Indices trade in range; VIX cools

Key barometers were trading in a narrow range near the day's high in the early afternoon trade. IT shares declined due to strength in local currency. At 12:13 IST the S&P BSE Sensex was up 182.84 points or 0.49% at 37,164.0. The Nifty 50 index was up 67 points or 0.61% at 11,013.10.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1320 shares rose and 755 shares fell. A total of 144 shares were unchanged. The S&P BSE Mid-Cap index was up 0.75%. The S&P BSE Small-Cap index was up 0.77%.

On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.88% at 15.9675. The Nifty September 2019 futures were trading at 11,042, a premium of 29.2 points compared with the spot at 11,012.8.

On the options front, the Nifty option chain for 26 September 2019 expiry showed maximum call open interest (OI) of 21.71 lakh contracts at the 11,000 strike price. Maximum put OI of 33.88 lakh contracts was seen at 10,800 strike price. The option chain indicated that Nifty will stay between 10,800 and 11,000 till September expiry.

IT shares declined amid rebound in domestic currency. HCL Technologies (down 1.45%), Tech Mahindra (down 1.06%), MindTree (down 0.85%), Infosys (down 0.57%), Oracle Financial Services Software (down 0.56%), Hexaware Technologies (down 0.36%), TCS (down 0.28%), MphasiS (down 0.26%) and Zensar Technologies (down 0.16%) declined.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.59, compared with its close of 71.7225 during the previous trading session.

Adani Enterprises rose 1.27% to Rs 139.65 after it incorporated a company Adani Lucknow International Airport to operate, maintain, develop, design, construct, upgrade modernise and manage the Chaudhary Charan Singh International Airport in Lucknow. Adani Lucknow International Airport is incorporated in India with authorized share capital of Rs 1 lakh and paid up share capital of Rs 1 lakh and is registered with the Registrar of Companies, Gujarat at Ahmedabad on 6 September 2019 and is yet commence its business operations, said AEL in a filing to the exchanges. The stock has outperformed the market over the past one month, up 7.65% compared with 0.01% rise in the Sensex.

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