Indices near day's high; Nifty above 18,050; metal stocks shine

The key equity barometers traded near the day's high with modest gains in the early afternoon trade. The Nifty climbed above the 18,050 level. Metal shares advance for the third straight day. Investors kept a close eye on the U.S. inflation data due on Tuesday which will offer a crucial guide to the interest rate outlook.

At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 441.49 points or 0.73% to 60,556.62. The Nifty 50 index gained 131.50 points or 0.73% to 18,067.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.47%.

 

The market breadth was strong. On the BSE, 1,952 shares rose and 1,414 shares fell. A total of 124 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.22% to 17.7175. The Nifty 29 September 2022 futures were trading at 18,109.60, at a premium of 41.75 points as compared with the spot at 18,067.85.

The Nifty option chain for the 29 September 2022 expiry showed maximum Call OI of 61.8 lakh contracts at the 18,500 strike price. Maximum Put OI of 92.1 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Metal index rose 1.03% to 6,413.75, extending its gaining streak to the third day. The index gained 6.7% in the three trading sessions.

Among the components of the Nifty Metal index, Vedanta (up 2.9%), APL Apollo Tubes (up 2.59%), MOIL (up 2.17%), Hindalco Industries (up 1.36%) and Jindal Steel & Power (up 1.3%) were the top gainers.

Among the other gainers were Jindal Stainless (up 1.13%), JSW Steel (up 1.12%), Welspun Corp (up 0.82%), Steel Authority of India (up 0.72%) and Adani Enterprises (up 0.47%).

Stocks in Spotlight:

Dixon Technologies advanced 2.52% to Rs 4,610.55 after Padget Electronics, a wholly owned subsidiary of the company received approval for disbursement of PLI incentive worth Rs 53.28 crore from MEITY, Government of India. The disbursement received by Ministry of Electronics and Information Technology (MEITY) is under production linked incentive scheme for manufacturing of mobile phones under domestic companies segment.

EKI Energy Services gained 3.14% to Rs 1721 after the company announced that it has become the first ever company to lists a plastic project from India under a global accreditation standard. With this, the company has become the first ever to list a plastic project from the country with an aim to generate India's first ever International plastic credits.

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