At 12:23 IST, the S&P BSE Sensex, was up 72.72 points or 0.18% at 41,395.72. The Nifty 50 index was up 20.6 points or 0.17% at 12,146.50.
The broader market advanced. The S&P BSE Mid-Cap index was up 0.99% while the S&P BSE Small-Cap index jumped 0.85%.
The market breadth was positive. On the BSE, 1307 shares rose and 911 shares fell. A total of 146 shares were unchanged. In Nifty 50 index, 30 stocks advanced while 20 declined.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.36% to 13.55. The Nifty February 2020 futures were trading at 12,149.80, a premium of 14.75 points compared with the spot at 12,135.05.
On the options front, the Nifty option chain for 27 February 2020 expiry showed maximum call open interest (OI) of 26.96 lakh contracts at the 12,200 strike price. Maximum call writing was witnessed at 12,200 strike price, which shed 5.78 lakh contracts.
Maximum put OI of 46.48 lakh contracts was seen at 12,000 strike price. Massive put writing was observed at 12,100 strike which added 7.07 lakh contracts.
The option chain indicates that the Nifty will stay between 12,000 and 12,200 level till February expiry.
Buzzing Index:
The Nifty Auto index gained 0.63% to 7,736.10, snapping its five days losing streak. The auto index has fell 3.11% in last five trading days.
Ashok Leyland (up 3.14%), Atul Auto (up 2.34%), SML Isuzu (up 1.82%), Tata Motors (up 1.36%), Mahindra and Mahindra (up 1.09%), Eicher Motors (up 0.43%), Maruti Suzuki India (up 0.37%), Hero MotoCorp (up 0.33%) and TVS Motors Company (up 0.22%) were top gainers in auto segment.
Stocks in Spotlight:
Debt ridden Dewan Housing Finance Corporation (DHFL) was locked in an upper circuit of 5% at Rs 11.39 after consolidated net profit surged 197.81% to Rs 934.31 crore in Q3 December 2019 (Q3 FY20) as against a net profit of Rs 313.72 crore reported in Q3 December 2018 (Q3 FY19). The company reported a jump in net profit as it decided to move to the lower corporate tax rate announced by the Government. Total tax rebate stood at Rs 1,102.15 crore in Q3 December 2019 as compared to Rs 157.90 crore paid in Q3 December 2018. Loss before tax stood at Rs 167.84 crore in Q3 FY20 as compared to a profit before tax of Rs 465.47 crore in Q3 FY19. Total income dropped 28.14% year-on-year (Y-o-Y) to Rs 2,436.88 crore in Q3 FY20.
Asian Paints said its board will meet on Tuesday, 25 February, 2020, to consider and second interim dividend for the financial year ending 31 March 2020. The record date will be 4 March 2020.
Shares of Asian Paints were trading 1.46% lower at Rs 1858.80.
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