Barometers rebound; Nifty near 10,500

Key barometers bounced back and were trading near the day's high in early afternoon trade. The Nifty was trading near 10,500 mark. At 12:32 IST, the barometer index, the S&P BSE Sensex, was up 192.81 points or 0.54% at 35,827.76. The Nifty 50 index was up 45.60 points or 0.44% at 10,497.05

The broader market underperformed. The S&P BSE Mid-Cap index was down 0.21% while the S&P BSE Small-Cap index was up 0.11%.

The market breadth was negative. On the BSE, 1088 shares rose and 1108 shares fell. A total of 155 shares were unchanged. In Nifty 50 index, 22 stocks advanced while 28 stocks declined.

 

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 4.69% to 32.245. The Nifty February 2020 futures were trading at 10,435, a discount of 32.70 points compared with the spot at 10,467.70.

On the options front, the Nifty option chain for 26 March 2020 expiry showed maximum call open interest (OI) of 28.18 lakh contracts at the 12,000 strike price. Maximum call writing was witnessed at 10,500 strike price, which added 2.68 lakh contracts. Call unwinding was seen at 11,700 strike price which shed 1.52 lakh contracts.

Maximum put OI of 35.46 lakh contracts was seen at 10,000 strike price. Put writing was observed at 10,000 strike price which added 3.47 lakh contracts.

Stocks in Spotlight:

JSW Steel was up 2.07%. The company said its crude steel production was up 5% to 13.20 lakh tonnes in February 2020 from 12.57 lakh tonnes in February 2019. The production of flat rolled products rose 7% to 9.82 lakh tonnes in February 2020. Production of long rolled products remained muted at 3.08 lakh tonnes.

Indian Hume Pipe Company rose 1.89% to Rs 167.30 after the company received a letter of acceptance (LoA) for the work of Rs 357.53 crore from Madurai City Municipal Corporation, Madurai, Tamil Nadu.

ABB India was down 1.74%. The company informed that its board approved the sale of its solar inverter business on slump sale basis to Marici Solar India for value of Rs 100.6 crore. The company's board, on 9 July 2019, had granted in-principle approval for sale of company's solar inverter business to the Italian company, FIMER S.p.A. The board's stake sale decision is in line with ABB Group's strategy of ongoing systematic portfolio management to strengthen competitiveness, focus on quality of revenue and higher growth segments.

Powered by Capital Market - Live News