The key equity benchmarks were currently at the day's high in early afternoon trade. The Nifty traded above the 18,350 mark after hitting day's low of 18,244.55 in early trade trade. Financial stocks witnessed some bit of value buying after declining in the past two sessions.
At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 334.76 points or 0.55% to 61,672.57. The Nifty 50 index added 105.35 points or 0.58% to 18,374.35.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index gained 0.38%.
The market breadth was positive. On the BSE, 2049 shares rose and 1419 shares fell. A total of 180 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.03% to 13.93. The Nifty 29 December 2022 futures were trading at 18,457.75, at a premium of 83.4 points as compared with the spot at 18,374.35.
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The Nifty option chain for the 29 December 2022 expiry showed maximum Call OI of 39 lakh contracts at the 19,000 strike price. Maximum Put OI of 46 lakh contracts were seen at 18,000 strike price.
Buzzing Index:
The Nifty Financial Services index added 0.72% to 19,249.65. The index had declined 1.82% in the past two sessions.
Bajaj Finserv (up 2.01%), HDFC Life Insurance Company (up 1.84%), REC (up 1.76%), ICICI Prudential Life Insurance Company (up 1.43%) and Bajaj Finance (up 1.38%) were the top gainers.
Among the other gainers were HDFC Asset Management Company (up 1.18%), Power Finance Corporation (up 1.17%), Housing Development Finance Corporation (up 1.11%), SBI Life Insurance Company (up 0.98%) and Axis Bank (up 0.73%).
Stocks in Spotlight:
Shilpa Medicare jumped 3.19%. The drug maker said that it has introduced Capecitabine (Capebel) dispersible tablet (DT) with technology of faster dispersion within 90 seconds to treat colorectal and metastatic breast cancer.
Foods & Inns gained 3.45%. The company said its board approved raising Rs 210.53 crore through of equity warrants to 6 investors. The securities allotment committee of the board approved allotment of 2,21,61,749 convertible warrants, each carrying a right exercisable by the warrant holder to subscribe to one equity share of face value of Re 1 per share, at an issue price of Rs 95 per warrant, on preferential basis.
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