The benchmark indices traded near the day's high in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, jumped 563.23 points or 0.92% at 61,869.18. The Nifty 50 index surged 178.25 points or 0.97% at 18,516.80.
In the broader market, the S&P BSE Mid-Cap index added 1.38% while the S&P BSE Small-Cap index rose 1.11%.
The market breadth was strong. On the BSE, 1,997 shares rose and 1,289 shares fell. A total of 166 shares were unchanged.
High-paced vaccination drive, reviving economies across the world, easing inflation, and RBI's dovish stance are some of the factors that continued to fuel the rally in domestic equity markets.
However, rising global crude oil prices and a weakening Indian rupee against the greenback remained on investors watchlist.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 8.22% to 17.0650. The Nifty 28 October 2021 futures were trading at 18,501.90, at a discount of 14.90 points as compared with the spot at 18,516.80.
The Nifty option chain for 28 October 2021 expiry showed maximum Call OI of 20.9 lakh contracts at the 18,500 strike price. Maximum Put OI of 31 lakh contracts was seen at 17,500 strike price.
Buzzing Index:
The Nifty Oil & Gas index rose 1.39% to 8,268.60 amid firm crude oil prices. The index jumped 3.14% in six trading sessions.
Gujarat Gas (up 3.69%), Petronet LNG (up 2.52%), ONGC (up 2.33%), Oil India (up 2.02%) and Indian Oil Corporation (IOCL) (up 1.93%) were the major gainers.
Stocks in Spotlight:
Sunteck Realty slipped 1.80%. The luxury real estate developer has forayed into the second home space with the acquisition of approximately 110 acres on the Pen-Khopoli Road in Maharashtra under the asset light joint development or JDA strategy. The 110-acre project on Pen-Khopoli Road has a prominent river frontage. This land will be used for plotted and luxurious bungalows development. It has direct access to Pen-Khopoli main road and is located close to Pen city (Maharashtra).
Mahindra CIE Automotive (MCIE) jumped 7.49% after the company's consolidated net profit surged 173.73% to Rs 166.32 crore on 23.40% increase in net sales to Rs 2,090.69 crore in Q3 September 2021 over Q3 September 2020. Profit before tax jumped 91% to Rs 179.04 crore in Q3 September 2021 over Q3 September 2020.
Dixon Technologies (India) advanced 3.76% after the company said its wholly owned subsidiary has received approval under PLI scheme of Government of India. Dixon Electro Appliances, a wholly owned subsidiary company of Dixon Technologies (India) has received approval from Government of India under Production Linked Incentive (PLI) scheme for manufacturing of telecom and networking products in India.
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