At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 607.27 points or 1.01% to 60,452.56. The Nifty 50 index added 174.05 points or 0.98% to 17,980.85.
The key equity indices witnessed strong bargain buying after a four-day sell off, during which the Sensex had declined 3.17% while the Nifty had lost 3.33%.
In the broader market, the S&P BSE Mid-Cap index advanced 1.89% while the S&P BSE Small-Cap index gained 2.66%.
The market breadth was strong. On the BSE, 2,829 shares rose, and 677 shares fell. A total of 157 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1% to 15.9975. The Nifty 29 December 2022 futures were trading at 17,989.65, at a premium of 8.8 points as compared with the spot at 17,980.85.
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The Nifty option chain for the 29 December 2022 expiry showed maximum Call OI of 97.4 lakh contracts at the 19,000 strike price. Maximum Put OI of 85.9 lakh contracts were seen at 17,800 strike price.
Buzzing Index:
The Nifty Metal index jumped 5% to 4,082.85, snapping its seven days losing streak. The index has tumbled 14.5% in seven sessions.
Indian Overseas Bank (up 12.21%), Union Bank of India (up 10.73%), Bank of India (up 9.04%), Bank of Maharashtra (up 8.05%), Punjab National Bank (up 6.04%), Indian Bank (up 5.76%), UCO Bank (up 5.08%), Central Bank of India (up 4.59%), Bank of Baroda (up 3.22%) and Canara Bank (up 2.9%) advanced.
On the other hand, Punjab & Sind Bank (down 1.75%), edged lower.
Stocks in Spotlight:
Power Mech Projects (PMPL) rallied 5.45% after the civil construction company announced that it has received letter of award (LoA) for three separate orders worth Rs 1,034.13 crore.
Adani Ports and Special Economic Zone rose 0.65% after the company announced that Adani Harbour Services (TAHSL), Wholly Owned Subsidiary (WOS) of the company has incorporated a WOS in the name of The Adani Harbour International DMCC on 22 December 2022.
Infibeam Avenues jumped 7.14%. In an exchange filing, Infibeam Avenues said that it secured perpetual license from the Reserve Bank of India (RBI) for its bill payments business, BillAvenue, for operating as a Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS).
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