Indices turn range bound; breadth strong

The domestic equities traded in a range in early afternoon trade. All the sectoral indices on the NSE were in the green. The Nifty was hovering above 17,350 mark.

At 12:30 IST, the barometer index, the S&P BSE Sensex, jumped 479.04 points or 0.83% at 58,273.36. The Nifty 50 index gained 161.75 points or 0.94% at 17,365.70.

In the broader market, the S&P BSE Mid-Cap index rose 1.23% while the S&P BSE Small-Cap index added 1.11%.

The market breadth was strong. On the BSE, 2,478 shares rose and 819 shares fell. A total of 103 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 1.08% to 16.3850. The Nifty 27 January 2022 futures were trading at 17,402.05, at a premium of 36.35 points as compared with the spot at 17,365.70.

The Nifty option chain for 27 January 2022 expiry showed maximum Call OI of 18.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 30.4 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Auto index rose 1.58% to 10,925.85. Amara Raja Batteries (up 2.44%), Balkrishna Industries (up 2.24%), Maruti Suzuki India (up 2.11%), Exide Industries (up 1.85%) and Tata Motors (up 1.81%) were the top gainers in the segment.

Economy:

Finance Minister Nirmala Sitharaman chaired the pre-budget consultations with the Finance Ministers of States and Union Territories for Union Budget 2022-23 in New Delhi on Thursday. The meeting was attended by Union Minister of State for Finance, Chief Ministers, Deputy Chief Ministers, Finance Ministers, Ministers and Senior Officers from the States and Union Territories and the Union Government.

The Finance Secretary welcomed all the participants to the deliberation and informed the importance of this particular consultation meeting. Most of the participants thanked the Union Finance Minister for financially supporting their States and Union Territories during the worst months of pandemic, by enhancing borrowing limits, providing back to back loans to States and through special assistance for capital expenditure.

The participants also gave numerous suggestions to the Union Finance Minister for inclusion in the Budget Speech. Sitharaman thanked the participants for their inputs and suggestions towards Union Budget 2022-23 and assured to examine each of the proposals.

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