Equity benchmarks came off day's low and traded near the flat line in early afternoon trade. The Nifty traded a tad below the crucial 12,000-mark. At 12:21 IST, the barometer index, the S&P BSE Sensex, was down 5.28 points or 0.01% at 40,646.36. The Nifty 50 index was down 0.65 points or 0.01% at 11,998.45.
In the broader market, the S&P BSE Mid-Cap index was down 0.03%. The S&P BSE Small-Cap index was down 0.01%.
The market breadth was negative. On the BSE, 1016 shares rose and 1194 shares fell. A total of 178 shares were unchanged. In Nifty 50 index, 21 stocks advanced and 29 stocks declined.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.91% to 15.45. The Nifty November 2019 futures were trading at 12,010, a premium of 14.35 points compared with the spot at 11,995.65. The November 2019 F&O contracts expire on 28 November 2019.
On the options front, the Nifty option chain for 28 November 2019 expiry showed maximum call open interest (OI) of 30.42 lakh contracts at the 12,000 strike price. Maximum put OI of 26.34 lakh contracts was seen at 11,900 strike price. The option chain indicates that Nifty will stay between 11,900 and 12,000 in November expiry.
Buzzing Index:
Shares of infrastructure developers rallied after the Union Cabinet on Wednesday approved amendments in the Toll-Operate-Transfer road monetization model of the National Highways Authority of India.
HCC (up 19.9%), Man Infraconstruction (up 12.25%), IRB Infrastructure Developers (up 7.89%), Sadbhav Engineering (up 7.36%), KNR Constructions (up 5.22%), Sadbhav Infrastructure (up 4.12%), Patel Engineering (up 3.75%), Gammon Infrastructure Projects (up 3.57%), NCC (up 2.95%), Dilip Buildcon (up 2.85%) and Ashoka Buildcon (up 2.8%) soared higher.
The Cabinet has now allowed NHAI to monetize under TOT all those public-funded national highway projects which are operational and have toll revenue generation history of one year after the Commercial Operations Date. Earlier, the highways had to be operational for at least two years to enable participation in TOT.
Stocks in Spotlight:
Bandhan Bank rose 1.68% to Rs 534.15 and ended its three days losing streak. The stock lost 6.15% in last three trading sessions from its previous closing high of Rs 559.80 on 15 November 2019. Media houses also reported that those women protesters in Assam are seeking a ban on micro-finance companies. According to media reports, several organisations under the banner of Jagrata Mahila Suraksha Samaj staged a protest against microfinance companies which they alleged had ruined the rural economy. The Samaj demanded that these microfinance companies should be banned from operating in Assam. Alleging that these companies were charging exorbitant rates of interest on loans and that their accounts checked for malpractices, they said the extra interest which had been collected should be returned.
Debt ridden DHFL tumbled 1.99% to Rs 19.75 after Reserve Bank of India superseded the board of the company. The RBI also intends to put DHFL through newly introduced insolvency window for NBFCs. The RBI has appointed R. Subramaniakumar as company's Administrator with immediate effect. DHFL further informed that RBI has exercised powers on the backdrop of defaults committed by the company in meeting various repayment obligations and serious concerns emanating from the Inspection conducted by National Housing Bank.
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