Market firms up once again

Key barometers firmed up once again in early afternoon trade. The Nifty steadily ascended towards 12,150 level. At 12:24 IST, the S&P BSE Sensex, was up 84.53 points or 0.21% at 41,239.65. The Nifty 50 index was up 16.2 points or 0.13% at 12,135.20.

The broader market traded with minor gains. The S&P BSE Mid-Cap index was up 0.11% while the S&P BSE Small-Cap index was up 0.29%.

The market breadth was almost even. On the BSE, 1072 shares rose and 1097 shares fell. A total of 163 shares were unchanged. In Nifty 50 index, 22 stocks advanced while 28 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.36% to 17.2375. The Nifty January 2020 futures were trading at 12,143.15, a premium of 9.95 points compared with the spot at 12,133.20.

On the options front, the Nifty option chain for 30 January 2020 expiry showed maximum call open interest (OI) of 63.92 lakh contracts at the 12,200 strike price. Maximum call writing was witnessed at 12,150 strike price, which added 10.57 lakh contracts.

Maximum put OI of 48.92 lakh contracts was seen at 12,000 strike price. Maximum put writing was observed at 12,100 strike which added 11.65 lakh contracts.

The option chain indicates that the Nifty will hover between 12,000 and 12,200 level in January.

Yes Bank (up 0.35%) is banned from trading in NSE's F&O segment for today after the security crossed 95% of market wide position limit.

Stocks in Spotlight:

JK Paper declined 1.14% to Rs 134.60 after consolidated profit before tax (PBT) fell 0.8% to Rs 188.36 crore in Q3 December 2019 over Q3 December 2018. On a consolidated basis, net profit rose 15.9% to Rs 131.86 crore in Q3 December 2019 as against Rs 113.80 crore in Q3 December 2018. Net sales declined 5.6% to Rs 820.65 crore year-o-year (YoY). Total expenditure fell 5.42% to Rs 590 crore YoY. The result was declared after trading hours yesterday, 27 January 2020.

Shares of V2 Retail were trading 0.09% lower at Rs 114. The company announced weak Q3 numbers after market hours yesterday, 27 January 2020. On a standalone basis, company's net profit slumped 53.8% to Rs 11.42 crore on a 9.1% decline in net sales to Rs 219.03 crore in Q3 December 2019 over Q3 December 2018. The company clarified that drop in revenue was due to weakened consumer sentiments and extended monsoon. V2 Retail's PBT stood at Rs 27.9 crore in Q3 December 2019 as against Rs 27.5 crore in Q3 December 2018, registering a marginal rise of 2%.

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