A bout of volatility was witnessed as key benchmark indices bounce back and were trading with small gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 98.10 points or 0.22% at 45,525,07. The Nifty 50 index advanced 11.05 points or 0.08% at 13,366.80.
The Sensex hit a record high of 45,728.85 while the Nifty scaled fresh all time high of 13,435.45 in morning trade.
In the broader market, the S&P BSE Mid-Cap index fell 0.48% while the S&P BSE Small-Cap index lost 0.78%. Both these indices corrected after rallying for the past seven sessions.
The market breadth was negative. On the BSE, 1,122 shares rose and 1,611 shares fell. A total of 165 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.12% to 18.5875. The Nifty December 2020 futures were trading at 13,375, at a premium of 27.40 points compared with the spot at 13,347.60.
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The Nifty option chain for 31 December 2020 expiry showed maximum Call OI of 26.40 lakh contracts at the 13,000 strike price. Maximum Put OI of 34.66 lakh contracts was seen at 13,000 strike price.
Economy:
Fitch Ratings on Tuesday raised India's GDP forecast to -9.4% in the current fiscal year to March 2021 from a previously projected contraction of 10.5% after the economy staged a sharper rebound in the second quarter. The projections compare to a GDP growth of 4.2% in 2019-20 (April 2019 to March 2020) fiscal and 6.7% annual expansion between 2015 and 2019.
Coronavirus Update:
Hyderabad-based Bharat Biotech filed an application seeking emergency use authorisation for Covaxin on Monday, becoming the third company to seek such regulatory approval in India after Pfizer and Serum Institute of India (SII). Covaxin is the first fully locally developed vaccine candidate against Covid-19 that will be considered for emergency use authorisation in the country.
Total COVID-19 confirmed cases worldwide stood at 6,75,91,203 with 15,44,533 deaths. India reported 3,83,866 active cases of COVID-19 infection and 1,40,958 deaths while 91,78,946 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Media index fell 1.54% to 1,602.60. The index jumped 10.53% in the past seven trading sessions.
TV18 Broadcast (down 3.33%), DishTV India (down 3.06%), Hathway Cable & Datacom (down 2.57%), D B Corp (down 2.12%) and Jagran Prakashan (down 1.82%) advanced.
Stocks in Spotlight:
Technocraft Industries (India) soared 8.06% after Sunil Singhania-owned Abakkus Emerging Opportunities Fund bought 5.74 crore shares of the company via bulk deal on Monday. According NSE bulk deals data, Abakkus Emerging Opportunities Fund - 1 bought 5,74,842 shares (equivalent to 2.35% equity) of Technocraft Industries at an average price of Rs 311 apiece.
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