At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 101.9 points or 0.17% to 59,858. 74. The Nifty 50 index gained 21.05 points or 0.12% to 17,758.
In the broader market, the S&P BSE Mid-Cap index shed 0.44% while the S&P BSE Small-Cap index lost 0.39%.
The market breadth was almost even. On the BSE, 1,531 shares rose and 1,781 shares fell. A total of 133 shares were unchanged.
Economy:
The IMF has noted in a latest update that India's economy is likely to expand at 6.8 percent in 2022, revised down by 1.4 percentage points since the April 2022 World Economic Outlook because of a weaker-than- expected recovery in the second quarter and subdued external demand. A further slowdown of India's growth to 6.1 percent is expected in 2023 as external demand and a tightening in monetary and financial conditions weigh on growth.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.27% to 16.22. The Nifty 24 November 2022 futures were trading at 17,808.45, at a premium of 50.45 points as compared with the spot at 17,758.
The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 20.5 lakh contracts at the 18,500 strike price. Maximum Put OI of 22 lakh contracts were seen at 17,500 strike price.
Buzzing Index:
The Nifty Oil & Gas index rose 1.17% to 7,979.90, continuing its rising streak to the fourth day. The index advanced 3.34% in four trading sessions.
Among the components of the Nifty Oil & Gas index, Aegis Logistics (up 6.76%), Petronet LNG (up 3.51%), Oil India (up 2.72%), Oil & Natural Gas Corpn (up 2.43%), Reliance Industries (up 2.4%) GAIL (India) (up 1.48%), Indian Oil Corporation (up 0.29%), Hindustan Petroleum Corporation (up 0.28%) and Gujarat State Petronet (up 0.07%) were the gainers.
On the other hand, Mahanagar Gas (down 1.1%), Indraprastha Gas (down 1.09%) and Castrol India (down 0.76%) declined.
Stocks in Spotlight:
Dhanuka Agritech jumped 6.74% after the agrochem player said its board will consider share buyback on 1 November 2022. In the same meeting, the board will also consider the company's un-audited standalone and consolidated financial results for the quarter and half year ended September 2022.
Spandana Sphoorty Financial rose 1.02% after the company said that its board will consider and approve the issue and offer of non-convertible debentures on 1 November 2022. The company said that this issue will be done on a private placement basis.
Vaibhav Global advanced 4.85%. The consolidated net profit tumbled 45.64% to Rs 22.93 crore in Q2 FY23 from Rs 42.18 crore reported in Q2 FY22. Revenue from operations rose 1.81% to Rs 646.26 crore in quarter ended 30 September 2022 as against Rs 634.79 crore recorded in the same period a year ago.
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