Key barometers further extended gains and hit fresh intraday high in early afternoon trade. The Nifty traded above 11,650. Pharma stocks were in demand. At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 218.96 points or 0.56% at 39,271.02. The Nifty 50 index was up 65.75 points or 0.57% at 11,652.10.
The S&P BSE Mid-Cap index was up 1.61%. The S&P BSE Small-Cap index was up 1.54%. Both these indices outperformed the Sensex.
The market breadth was titled in favour of bulls. On the BSE, 1476 shares rose and 753 shares fell and a total of 134 shares were unchanged. In Nifty 50 index, 36 stocks advanced and 14 stocks declined.
On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.44% to 15.8075. The Nifty October 2019 futures were trading at 11,653.05, a premium of 1.75 points compared with the spot at 11,651.30.
On the options front, the Nifty option chain for 31 October 2019 expiry showed maximum call open interest (OI) of 23.35 lakh contracts at the 12,000 strike price. Maximum put OI of 30.91 lakh contracts was seen at 11,000 strike price. The option chain indicates that Nifty will stay between 11,000 and 12,000 in October expiry.
The Nifty Pharma index was up 0.88% higher at Rs 7,599.75, rising for sixth consecutive session. The index is up 5.03% in six trading sessions from its close of 7,235.60 on 10 October 2019.
Piramal Enterprises (up 4.13%), Aurobindo Pharma (up 3.1%), Wockhardt (up 2.91%), IPCA Laboratories (up 2.58%), Alkem Laboratories (up 1.97%), Glenmark Pharmaceuticals (up 1.51%), GlaxoSmithKline Pharmaceuticals (up 1.34%), Cadila Healthcare (up 0.69%), Lupin (up 1.04%), Sun Pharmaceuticals (up 0.26%) and Divi's Laboratories (up 0.22%) advanced.
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On the NSE, 31 securities hit fresh 52 week high which includes names like Adani Green Energy (up 3.44%), Alkem Laboratories (up 2.06%), Bajaj Finance (up 0.76%), Berger Paints (up 1.56%), Blue Star (up 0.87%), Avenue Supermarts (up 0.37%), GlaxoSmithKline Consumer Healthcare (up 0.12%), Hindustan Unilever (up 0.1%), ICICI Prudential Life Insurance Company (up 0.75%), Kansai Nerolac Paints (up 3.24%), Manappuram Finance (up 5.62%), Nestle India (up 0.63%), Relaxo Footwears (up 3.06%) and Reliance Industries (up 1.93%).
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