Nifty hovers above 17,950; broader market lags

The main indices traded in a narrow range in early afternoon trade. The Nifty traded above the 17,950 level. Media and PSU banks shares corrected while IT and financial stocks were in demand.

At 12:32 IST, the barometer index, the S&P BSE Sensex, was up 317.8 points or 0.53% to 60,237.14. The Nifty 50 index added 99.6 points or 0.56% to 17,973.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index was up 0.03%.

The market breadth was negative. On the BSE, 1543 shares rose and 1625 shares fell. A total of 159 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 5.88% to 15.39. The Nifty 25 November 2021 futures were trading at 17,983, at a premium of 18.20 points as compared with the spot at 17,964.80.

The Nifty option chain for 25 November 2021 expiry showed maximum Call OI of 24.4 lakh contracts at the 18,000 strike price. Maximum Put OI of 26.8 lakh contracts was seen at 17,500 strike price.

Buzzing Index:

The Nifty PSU Bank index fell 0.78% to 2,891.75, falling for third trading session. The PSU Bank index declined nearly 5% in three days.

Indian Bank (down 1.86%), Canara Bank (down 1.66%), Bank of India (down 1.2%), J&K Bank (down 1.09%), PSB (down 0.85%) and UCO Bank (down 0.7%) were top losers in PSU Bank space.

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