The benchmark indices traded with modest gains in early afternoon trade. Positive global cues boosted the investor sentiments. The Nifty traded above the 18,650 mark. Metal shares extended gains for the third consecutive session.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 224.24 points or 0.36% to 62,757.54. The Nifty 50 index added 72.95 points or 0.39% to 18,680.95.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.62% while the S&P BSE Small-Cap index gained 0.73%.
The market breadth was strong. On the BSE, 2,085 shares rose and 1,290 shares fell. A total of 167 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.50% to 12.56. The Nifty 29 December 2022 futures were trading at 18,785.95, at a premium of 105 points as compared with the spot at 18,680.95
The Nifty option chain for the 29 December 2022 expiry showed maximum Call OI of 35.4 lakh contracts at the 19,000 strike price. Maximum Put OI of 37.5 lakh contracts were seen at 18,000 strike price.
Buzzing Index:
The Nifty Metal index rose 1.15% to 6,799.45, extending gains for the third session. The index added 1.76% in three trading sessions.
National Aluminium Company (up 2.59%), Hindalco Industries (up 2.28%), Hindustan Copper (up 1.83%), Jindal Steel & Power (up 1.59%), JSW Steel (up 1.34%), Steel Authority of India (up 1.31%), Vedanta (up 1.04%), Tata Steel (up 0.85%), MOIL (up 0.77%) and Adani Enterprises (up 0.19%) edged higher.
On the other hand, Jindal Stainless (down 1.03%), Ratnamani Metals & Tubes (down 0.42%) and Hindustan Zinc (down 0.33%) declined.
Stocks in Spotlight:
HDFC Bank rose 0.89%. The private lender on Wednesday announced that it will acquire 7.75% stake in a fintech start-up, Mintoak Innovations (Mintoak) for a total cash consideration of Rs 31.14 crore. Post transaction, HDFC Bank will hold 7.75% stake of the total share capital of Mintoak on a fully diluted basis. The acquisition is likely to be completed by 31 January 2023.
Mahindra & Mahindra (M&M) shed 0.05%. The auto major on Wednesday said that its investment of Rs 10,000 crore for setting up an electric vehicle (EV) manufacturing plant in Pune has been approved under the Maharashtra Government's industrial promotion scheme.
Lloyds Metals and Energy advanced 3.70% after the Maharashtra Government on Tuesday (13 December 2022) approved an investment of Rs 19,700 crore by the company in the Gadchiroli District of Maharashtra. The Committee approved two investment proposals by Lloyds Metals and Energy of Rs 14,000 crore and Rs 5,700 crore for Gadchiroli. The said investments reportedly are for the establishment of a steel manufacturing project through mineral extraction & processing in the district.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
