Key benchmark indices firmed up in early afternoon trade amid fresh buying support. The undertone of the market was upbeat due to positive global cues.
At 12:27 IST, the barometer index, the S&P BSE Sensex, added 306.99 points or 0.8% at 38,530.92. The Nifty 50 index added 91.5 points or 0.81% at 11,403.40.
In the broader market, the S&P BSE Mid-Cap index rose 0.8% while the S&P BSE Small-Cap index jumped 1.51%.
The S&P BSE Midcap index has gained 3.84% in last five trading session while S&P BSE Small-Cap has rallied 5.66% in the same period. The benchmark BSE Sensex added 1.57% in five days.
The market breadth was strong. On the BSE, 1791 shares rose and 794 shares fell. A total of 152 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 268.46 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 672.23 crore in the Indian equity market on 20 August, provisional data showed.
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COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 22,678,483 with 7,92,708 deaths. India reported 6,92,028 active cases of COVID-19 infection and 54,849 deaths while 21,58,946 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 4.38% to 19.7125. The Nifty August 2020 futures were trading at 11,385, at a discount of 5.65 points compared with the spot at 11,390.65.
The Nifty option chain for 27 August 2020 expiry showed maximum Call OI of 33.46 lakh contracts at the 11,500 strike price. Maximum Put OI of 43.49 lakh contracts was seen at 11,000 strike price.
Stocks in Spotlight:
Max Healthcare Institute hit an upper circuit of 5% at Rs 112.35 after its debut on the bourses today. The scrip listed at Rs 107 on the BSE today. Over 2.37 lakh shares of the company were traded in the counter so far. The stock was listed in the list of 'T' group of securities in on the BSE and it will be in trade-for-trade segment for ten trading days.
The company was listed following a merger of the healthcare assets of Max India into Max Healthcare and demerger of the residual businesses of Max India into Advaita Allied Health Services, a wholly-owned subsidiary of Max India. The process was part of the Max Group's overall plan to merge its hospital operations with global investment firm KKR-backed Radiant Life Care. Radiant acquired a 49.7% stake in Max Healthcare in June 2019 for around Rs 2,136 crore. After the merger, Radiant will be majority stake in Max Healthcare. Abhay Soi, who was the promoter of Radiant Life Care, will be the chairman and managing director of the merged entity, called Max Health Institute.
Hindalco Industries (up 0.05%) has entered into a memorandum of understanding with UltraTech Cement (up 0.98%) to deliver 1.2 million metric tonnes of red mud (also known as bauxite residue) annually to UltraTech's 14 plants located across 7 states. The MoU represents a significant sustainability initiative for both Hindalco and UltraTech. Waste of one industry being used as an input material in another is more than an example of a circular economy, it exemplifies Hindalco's sustainability-first approach to business, Hindalco Industries and UltraTech Cement said in a joint press release after market hours yesterday, 20 August 2020.
Aarti Drugs hit an upper circuit of 10% at Rs 3122.75, extending gains for the fifth day in a row. The stock has surged 47.76% in five sessions from its recent closing low of Rs 2,113.45 on 14 August 2020. The company's board on Thursday (20 August) approved issuing three bonus shares for each share held.
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