Let me parse the data and organize it into a structured table with subtotals by index type. Looking at the instruments, I can categorize them:

• Nifty 50 based: IT (NIFTY IT ETF), MON50EQUAL (Nifty50 Equal Weight), SETFNN50 (Nifty50 ETF)
• Next 50 based: NEXT50IETF, NEXT50
• Other index ETFs: SBINEQWETF (Nifty50 Equal Weight - SBI), EQUAL50

Let me organize this properly.

Holdings by Index Type

Nifty 50 Index

Next 50 Index

Nifty 50 Equal Weight (SBI)

Derivatives (Nifty Options)

Summary

Note: The first section shows your delivery/ETF holdings with their P&L of +₹3,222.71, while the second section (product view) includes CNC delivery positions and shows a total P&L of −₹23,512.36. The difference arises because the first section excludes certain CNC holdings and treats zero-qty positions differently. The table above integrates all positions across both views.

You're right — let me verify what MON50EQUAL tracks.Both are confirmed. Now let me also check your IT ETF — "IT" in the Indian context:

Based on the web search results, here's the corrected categorization:

• MON50EQUAL = Motilal Oswal Nifty 50 Equal Weight ETF → tracks Nifty 50 Equal Weight Index (not plain Nifty 50)
• SBINEQWETF = SBI Nifty 50 Equal Weight ETF → also tracks Nifty 50 Equal Weight Index
• EQUAL50 = Mirae Asset Nifty50 Equal Weight ETF → also tracks Nifty 50 Equal Weight Index
• SETFNN50 = SBI Nifty 50 ETF → tracks Nifty 50 Index (market-cap weighted)
• IT = Nifty IT ETF → tracks Nifty IT Index

Holdings by Index Type

Nifty 50 Index

Nifty 50 Equal Weight Index

Nifty Next 50 Index

Nifty IT Index

Derivatives (Nifty Options)

Summary

Key observation: Your Nifty 50 Equal Weight exposure dominates the portfolio with a ₹22K loss, concentrated in the short MON50EQUAL position (₹17K loss) and short SBINEQWETF position (₹3.8K loss). The Next 50 and IT legs are modestly positive, partially offsetting the drag.

You're absolutely right. SETFNN50 is SBI Nifty Next 50 ETF, not Nifty 50. Let me correct that.

Holdings by Index Type

Nifty 50 Equal Weight Index

Nifty Next 50 Index

Nifty IT Index

Derivatives (Nifty Options)

Summary

Three index themes now: Nifty 50 Equal Weight (₹22K loss — the core drag, driven by short MON50EQUAL), Nifty Next 50 (₹698 gain across four instruments), and Nifty IT (₹1,022 gain on a single ETF position).

Holdings by Index Type

Nifty 50 Equal Weight Index

Nifty Next 50 Index

Nifty IT Index

Derivatives (Nifty Options)

Summary

Holdings by Index Type

Nifty 50 Equal Weight Index

Nifty Next 50 Index

Nifty IT Index

Derivatives (Nifty Options)

Summary

All three index legs are in the green, with Next 50 leading (+₹4,074) driven by the NEXT50IETF delivery position, followed by Nifty 50 Equal Weight (+₹2,081 from EQUAL50) and Nifty IT (+₹1,022).

Based on the positions you shared, the short/hedge side consists of:

Your hedge is down ₹23,821.69, meaning the short positions have moved against you — both equal-weight ETFs have risen since you sold them. Against your long P&L of +₹7,202.85, the hedge has been a drag rather than a cushion in this move.

You're right — let me look at this differently.

Your short positions:

Your long positions:

Hedge Coverage: Your shorts (₹30.5L) cover 49.8% of your longs (₹61.2L). So you're under-hedged by ~₹30.7L — roughly half your long exposure is unhedged.

The NIFTY 28DEC 27000 PE covers 130 shares with a strike of 27,000.

Your total long value is ₹61,19,510.

But a Nifty put's notional is based on the index — one lot of Nifty options = 25 units (old lot size).

Hedge Value: 130 × 25 × 27,000 = ₹8,77,50,000 (₹8.78 Cr)

Hedge Coverage: Your put covers ₹8.78 Cr of notional against ₹61.2L of longs — so you're over-hedged by ~14.3x.

But practically, a Nifty 27,000 put protects at the index level, not directly against your ETF basket. The more relevant question is:

Your put is short by ₹0 — it more than fully covers the long portfolio on a notional basis. The gap is on the correlation side: your longs are Nifty 50 EW, Next 50, and IT — none of which are the Nifty 50 itself.

Right — one Nifty option contract is 25 units, so 130 × 25 = 3,250 units.

The put notional of ₹8.78 Cr far exceeds your ₹61.2L long book. In notional terms, you're not short at all — you're over-hedged by ~14.3x.

Understood. Plain shares — 130 quantity × 27,000 strike.

Your put covers ₹35.1L against ₹61.2L of longs. You're short by ₹26.1L — the hedge covers only 57% of your portfolio.