The domestic equity barometers pared all losses and turned green, as they traded with minor gains in early afternoon trade. The Nifty hovered near the 17,900 level after hitting the day's low of 17,774.25 in morning trade. PSU banks witnessed across the board buying.
At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 82.09 points or 0.14% to 60,040.12. The Nifty 50 index added 34.15 points or 0.19% to 17,892.35.
In the broader market, the S&P BSE Mid-Cap index fell 0.30% while the S&P BSE Small-Cap index rose 0.11%.
The market breadth was positive. On the BSE, 1,864 shares rose, and 1,485 shares fell. A total of 150 shares were unchanged.
Economy:
India's consumer price inflation eased further to a one-year low of 5.72% in December from 5.88% the previous month, data released by the Ministry of Statistics and Programme Implementation (MOSPI) showed. This is the third month in a row that CPI inflation has fallen. The Food inflation eased sharply to 4.19% in December compared to 4.67% in previous month.
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Meanwhile, India's factory output based on the Index of Industrial Production (IIP) rose 7.1% year on year in the month of November, MOSPI data showed on Thursday. For the April-November period, the index grew by 5.5%. IIP had contracted by 4% YoY in October.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fe;; 2.79% to 14.85. The Nifty 25 January 2022 futures were trading at 17,966.90, at a premium of 74.55 points as compared with the spot at 17,892.35.
The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 30.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 30.3 lakh contracts were seen at 17,900 strike price.
Buzzing Index:
The Nifty PSU Bank index rose 0.61% to 4,248.70. The index had declined 0.31% to end at 4,223.10 yesterday.
Bank of Maharashtra (up 1.12%), Union Bank of India (up 0.83%), Central Bank of India (up 0.83%), Canara Bank (up 0.47%) and Punjab National Bank (up 0.45%) were the top gainers.
Among the other gainers were Bank of Baroda (up 0.44%), Bank of India (up 0.26%), State Bank of India (up 0.26%), Indian Overseas Bank (up 0.17%) and UCO Bank (up 0.17%).
Stocks in Spotlight:
Mahindra & Mahindra rose 0.39%. The company said that the total production in the month of December 2022 was 45,009 units, up by 80% from 24,970 units produced in the same period last year.
Separately, Mahindra & Mahindra has announced the dissolution of Mahindra Tractor Assembly Inc., a wholly owned subsidiary of Mahindra Overseas Investment Company (Mauritius) Limited (MOICML) which is a wholly owned subsidiary of M&M.
Larsen & Toubro (L&T) fell 1.23%. The company said that it has signed a memorandum of understanding (MoU) with the Norway-based H2Carrier (H2C) to co-operate towards developing floating green ammonia projects for industrial-scale applications.
Kolte-Patil Developers zoomed 7.30%. The company recorded 28% jump in sales value to Rs 716 crore in Q3 FY23 from Rs 561 crore in Q3 FY22. Sales volume increased by 31% to 1.13 million square feet in Q3 FY23 from 0.86 million square feet in Q3 FY22.
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