Sensex jumps 696 pts; NSE VIX drops 2%

The domestic equity benchmarks continued to trade with strong gains in early afternoon trade. The Nifty was trading above the 15,100 mark. Auto shares edged higher.

At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 696.14 points or 1.40% to 50,261.00. The Nifty 50 index added 197.35 points or 1.32% to 15,103.40.

In the broader market, the S&P BSE Mid-Cap index gained 0.90% while the S&P BSE Small-Cap index rose 0.91%. Both these indices underperformed the Sensex.

The market breadth was strong. On the BSE, 2003 shares rose and 941 shares fell. A total of 153 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.21% to 19.22. The Nifty 27 May 2021 futures were trading at 15,131.05, at a premium of 27.65 points as compared with the spot at 15,103.40.

The Nifty option chain for 27 May 2021 expiry showed maximum Call OI of 38.6 lakh contracts at the 15,500 strike price. Maximum Put OI of 53.1 lakh contracts was seen at 15,000 strike price.

Buzzing Index:

The Nifty Auto index rose 0.67% to 10,294.60. The index declined 0.95% in the past two sessions.

Tata Motors (up 1.71%), Mahindra & Mahindra (up 1.37%), Maruti Suzuki (up 1.03%), Bajaj Auto (up 0.66%), TVS Motor Company (up 0.33%) and Hero MotoCorp (up 0.31%) advanced while Ashok Leyland (down 1.23%) and Eicher Motors (down 0.31%) declined.

Stocks in Spotlight:

Antony Waste Handling Cell gained 3.53% to Rs 311.15. The company said it bagged a five-year contract for door-to-door collection and transportation of solid waste in Jhansi Smart City. The contract is awarded by Jhansi Smart City for the period of 5 years further extendable up to 2 more years upon mutual agreement. The contract is worth Rs 21 crore per annum.

Eris Lifesciences shed 0.41% to Rs 713.05. UTI Mutual Fund (MF) purchased 1.52 lakh equity shares or 0.1121% stake in Eris Lifesciences on 19 May 2021. Post transaction, UTI Mutual Fund (UTI MF) increased its shareholding to 5.0583% stake from 4.9462% held earlier.

Exide Industries added 0.43% to Rs 187.60. The company said that the operations at some of the company's manufacturing units are temporarily affected and have been scaled down due to second wave of COVID-19.

Mindtree rose 0.14% to Rs 2097. The company announced that it has signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group. The transaction comprises of acquisition of NxT Digital Business of L&T. Total consideration of Rs 198 crore including earnouts, subject to adjustments as per the terms of Business Transfer Agreement.

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