The Sensex and the Nifty came off day's low in early afternoon trade. Trading activity remained thin amid the holiday season in major global markets. The Nifty held above 12,200 level.
At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 114.92 points or 0.28% at 41,443.08. The Nifty 50 index was down 34.15 points or 0.28% at 12,221.70.
The broader market continued to outperform the benchmarks. The S&P BSE Mid-Cap index was up 0.07% while the S&P BSE Small-Cap index was up 0.35%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1207 shares rose and 1069 shares fell. A total of 134 shares were unchanged. In Nifty 50 index, 18 stocks advanced while 32 stocks declined.
Finance Minister Nirmala Sitharaman will address the media at 15:00 IST today, 31 December 2019.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 4.88% to 11.5450. The Nifty January 2020 futures were trading at 12,290.15, a premium of 69.55 points compared with the spot at 12,220.60.
On the options front, the Nifty option chain for 30 January 2020 expiry showed maximum call open interest (OI) of 20.72 lakh contracts at the 12,500 strike price. Massive call writing was witnessed at 12,300 strike price, which added 1.67 lakh contracts.
Maximum put OI of 35.65 lakh contracts was seen at 12,000 strike price. Significant put writing was seen at the 11,800 strike price, which added 2.09 lakh contracts.
Stocks in Spotlight:
Shares of Axis Bank were trading 1.12% higher at Rs 762.65. The bank announced the appointment of Naveen Tahilyani as the Group Executive - Head Banking Operations and Transformation, effective 6th January 2020, to lead Operations, Technology, Strategy and Analytics (BIU). Additionally, the Board of Directors of the Bank approved the appointment of Amit Talgeri as the Chief Risk Officer (CRO) of the Bank, for a period of three years, with effect from 1st January 2020. Cyril Anand, the incumbent CRO will retire from the services of the Bank, with effect from close of business hours today, i.e. 31st December 2019. Both, Naveen Tahilyani and Amit Talgeri shall report to Amitabh Chaudhry, Managing Director & CEO of the Bank.
Shares of Premier Explosives slipped 2.80% to Rs 146 after rating agency ICRA revised the company's long-term rating to 'A-' from 'A' earlier.
In an exchange filing made after market hours yesterday, the company informed that ICRA has revised the credit rating for line of credit (LOC) of the company, on long term at [ICRA] [A-] (Stable) from [ICRA] A (Stable) while the rating on short term was downgraded to [ICRA][A2+] from [lCRA] A1 earlier. The said rating is valid till 19 December 2020, the company added.
United Spirits (USL) was up 1.54%. CRISIL revised its outlook on the long term bank facilities and non convertible debentures of USL to 'Positive' from 'Stable' while reaffirmed the rating at 'CRISIL AA+'. The short term rating and commercial paper has been reaffirmed at 'CRISIL A1+'. The outlook revision reflects the expectation of improvement in USL's credit profile, commensurate with better cash accrual and leverage over the medium term.
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