At 12:25 IST, the barometer index, the S&P BSE Sensex, jumped 387.29 points or 0.65% at 59,570.16. The Nifty 50 index added 99.40 points or 0.56% at 17,725.95.
The broader market underperformed. The S&P BSE Mid-Cap index rose 0.07% while the S&P BSE Small-Cap index gained 0.16%.
The market breadth was positive. On the BSE, 1,801 shares rose and 1,492 shares fell. A total of 128 shares were unchanged.
COVID-19 Update:
India recorded 37,379 new cases in the last 24 hours taking the country's active caseload to 1,71,830. Active cases accounted for less than 1% of total cases, currently at 0.49%. The country's omicron tally stands at 1,892.
Derivatives:
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The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.42% to 16.4525. The Nifty 27 January 2022 futures were trading at 17,750, at a premium of 70 points as compared with the spot at 17,680.
The Nifty option chain for 27 January 2022 expiry showed maximum Call OI of 19.5 lakh contracts at the 17,500 strike price. Maximum Put OI of 33.9 lakh contracts was seen at 17,000 strike price.
Buzzing Index:
The Nifty Metal index slipped 0.57% to 5,595.80, snapping two day winning streak. The metal index saw profit booking after rising nearly 4% in two days.
Vedanta (down 5.6%), Coal India (down 1.35%), Hindalco Industries (down 0.82%), National Aluminium (down 0.73%), Adani Enterprises (down 0.57%) and Steel Authority of India (down 0.55%) were top losers in metal space.
Stocks in Spotlight:
Tata Communications fell 1.12%. The Tata Group company and Zain KSA entered into a strategic engagement to fuel digital transformation journeys of enterprises and government organisations in the Kingdom of Saudi Arabia (KSA). Zain KSA is a leading telecom provider established in KSA. With this collaboration, the combined ecosystems will deliver solutions and platforms to remodel cities with smart street lighting, smart waste management, connected workplace, healthcare and connected cars.
Alembic Pharmaceuticals rose 0.54%. The drug company said that it has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Doxycycline Hyclate Delayed-Release Tablets. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Doryx Tablets of Mayne Pharma International. Doxycycline Hyclate Delayed-Release Tablets are indicated to reduce the development of drug-resistant bacteria.
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