The benchmark indices hit fresh intraday high in early afternoon trade. At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 222.73 points or 0.62% at 36,066.43. The Nifty 50 index added 68.95 points or 0.65% at 10,620.65.
Global stock markets were positive on robust US payrolls data and a brisk pickup in Chinese service sector activity. However, a surge in coronavirus cases capped strong gains.
In the broader market, the S&P BSE Mid-Cap index rose 0.84% while the S&P BSE Small-Cap index gained 0.62%.
The market breadth was positive. On the BSE, 1327 shares rose and 1166 shares fell. A total of 137 shares were unchanged.
Coronavirus Update:
India reported 2,27,439 active cases of COVID-19 infection and 18,213 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 10,871,362 so far with 521,298 deaths, according to data from Johns Hopkins University.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, was down 1.24% to 26.1775. The Nifty July 2020 futures were trading at 10,589.20, at a discount of 31.45 points compared with the spot at 10,620.65.
On the weekly index options front, the Nifty option chain for 9 July 2020 expiry showed maximum Call Open Interest (OI) of 25.05 lakh contracts at the 10,600 strike price. Maximum Put OI of 23.22 lakh contracts was seen at 10,500 strike price.
On the monthly index options front, the Nifty option chain for 30 July 2020 expiry showed maximum Call OI of 22.36 lakh contracts at the 11,500 strike price. Maximum Put OI of 30.85 lakh contracts was seen at 10,000 strike price.
Buzzing Index:
The Nifty PSU Bank index shed 0.65% to 1,468.85. In the past one month, the PSU Bank index has gained 13.2% while the benchmark Nifty 50 index has added 5.9% during the same period.
Among the index constituents, Jammu and Kashmir Bank (down 2.78%), Indian Overseas Bank (down 2.61%), Indian Bank (down 1.44%), CBI (down 1.12%), Canara Bank (down 1%), Bank of Maharashtra (down 0.9%), Bank of India (down 0.7%), Bank of Baroda (down 0.68%), UCO Bank (down 0.68%), Punjab National Bank (down 0.55%), Union Bank of India (down 0.46%) and SBI (down 0.05%) declined.
Stocks in Spotlight:
Shares of nine defence equipments makers rose by 1.2% to 10% after India's Defence Acquisition Council (DAC) on Thursday approved procurement proposals worth around Rs 38,900 crore for various platforms and equipment required by the Armed Forces.
Walchandnagar Industries (up 10%), Bharat Dynamics (up 9.34%), Hindustan Aeronautics (up 7.77%), Premier Explosives (up 5%), Bharat Electronics (up 5.17%), Bharat Forge (up 4.99%), BEML (up 1.69%), Astra Microwave Products (up 1.31%) and Dynamatic Technologies (up 0.09%) advanced.
Ujjivan Financial Services gained 2.55% to Rs 245. On 29 June 2020, Aberdeen Standard Investments (Asia) purchased 2.55 lakh equity shares or 0.20% stake in Ujjivan Financial Services. Accordingly, Aberdeen's stake in the company increased to 5.08% stake from 4.87%.
PI Industries rose 1.61% to Rs 1,587.85 after the company launched a qualified institutional placement (QIP) of equity shares on 2 July 2020. The QIP issue was launched at a floor price of Rs 1,534.24 per share. The company's board will meet on 7 July 2020 to determine the issue price of the QIP.
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