Nifty hovers below 11,900; auto shares bounce

Key equity barometers were trading near the day's low in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was down 296.56 points or 0.73% at 40,498.18. The Nifty 50 index lost 78.05 points or 0.65% at 11,893.

Profit booking emerged after the Sensex jumped 7.43% and the Nifty climbed 6.67% in the past ten days.

The broader market was positive. The S&P BSE Mid-Cap index shed 0.09% while the S&P BSE Small-Cap index added 0.06%.

The market breadth was almost even. On the BSE, 1178 shares rose and 1191 shares fell. A total of 157 shares were unchanged.

Global shares tumbled amid rising concerns about resurgent COVID-19 infections and after the US Treasury Secretary dashed hopes of a stimulus package before the US Presidential election.

The US Dow Jones Futures were currently down 124 points, indicating a weak start in US market today.

Coronavirus Update:

India reported 812,390 active cases of COVID-19 infection and 111,266 deaths while 6,383,441 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Total COVID-19 confirmed cases worldwide stood at 38,442,524 with 1,091,464 deaths, according to data from Johns Hopkins University.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.8% to 20.7775. The Nifty October 2020 futures were trading at 11,888.70, at a discount of 4.3 points compared with the spot at 11,893.

The Nifty option chain for 22 October 2020 expiry showed maximum call open interest (OI) of 15.92 lakh contracts at the 12,000 strike price. Maximum put OI of 10.12 lakh contracts was seen at 11,000 strike price.

The Nifty option chain for 29 October 2020 expiry showed maximum Call OI of 23.91 lakh contracts at the 12,500 strike price. Maximum Put OI of 33.71 lakh contracts was seen at 10,500 strike price.

Buzzing Index:

The Nifty Auto index rose 0.57% to 8,076.80. The index fell 1.9% in the past four sessions.

Bharat Forge (up 3.21%), Hero MotoCorp (up 1.88%), Ashok Leyland (up 1.02%), Eicher Motors (up 0.89%), TVS Motor Company (up 0.87%), Bajaj Auto (up 0.70%), Tata Motors (up 0.46%) and Mahindra & Mahindra (up 0.34%) advanced. Maruti Suzuki declined 0.12%.

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