Key benchmarks firmed up and hit fresh intraday high in early afternoon trade. Buying was broad based with telecom and banks stocks in demand. Firmness in index pivotal Reliance Industries also boosted the indices higher.
At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 186.27 points or 0.46% at 40,470.46. The Nifty 50 index was up 51.65 points or 0.43% at 11,936.15.
The S&P BSE Mid-Cap index traded with 0.04% loss. The S&P BSE Small-Cap index traded 0.42% higher.
The market breadth was negative. On the BSE, 1091 shares rose and 1134 shares fell. A total of 155 shares were unchanged. In Nifty 50 index, 23 stocks advanced while 27 stocks declined.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 1.74% to 15.480. The Nifty November 2019 futures were trading at 11,968.10, a premium of 39.5 points compared with the spot at 11,928.6. The November 2019 F&O contracts expire on 28 November 2019.
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On the options front, the Nifty option chain for 28 November 2019 expiry showed maximum call open interest (OI) of 24.43 lakh contracts at the 12,000 strike price. Maximum put OI of 23.85 lakh contracts was seen at 11,900 strike price. The option chain indicates that Nifty will stay between 11,900 and 12,000 in November expiry.
Buzzing Index:
The Nifty Bank index continued its winning run after taking a day's pause. The Nifty Bank index edged 0.75% higher at 31,225.85.
Private sector banks advanced. IndusInd Bank (up 1.98%), HDFC Bank (up 0.77%) RBL Bank (up 0.76%) and Federal Bank (up 0.12%) were top gainers in private bank segment.
PSU banks stocks climbed. Union Bank of India (up 3.83%), Bank of India (up 3.02%), Canara Bank (up 2.54%), Syndicate Bank (up 1.85%), Oriental Bank of Commerce (up 1.34%), Bank of Baroda (up 1.3%) and Punjab National Bank (up 0.8%) were top gainers.
Stocks in Spotlight:
Index pivotal Reliance Industries (RIL) rose 3.21% at Rs 1505.25. It hit a record high of Rs 1506.75 in intraday today.
Spicejet rose 2.45% to Rs 108.60 while InterGlobe Aviation slipped 1.41% to Rs 1438.40.
As per the data released by aviation regulator Directorate General of Civil Aviation (DGCA), the domestic air passenger traffic this October increased 3.98% compared to the corresponding period last year.
IndiGo maintained its lead position with 47.4% share of the domestic passenger market in October.
SpiceJet's market share increased from 14.7% in September 2019 to 16.3% in October 2019.
Dilip Buildcon (DBL) was up 3.52% to Rs 418.1. DBL announced that it has been awarded an overburden removal contract mining work for Nigahi Project at Singrauli District in Madhya Pradesh by the Northern Coalfield (NCL), a subsidiary of Coal India. NCL issued Letter of Award (LOA) on 18 November 2019. The company said the order was valued at Rs 2,122.74 crore and the contract period was 1,552 days.
In a separate announcement during trading hours today, 19 November 2019, DBL announced that the project 'four laning of Tuljapur - Ausa (Including Tuljapur Bypass) section of National Highway (NH)-361 under NHDP Phase-IV in Maharashtra on hybrid annuity mode has been provisionally completed. The provisional completion certificate has been issued by the authority and has declared the project fit for entry into operation as on 18 November 2019 and completed 184 days prior to the schedule completion date of the said project.
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