Sensex, Nifty at the high point of the day

The key equity barometers traded with strong gains in early afternoon trade. The Nifty was was trading above the 17,050 mark. Auto stocks witnessed some bit of bargain buying after a three-day fall.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 790.17 points or 1.40% to 57,196.01. The Nifty 50 index added 223.35 points or 1.33% to 17,066.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.91% while the S&P BSE Small-Cap index gained 0.26%.

The market breadth was weak. On the BSE, 1445 shares rose and 1799 shares fell. A total of 103 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 4.98% to 21.83. The Nifty 24 February 2022 futures were trading at 17,044.60, at a discount of 21.55 points as compared with the spot at 17,066.15.

The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 77.9 lakh contracts at the 17,500 strike price. Maximum Put OI of 54 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Auto index rose 2.06% to 11,335.45. The index had declined 4.91% in the past three sessions.

Hero MotoCorp (up 4.26%), Eicher Motors (up 4.13%), Bajaj Auto (up 3.06%), Mahindra & Mahindra (up 2.25%), Tata Motors (up 2.03%), Ashok Leyland (up 2.02%), TVS Motor Company (up 1.98%), Maruti Suzuki (up 1.31%) and Bharat Forge (up 0.55%) advanced.

Stocks in Spotlight:

Graphite India rose 2.07% to Rs 491.25 after the company's consolidated net profit surged 473.91% to Rs 132 crore on 76.35% increase in net sales to Rs 880 crore in Q3 December 2021 over Q3 December 2020.

Adani Enterprises (AEL) added 0.23% to Rs 1667.25. AEL reported a consolidated net loss of Rs 12 crore in Q3 FY22 as against a net profit of Rs 297 crore in Q3 FY21.Total income increased by 61% YoY during the quarter to Rs 18,963 crore due to improved realization on the back of higher index prices in IRM segment.

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