Benchmarks trade in range; NSE VIX falls 2.6% to 17.44

Barometers traded in a range with tiny losses in early afternoon trade. The Nifty held above 17,800 level. Metal, metal, pharma and IT stocks advanced while private sector bank and financial stocks declined.

At 12:30 IST, the barometer index, the S&P BSE Sensex, fell 225.26 points or 0.38% to 59,759.44. The Nifty 50 index was down 50.6 points or 0.28% to 17,806.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.51% while the S&P BSE Small-Cap index fell 0.14%.

The market breadth turned negative. On the BSE, 1490 shares rose and 1605 shares fell. A total of 163 shares were unchanged.

Reappointment of RBI Governor:

The Government on Friday reappointed Shaktikanta Das as the Governor of Reserve Bank of India for three years beyond 10 December 2021. In an official statement, the government said, "The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as RBI Governor for a period of three years beyond December 10, 2021 or until further orders, whichever is earlier. He had assumed charge as the governor of RBI effective 12 December 2018.

Primary Market:

The initial public offering of fintech company Fino Payments Bank has been subscribed 29% so far. The portion allocated for retail investors was subscribed 1.61 times.

The issue opened for bidding today and it will close on 2 November 2021. The initial public offer (IPO) consists of a fresh issue to raise Rs 300 crore and an offer of sale (OFS) of 1,56,02,999 shares.

The initial public offering (IPO) of Nykaa, with a price band of Rs 1,085-1,125 per share, opened for public subscription yesterday, 28 October 2021 and will conclude on Monday, 1 November 2021. Ahead of its IPO, Nykaa on Wednesday said it has raised Rs 2,396 crore from anchor investors.

Nykaa IPO was subscribed 2.22 times with the retail portion fully booked with 5.16 times, NSE data showed. The portion reserved for employees has been subscribed 0.89 times and non-institutional investors (NIIs) 1.33 times.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.6% to 17.445. The Nifty 25 November 2021 futures were trading at 17,878, at a discount of 37 points as compared with the spot at 17,915.

The Nifty option chain for 25 November 2021 expiry showed maximum Call OI of 18.7 lakh contracts at the 19,000 strike price. Maximum Put OI of 19.6 lakh contracts was seen at 17,500 strike price.

The October 2021 F&O contracts expire today, 28 October 2021.

Buzzing Index:

The Nifty Auto index rose 0.83% to 11,362.80, snapping its two day losing run. The auto index saw bargain hunting after falling 1.67% in two days.

TVS Motor Company (up 2.77%), Maruti Suzuki (up 2.15%), Tata Motors (up 1.25%), Bharat Forge (up 1.06%), Bajaj Auto (up 1.02%), Ashok Leyland (up 0.92%), Mahindra & Mahindra (up 0.71%) and Hero MotoCorp (up 0.53%) were top gainers in automobile space.

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