 3.28 percent apart across the exchanges. Federal Bank closed at 344 in one place and 334 in the other. IDFC First, 83 against 81. PNB, 115 against 112. Canara Bank, Union Bank, Bank of Baroda, Yes Bank and AU Small Finance Bank, all the same story. Nine out of the ten worst price dislocations in the entire market yesterday were banks. And the result was a number you should stop at: the BANKEX fell 1,094 points, 1.67 percent, while the Nifty Bank fell 0.47 percent. Two…
The Monthly Settled On A Price The Tape Never Traded
That was the Sensex monthly expiry and it matters. Through the afternoon the Sensex traded between 77,200 and 77,300. At 3:22 the indicative close flashed at 75,098, some 2,200 points below where the market was actually trading. The final settlement printed 76,933, which was also the low of the day, making it a third consecutive session where the close was the low and the close was made after the tape stopped trading. The Sensex finished 540 points down and roughly 370 of those points arrived after continuous trading had ended. The Nifty did the same thing, closing at 24,090, its low, having t…
The Honest Counterweight | 1,197 Stocks, Median Zero
Before anyone concludes the whole market is broken, here is the honest reading, because I went and checked every single stock. I took every liquid name trading on both exchanges, 1,197 of them, and compared the two closing prices. The median difference was 0.00 percent. For most of the market the auction worked exactly as it should. 53 stocks closed more than 1 percent apart. That is 4.2 percent of the sample, and 100 percent of the story. The closing auction session was brought in to make the close harder to push around, and for the deep liquid part of the market it does exactly that. But whe…
The Tail Was A Sector, Not A Scatter
Look at who was in that 4 percent. The ten worst: IndusInd Bank minus 3.28 percent, Federal minus 3.1, IDFC First minus 3, PNB 2.94, Union Bank 2.49, Canara minus 2.41, Yes Bank 2.29, Bank of Baroda 1.85. Read that list again. That is a sector, not a scatter. And on the Sensex 30 itself, seven of the 30 stocks closed more than half a percent apart. Eternal closed up 0.46 percent on one exchange and down 0.92 percent on the other, opposite directions for the same company. Titan up 0.77 percent against down 0.01. Sun Pharma 0.73 against down 0.03. NTPC, ITC, Bajaj Finance and Adani Ports all hal…
Who Carries The Mark
Every index level, every mutual fund NAV, every margin call and every derivative settlement is calculated on those prints. The Sensex monthly settled on a price the tape never actually traded. So who carries that. Anyone short the 77,600 straddle into the settlement was marked against the 76,933 print. Index arbitrage desks were holding a basis their own futures never confirmed. And the retail crowd is still short 7.61 lakh naked puts, the most exposed group in the market right now, and on the wrong side. On yesterday's call I will take a 3 on 5. The pin never held and the auction went straigh…
The Board | A Third Day Of Calls Written 3.5 Times Faster
Underneath that tape the Nifty finished 117 points down with a high of 24,297. Breadth was 18 up against 31 down, and the broader 500 was 186 up against 310 down. The VIX rose again, up 5.5 percent to 11.14, a straight rise on a third day, still barely above the 11 mark. On the board it is a third day of the same behaviour: calls written 3.5 times faster than the puts, 5.52 crore against 1.66 crore. 44 lakh went onto 24,300 taking it to 1.32 crore, the biggest position and the biggest resistance. 65 lakh onto 24,200 and 35 lakh onto 24,400. At the same time puts were pulled off 24,350, 24,300,…
The Plan | Use The Tape For Your Levels
Rule one today is different from any other day. Use the tape for your levels, not the printed close. The tape stopped at 3:15 and it stopped near 24,130 to 24,200 on the Nifty and 77,200 to 77,300 on the Sensex. 24,300 is the resistance, that is the gamma flip level, and almost 1.32 crore calls are written there, so that is the first resistance. 24,200 is where we should oscillate and then 24,300 should get hit; if we close above that, 24,400 comes in easily. Below, 24,000 now stands as the support, so that is the buy on dips range, and the daily range is roughly 24,000 to 24,200. The crowd is…
Highlights
- IndusInd Bank closed 1,002 on one exchange and 970 on the other, 3.28 percent apart
- Nine of the ten worst dislocations in the market were banks
- BANKEX fell 1,094 points while the Nifty Bank fell 0.47 percent
- 1.2 percentage points between two bank indices holding the same banks
- Sensex indicative flashed 75,098 at 3:22, some 2,200 points below the tape
- Final settlement printed 76,933, also the low, a third straight session
- Roughly 370 of the 540 points arrived after continuous trading ended
- The monthly settled 667 points below the 77,600 max pain
- Every liquid name on both exchanges checked, 1,197 of them
- Median difference between the two closes was 0.00 percent
- 53 stocks closed more than 1 percent apart, 4.2 percent of the sample
- Eternal closed up 0.46 on one exchange and down 0.92 on the other
- Seven of the Sensex 30 closed more than half a percent apart
- Anyone short the 77,600 straddle was marked against a 76,933 print
- The retail crowd still short 7.61 lakh naked puts
- Nifty finished 117 points down with breadth 18 up against 31 down
- VIX up 5.5 percent to 11.14, a third straight rise
- Calls written 3.5 times faster than puts, 5.52 crore against 1.66 crore
- 44 lakh added onto 24,300 taking it to 1.32 crore, the biggest position
- PCR fell a third session running, 1.1 to 0.73 to 0.59
- 24,000 puts now the biggest support at 70 lakh open interest
- The Sensex model called the auction: projected 76,952, printed 76,933
- TK graded the prior call three on five, the pin never held
- Plan on record: use the tape not the printed close, buy zone 24,000, spreads only
Transcript Excerpt
A very good morning, guys. Yesterday IndusInd Bank closed at 1,002 on one exchange and at 970 on the other exchange. Same stock, same company, same everything, but 3.28 percent apart across the exchanges. Federal Bank closed at 344 in one place and at 334 in the other. IDFC First, 83 against 81. PNB, 115 against 112. Canara Bank, Union Bank, Bank of Baroda, Yes Bank, AU Small Finance Bank, all the same story. Nine out of the ten worst price dislocations in the entire market yesterday were banks. And the result was a number that you should stop at. The BANKEX fell by 1,094 points, 1.67 percent, and the Nifty Bank fell by 0.47 percent. Two bank indices holding largely the same banks, on the same day, finished 1.2 percentage points away from one another. None of that was news. All of that was the closing auction session. This is The Tanmay Edge. You are listening to episode 113. I am Tanmay Kurtkoti. Let's go. So let me walk you through what actually happened yesterday, because that was the Sensex monthly expiry and it matters. Through the afternoon the Sensex traded between 77,200 and 77,300. At 3:22 the indicative close flashed at 75,098, 2,200 points below where the market was trading. The final settlement printed 76,933, which was also the low of the day, which makes it a third consecutive session where the close was the low, and the close was made after the tape stopped trading, in the cash session. The Sensex finished 540 points down and roughly 370 of those points arrived after continuous trading ended. The Nifty did the same thing, closing at 24,090, its low, having traded 24,130 to 24,200 all afternoon. And the August Sensex contract settled at 76,933, which is 667 points below the max pain of 77,600 that we saw yesterday morning. A magnet that sat 127 points above the spot at 9 am finished almost 700 points below at the settlement. Now before anyone concludes the whole market is broken, let me give you the honest reading, because I went and checked every s…
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