Key indices traded near the day's high in early afternoon trade, backed by firmness in banks stocks. The Nifty held above 11,750 level. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 457.54 points or 1.16% at 39,705.73. The Nifty 50 index was up 132.9 points or 1.14% at 11,760.05. Positive global cues lifted sentiment in domestic shares.
The market breadth was positive. On BSE, 1290 shares rose and 902 shares fell. A total of 155 shares were unchanged. In Nifty 50 index, 38 stocks advanced and 12 stocks declined.
In the broader market, the BSE Mid-Cap index was up 1%. The BSE Small-Cap index was up 0.61%.
On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.48% to 16.1275. The Nifty October 2019 futures were trading at 11,781.75, a premium of 11.6 points compared with the spot at 11,770.15.
On the options front, the Nifty option chain for 31 October 2019 expiry showed maximum call open interest (OI) of 34.27 lakh contracts at the 12,000 strike price. Maximum put OI of 39.59 lakh contracts was seen at 11,600 strike price. The option chain indicates that Nifty will stay between 11,600 and 11,700 in October expiry.
The Nifty Bank index extended its gaining streak for third consecutive trading session. The index has surged 2.6% in last three trading days.
Among private sector bank stocks, Yes Bank (up 5.66%), Axis Bank (up 2.39%), ICICI Bank (up 2.01%), Federal Bank (up 1.79%) and RBL Bank (up 1.75%), IndusInd Bank (up 1.52%) and HDFC Bank (up 0.81%) were top gainers.
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Among public sector bank stocks, Bank of India (up 2.19%), Union Bank of India (up 1.87%), Syndicate Bank (up 1.6%), Punjab National Bank (up 1.56%), Bank of Baroda (up 1.25%), Oriental Bank of Commerce (up 0.98%), State Bank of India (up 0.64%) and Allahabad Bank (up 0.39%) were top gainers in PSU Bank segment.
Shares of SBI Life Insurance were trading 0.2% higher. Insurance sector regulator, Insurance Regulatory and Development Authority (IRDA) conducted an onsite inspection on SBI Life Insurance during the period from 23 October 2017 to 3 November 2017. Subsequently, the IRDA raised certain observations which were followed by the showcause notice. After considering a detailed reponse sent by the company and personal hearing IRDA issued an advisory and levied a penalty amounting to Rs 4 lakh.
NBFC firm, Shriram City Union Finance announced its Q2 result after market hours on Friday. On consolidated basis, the company's net profit rose 19% to Rs 303.25 crore on a 0.9% drop in total income to Rs 1563.36 crore. The company also declared an interim dividend of Rs 6 per equity share. Shares of Shriram City Union Finance were trading 1.27% lower at Rs 1323.
Tata Coffee was up 3.93% after the company announced a decent Q2 result on after market hours on Friday, 25 October 2019. On consolidated basis, the company's net profit rose 11.3% to Rs 40.13 crore on a 5.5% rise in net sales to Rs 481.23 crore on YoY basis. The company in an exchange filing stated that the Instant Coffee business, part of the Value-Added business segment, continued its good quarterly sales volume with all the geographies registering higher sales volume over the corresponding quarter of the previous year. However, the margins were under pressure due to the prevailing global environment.
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