Key benchmark indices pared gains in early afternoon trade amid profit selling at higher levels. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 256.25 points or 0.66% at 38,849.77. The Nifty 50 index was up 83.25 points or 0.73% at 11,523.45. The Nifty briefly slipped below 11,500-mark. The Sensex dropped below its psychological 39,000 level.
The S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.09%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1141 shares rose and 1085 shares fell. A total of 148 shares were unchanged. In the Nifty index, 39 stocks advanced and 10 stock declined and 1 was unchanged.
Cadila Healthcare rose 0.32%. The firm reported that Zydus Cadila has received final approval from the USFDA to market Clobetasol Propionate Lotion, 0.05%. The medication used to treat a variety of skin conditions like eczema, psoriasis, dermatitis,allergies and rash will be manufactured at Ahemdabad, Gujarat.
Power Mech Projects was up 1.23% after the firm said it received orders worth Rs 115 crore.
Trading could be volatile as traders roll over positions in the F&O segment from the near month September 2019 series to October 2019 series. The September 2019 F&O contracts expire today, 26 September 2019.
On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.1% at 16.6725. The Nifty September 2019 futures were trading at 11,519.65, a premium of 9.95 points compared with the spot at 11,509.70. The Nifty October 2019 futures were trading at 11,566.45, a premium of 56.75 points compared with the spot at 11,509.70
On the options front, the Nifty option chain for 26 September 2019 expiry showed maximum call open interest (OI) of 37.46 lakh contracts at the 11,700 strike price. Maximum put OI of 36.01 lakh contracts was seen at 11,500 strike price.
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