Barometers near the day's high; India VIX slides

Benchmark indices were trading near the day's high in early afternoon trade. At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 215.56 points or 0.55% at 39,289.48. The Nifty 50 index added 56.05 points or 0.49% at 11,605.65.

Trading was volatile as traders roll over positions in the F&O segment from the near month August 2020 series to September 2020 series.

The market breadth was positive. On the BSE, 1469 shares rose and 1141 shares fell. A total of 161 shares were unchanged.

The S&P BSE Mid-Cap index rose 0.31% while the S&P BSE Small-Cap index rose 0.75%. Both these indices advanced for the ninth straight session.

Godrej Properties (up 8.42%), Future Retail (up 7.50%) and PNB Housing Finance (up 6.93%) were the top midcap gainers.

Centrum Capital (up 14.24%), Zee Learn (up 10%) and HIL (up 10.23%) were the top smallcap gainers.

The S&P BSE Mid-Cap index is up 5.31% and the S&P BSE Small-Cap index jumped 8.88% in nine straight sessions.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,581.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,194.62 crore in the Indian equity market on 26 August, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 24,181,120 with 825,794 deaths. India reported 7,25,991 active cases of COVID-19 infection and 60,472 deaths while 25,23,771 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.46% to 19.02. The Nifty August 2020 futures were trading at 11,591.75, at a discount of 13.9 points compared with the spot at 11,605.65.

The Nifty option chain for 3 September 2020 expiry showed maximum Call OI of 11.29 lakh contracts at the 11,600 strike price. Maximum Put OI of 15.17 lakh contracts was seen at 11,500 strike price.

The Nifty option chain for 24 September 2020 expiry showed maximum Call OI of 18.14 lakh contracts at the 11,500 strike price. Maximum Put OI of 25.75 lakh contracts was seen at 11,000 strike price.

Stocks in Spotlight:

Gillette India rose 2.18% at Rs 5,643. The shaving products maker posted a 1.9% decline in net profit to Rs 44.97 crore on 24% decline in net sales to Rs 350.98 crore in Q4 June 2020 over Q4 June 2019. The company said its business operations were disrupted across the country following the nationwide lockdown imposed to contain the spread of COVID-19.

Rossari Biotech added 0.72% to Rs 784.75. SBI Mutual Fund added 2.34 lakh shares or 0.45% stake of Rossari Biotech via open market on 25 August 2020. Following the acquisition, SBI Mutual Fund's stake in the company increased to 5.25% from 4.80% earlier.

Alembic Pharmaceuticals gained 1.23% to Rs 1003 after the company said it received US drug regulator's tentative approval for Empagliflozin and Linagliptin tablets in multiple strengths. The tablet is estimated to have market size of $244 million for twelve months ending June 2020 according to IQVIA.

Blue Star advanced 2.34% to Rs 636.70 after the company won an order valued at Rs 149 crore for electrical & mechanical works for Mumbai Metro Line III from Dogus-Soma JV.

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