Market turns range bound; Nifty nears 16,900 level

The benchmark indices turned range bound in early afternoon trade. Metal, auto and pharma stocks were in demand. The Nifty hovered a tad below 16,900 mark.

At 12:30 IST, the barometer index, the S&P BSE Sensex, jumped 355.55 points or 0.63% at 56,674.56. The Nifty 50 index gained 109.30 points or 0.65% at 16,880.15.

In the broader market, the S&P BSE Mid-Cap index rose 1.22% while the S&P BSE Small-Cap index added 1.38%.

The market breadth was strong. On the BSE, 2,412 shares rose and 803 shares fell. A total of 134 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 2.85% to 17.0375. The Nifty 30 December 2021 futures were trading at 16,901.35, at a premium of 21.20 points as compared with the spot at 16,880.15.

The Nifty option chain for 30 December 2021 expiry showed maximum Call OI of 32.3 lakh contracts at the 18,000 strike price. Maximum Put OI of 39.8 lakh contracts was seen at 16,500 strike price.

Buzzing Index:

The Nifty Metal index rose 1.38% to 5,499.40. The index added 4.36% in two trading sessions.

National Aluminium Co. (NALCO) (up 3.56%), Welspun Corp (up 3.47%), Hindustan Copper (up 2.73%), Hindalco Industries (up 2.54%) and Tata Steel (up 1.71%) were the top gainers in the Metal segment.

IPO Updates:

The initial public offer (IPO) of CMS Info Systems received bids for over 1.92 crore shares as against 3.75 crore shares on offer, according to stock exchange data at 12:30 IST on Wednesday, (22 December 2021). The issue was subscribed 51%.

The issue opened for bidding on 21 December 2021 and it will close on 23 December 2021. The price band of the IPO is fixed at Rs 205-216. An investor can bid for a minimum of 69 equity shares and in multiples thereof. The Offer for Sale (OFS) of equity shares aggregates up to Rs 1,100 crore (including anchor portion of 1,52,77,777 equity shares).

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