Sensex gains 243 pts, Nifty above 18,050 mark

The key equity indices traded with moderate gains in early afternoon. The Nifty traded above the 18,050 mark. Metal shares extended gains for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 242.62 points or 0.40% to 61,517.71. The Nifty 50 index added 68.75 points or 0.38% to 18,084.60.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.73% while the S&P BSE Small-Cap index added 0.81%

The market breadth was positive. On the BSE, 1,929 shares rose and 1,383 shares fell. A total of 174 shares were unchanged.

The overall gains remained capped as higher-than-estimated January US retail sales data further flamed concerns about further interest rate hikes by the Fed. US retail sales rose to 3% in January 2023 after two consecutive monthly declines, due to a rise in motor vehicle purchases. The number is the highest since the 4.9% revised jump for January 2022.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.34% to 13.03. The Nifty 23 February 2023 futures were trading at 18,110.95, at a premium of 26.35 points as compared with the spot at 18,084.60.

The Nifty option chain for the 23 February 2023 expiry showed maximum Call OI of 37.1 lakh contracts at the 18,000 strike price. Maximum Put OI of 48.5 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Metal index rose 0.88% to 5,840.75, extending gains for the third session. The index advanced 2.38% in three trading sessions.

APL Apollo Tubes (up 6.35%), Ratnamani Metals & Tubes (up 2.39%), Hindustan Copper (up 1.22%), Jindal Stainless (up 1.17%), Steel Authority of India (up 1.13%), Adani Enterprises (up 1.11%), National Aluminium Company (up 1.07%), Hindustan Zinc (up 0.93%), Jindal Steel & Power (up 0.92%) and Tata Steel (up 0.91%) edged higher.

Vedanta rose 1.15% after the company announced that it has been declared as preferred bidder for Sijimali bauxite block in Rayagada and Kalahandi districts of Odisha.

Tata Steel added 0.91%. The steel maker announced that the company's board will consider and approve the issuance of unsecured non-convertible debentures on private placement basis on Monday, 20 February 2023. The company added that the amount to be raised will be within the limits approved by the board of directors of the company at its meetings held on 13 August 2018 and 4 April 2020.

Stocks in Spotlight:

NTPC rose 0.42%. The state-run power major said that it declared commercial operation of third part capacity of 50 megawatt (MW) out of 300 MW Nokhra Solar PV project at Bikaner, Rajasthan.

Shalby gained 1.80% after the company announced that its step‐down Singapore subsidiary received a regulatory approval to market and sell knee implants, hip systems, knee and hip instruments, etc.

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