The benchmark indices pared gains in early afternoon trade as profit booking emerged at higher levels. The Nifty held above the 9300 mark. At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 397.91 points or 1.27% at 31,841.29. The Nifty 50 index rose 106.05 points or 1.15% at 9,305.10.
In the broader market, the S&P BSE Mid-Cap index gained 0.55% while the S&P BSE Small-Cap index added 0.42%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1137 shares rose and 930 shares fell. A total of 139 shares were unchanged. In the Nifty 50 index, 33 shares advances and 17 shares declined.
COVID-19 Update:
Total Covid-19 confirmed cases worldwide stood at 38,47,047 so far with 2,69,594 deaths. India reported 37,916 active cases of COVID-19 infection and 1,886 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 4.70% to 38.05. The Nifty April 2020 futures were trading at 9,392.25, a discount of 11.85 points compared with the spot at 9,305.10.
On the options front, the Nifty option chain for 28 May 2020 expiry showed maximum call open interest (OI) of 19.04 lakh contracts at the 10,000 strike price. Maximum put OI of 24.66 lakh contracts was seen at 9,000 strike price.
Buzzing Index:
The Nifty PSU Bank index slipped 0.60% to 1,188.25, extending decline after a day's breather. In this week, the index has lost 4.65%.
Andhra Bank (down 1.42%), Bank of Baroda (down 1.06%), Canara Bank (down 0.86%), Indian Bank (down 0.74%), Punjab National Bank (down 0.67%), State Bank of India (down 0.64%), Bank of India (down 0.61%), IDBI Bank (down 0.49%), Bank of Maharashtra (down 0.22%) and Union Bank of India (down 0.21%) declined.
Stocks in Spotlight:
Manappuram Finance added 0.16% to Rs 123. The management committee of the company's board has approved the allotment of 1000 secured, redeemable non-convertible debenture (NCDs) of Rs 10 lakh each aggregating to Rs 100 crore on a private placement basis. The tenure of the instruments is for a period of three years with a 9% interest rate.
Tata Motors shed 0.91% to Rs 81.75. The auto maker has decided to withdraw the issue of unsecured NCDs aggregating to Rs 1000 crore in view of the higher cost expectations from the market participants due to the tight money market conditions. The company continues to have sufficient liquidity and would consider issuance of NCDs at appropriate time and under normalized market conditions with necessary approvals.
Eicher Motors gained 0.08% to Rs 14015.35. VE Commercial Vehicles, an unlisted material subsidiary of the company, has received the required government permissions to restart manufacturing operations in six of its plants located in Pithampur, Dewas, Thane and Baggad.
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