Nifty hovers above 15,600; NSE VIX drops 4.21%

The barometers traded near the day's high with robust gains in the early afternoon trade. The Nifty hovered above the 15,600 mark. All the sectoral indices on the NSE traded in the green. Shares surged on value buying after a recent steep correction.

At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 869.07 points or 1.68% to 52,466.91. The Nifty 50 index gained 254.65 points or 1.66% to 15,604.80.

In the broader market, the S&P BSE Mid-Cap index gained 1.78% while the S&P BSE Small-Cap index advanced 2.35%.

Buyers outnumbered sellers. On the BSE, 2,355 shares rose and 800 shares fell. A total of 136 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 4.21% to 21.4675. The Nifty 30 June 2022 futures were trading at 15,611.40, at a premium of 6.6 points as compared with the spot at 15,604.80.

Buzzing Index:

The Nifty PSU bank index rose 3.02% to 2,379.05, snapping its eight days losing streak. The index lost 10.6% in the past eight trading sessions.

Among the components of the Nifty PSU Bank index, Bank of Baroda (up 4%), Punjab National Bank (up 3.16%), Canara Bank (up 2.98%), State Bank of India (up 2.89%) and Bank of Maharashtra (up 2.64%) were the top gainers.

Stocks in Spotlight:

Bank of India rose 2.56% to Rs 42.05 after the bank said its board is planning to raise Rs 2,500 crore via fresh equity shares to increase the public shareholding in the bank to 25% to comply with regulatory norms. "The present public shareholding in the Bank is 18.59% and the Bank has to increase this to 25% or above in order to comply with the minimum public shareholding requirements as per the Security Contracts (Regulation) Rules, 1957 and SEBI (LODR) Regulations, 2015. Hence, Bank proposes to issue fresh equity capital to increase the public shareholding to 25% or above," the bank said in a statement.

Fineotex Chemical advanced 1.72% to Rs 165.25. The company said its board will consider raising funds on 24 June 2022. The company plans to raise funds by issuing equity shares and/or other equity linked securities, through permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, further public offer, etc., or any combination thereof. The proposal is subject to shareholders' approval and regulatory approvals.

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