Indices off day's high; PSU banks advance

Key indices came off the day's high and traded near the flat line in early afternoon trade. The Nifty hovered at 14,400 level. Gains were capped amid concerns that climbing new COVID-19 cases in the country could derail the economic recovery.

At 12:31 IST, the barometer index, the S&P BSE Sensex, was down 14.28 points or 0.03% at 48,084.73. The Nifty 50 index fell 5.55 points or 0.04% at 14,400.30.

The broader market outperformed the main indices. The S&P BSE Mid-Cap index rallied 0.7% while the S&P BSE Small-Cap index was up 0.96%.

The market breadth was strong. On the BSE, 1742 shares rose and 999 shares fell. A total of 144 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 909.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 849.98 crore in the Indian equity market on 22 April, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 144,408,954 with 3,069,570 deaths.

India reported 24,28,616 active cases of COVID-19 infection and 186,920 deaths, 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 1.92% to 22.5825. The Nifty 29 April 2021 futures were trading at 14,430, at a premium of 0.5 points as compared with the spot at 14,429.50.

The Nifty option chain for 29 April 2021 expiry showed maximum Call OI of 48.8 lakh contracts at the 15,000 strike price. Maximum Put OI of 59.9 lakh contracts was seen at 14,000 strike price.

Buzzing Index:

The Nifty PSU Bank index added 1.29% to 1,986.55, rising for second trading session. The index has added 2% in two days.

Indian Bank (up 5.49%), Canara Bank (up 2.65%), Bank of India (up 2.42%), Bank of Baroda (up 1.82%), PNB (up 1.47%), Union Bank of India (up 1.23%) and Bank of Maharashtra (up 0.44%) advanced.

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