The Sensex and the Nifty wiped off all gains in early afternoon trade. The Nifty struggled to regain 12,200 mark. At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 35.68 points or 0.09% at 41,289.82. The Nifty 50 index was up 8.15 points or 0.07% at 12,176.60.
The S&P BSE Mid-Cap index was up 0.19% while the S&P BSE Small-Cap index rose 0.49%. Both these indices outperformed the Sensex.
The market breadth was positive. On the BSE, 1179 shares rose and 887 shares fell. A total of 148 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 0.55% to 11.6025. The Nifty January 2020 futures were trading at 12,248, a premium of 60.15 points compared with the spot at 12,187.85.
On the options front, the Nifty option chain for 30 January 2020 expiry showed maximum call open interest (OI) of 23.06 lakh contracts at the 12,500 strike price. Significant call writing was witnessed at 12,600 strike price, which added 3.39 lakh contracts.
Maximum put OI of 35.21 lakh contracts was seen at 12,000 strike price. Significant put writing was seen at the 11,800 strike price, which added 2.35 lakh contracts.
Stocks in Spotlight:
Shares of Prince Pipes and Fittings were trading 0.33% higher at Rs 153. The company's promoters have repaid Rs 200 crore loan in escrow and there is no pledge or encumbrance on shares. Express Infra Projects LLP had issued bonds aggregating up to Rs 200 crore, of which Rs 191.50 crore was outstanding as on 31 October 2019.
For securing these bonds, the promoters of Prince Pipes and Fittings had on 30 March 2019 pledged certain equity shares in their capacity as first holders or second holders of such equity shares, aggregating 35% of the equity share capital of the company on a fully diluted basis.
Aster DM Healthcare rose 3.36% to Rs 166 after the company announced the acquisition of Abu Dhabi-based Wahat Al Aman Home Healthcare. Wahat Al Aman Home Healthcare LLC, incorporated on 24 February 2019, operates home healthcare business in Abu Dhabi & Al Ain. In this model, the nurses/doctors are deputed at the homes of the patients to provide medical care. The cost of acquisition is estimated to be 105 million Dirham. The acquisition will be EPS accretive and it will enhance Aster DM Healthcare's presence in Abu Dhabi market, the company said in a statement issued after market hours on Tuesday.
Adani Green Energy (AGEL) jumped 4.5%. Adani Renewable Energy, a step down subsidiary of AGEL, has commissioned its 75 megawatts (MW) wind power project having power purchase agreement with Maharashtra State Electricity Distribution Company (MSEDCL) at Rs 2.85/kWh for 25 years. Commercial sale of power from the project to MSEDCL is expected to commence from 1 January 2020. With this, 2.50 GWac of renewable energy projects are operational.
Sterling and Wilson Solar gained 0.93%. The firm said on Tuesday that its promoters Shapoorji Pallonji and Company (SPCL) and Khurshed Daruvala have repaid Rs 1,000 crore they owed to the firm. The promoters now have to clear a balance of Rs 1,644 crore, which they intend to settle in a staggered manner by 30 September 2020.
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