Broader market outperforms; breadth positive

Barometers traded at the record high levels with decent gains in early afternoon trade. The Nifty traded above the crucial 18,000 mark. Majority buying was seen in auto, banking and metal stocks while IT shares succumbed to selling.

At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 315.42 points or 0.53% at 60,374.60. The Nifty 50 index was up 115.1 points or 0.64% at 18,010.45.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.86% while the S&P BSE Small-Cap index gained 0.93%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 2032 shares rose and 1239 shares fell. A total of 187 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 237,878,939 with 4,851,945 deaths. India reported 227,347 active cases of COVID-19 infection and 450,782 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

In last 24 hours, India recorded 18,132 new cases. The recovery rate currently stands at 98.00%, highest since March 2020. There were 21,563 recoveries in the last 24 hours taking the total recoveries to 3,32,93,478

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.76% to 16.085. The Nifty 28 October 2021 futures were trading at 18,018, at a premium of 11 points as compared with the spot at 18,007.

The Nifty option chain for 28 October expiry showed maximum Call OI of 21.2 lakh contracts at the 18,000 strike price. Maximum Put OI of 32.2 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Metal index gained 1.42% to 5,762, rising for third consecutive trading session. The metal index added 2.39% in three trading session.

Coal India (up 4.43%), Hindalco Industries (up 2.93%), APL Apollo Tubes (up 2.62%), NMDC (up 1.96%) and Vedanta (up 1.96%), JSW Steel (up 1.25%), Tata Steel (up 0.9%) and Hindustan Zinc (up 0.6%) were top gainers in metal space.

Stocks in Spotlight:

Prestige Estates Projects rose 1.25% to Rs 487.35 after the real estate developer registered highest quarterly sales of Rs 2111.90 crore and collections of Rs 1551.50 crore during Q2 September 2021 (Q2 FY22). The company's sales rose 88% and collections jumped 35% in Q2 FY22 over Q2 FY21. In terms of volume, it sold 3.54 million square feet area in the second quarter compared with over 1.77 million sq. ft. area in the corresponding period of the previous year.

Bandhan Bank fell 3.95%. The micro finance lender said its collection efficiency improved to 90% at the end September 2021 from 80% three months back. Bandhan Bank's repayment collection from Emerging Entrepreneurs Business (EEB) microfinance vertical also improved to 86% at the end September 2021 from 72% as on June 2021. The bank's loans & advances rose 7% year-on-year (YoY) to Rs 81,668 crore as on 30 September 2021. Total deposits jumped 24% to Rs 81,898 crore in the same period. Loans & advances as on 30 September 2021 are before considering write-offs, if any, the bank said. Retail deposits (including CASA) rose 35% YoY to Rs 68,787 crore as on 30 September 2021. CASA ratio stood at 44.6% as on 30 September 2021 compared with 42.9% as on 30 June 2021 and 38.2% as on 30 September 2020.

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