Barometers further pared gains in early afternoon trade, led by weakness in IT and private banks. Metal, PSU banks and realty stocks were in demand. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 63.59 points or 0.12% at 52,217.72. The Nifty 50 index was up 31.30 points or 0.20% at 15,346.
In the broader market, the S&P BSE Mid-Cap index rose 0.41% while the S&P BSE Small-Cap index gained 0.50%.
The market breadth turned negative. On the BSE, 1,364 shares rose and 1,439 shares fell. A total of 154 shares were unchanged.
Economy:
India's exports grew by 6.16% to $27.45 billion in January 2021, according to data by the commerce ministry. Imports grew by 2% to about $42 billion, leaving a trade deficit of $14.54 billion during the month under review, the data showed.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 10,91,55,627 with 24,07,869 deaths. India reported 1,36,872 active cases of COVID-19 infection and 1,55,813 deaths while 1,06,33,025 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The media reported that over the weekend, Maharashtra has seen a sharp spike in COVID cases. Maharashtra recorded 3,365 new cases, higher than Kerala's count of 2,884 on Monday. The last time it logged the highest daily case count in the country was on 4 January 2021.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.04% to 21.70. The Nifty 25 February 2021 futures were trading at 15,364, at a premium of 18 points as compared with the spot at 15,346.
The Nifty option chain for 25 February 2021 expiry showed maximum Call OI of 21.6 lakh contracts at the 16,000 strike price. Maximum Put OI of 28.7 lakh contracts was seen at 14,000 strike price.
Buzzing Index:
The Nifty Realty index rose 0.44% to 357.40. The index added 1.95% in the past three sessions.
The Phoenix Mills (up 3.23%), Brigade Enterprises (up 1.72%), Sobha (up 1.43%), Indiabulls Real Estate (up 1.05%) and DLF (up 0.47%) rose.
Stocks in Spotlight:
Titan Company slipped 0.52%. The company said its subsidiary, CaratLane Trading, has incorporated a wholly-owned subsidiary 'StudioC Inc' in Delaware, USA, for retailing jewelry. StudioC Inc will carry on the business of jewelry retailing. CaratLane will subscribe to the share capital of $150,000, which is 100% of the share capital of StudioC.
Biocon gained 1.83% after the company said its subsidiary, Biocon Biologics, partnered International Diabetes Federation (IDF) to promote diabetes care, prevention and effective management worldwide. This partnership with IDF coincides with the start of the centenary celebrations of the discovery of insulin and takes forward Biocon Biologics' mission of enabling affordable access to insulins to people with diabetes worldwide. The partnership further strengthens the shared vision of providing universal access to insulins globally to tackle a broad range of diabetes issues, create awareness, educate and advocate effective management of diabetes.
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