Sensex, Nifty hit fresh intraday high; NSE VIX drops 5%

The domestic equity barometers further extended gains and hit fresh intraday high in early afternoon trade. The Nifty marched towards the 17,850 mark. IT stocks resumed uptrend after a day's breather ahead of TCS' Q2 results on Friday.

At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 655.03 points or 1.11% to 59,844.76. The Nifty 50 index added 192.65 points or 1.09% to 17,838.65.

In the broader market, the S&P BSE Mid-Cap index rose 1.70% while the S&P BSE Small-Cap index gained 1.50%.

The market breadth remained strong. On the BSE, 2324 shares rose and 832 shares fell. A total of 167 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 5.32% to 16.41. The Nifty 28 October 2021 futures were trading at 17,863.95, at a premium of 25.3 points as compared with the spot at 17,838.65.

The Nifty option chain for 28 October expiry showed maximum Call OI of 21.2 lakh contracts at the 18,000 strike price. Maximum Put OI of 33.2 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty IT index rose 2.03% to 35,788.35. The index had declined 1.32% to end at 35,075.80 yesterday. In the past three months, the IT index has advanced 24.29% while the benchmark Nifty 50 index has added 13.42% during the same period.

Mphasis (up 3.22%), Coforge (up 3.51%), L&T Technology Services (up 3.14%), MindTree (up 2.92%), HCL Tech (up 2.82%), Larsen & Toubro Infotech (up 2.21%), Tech Mahindra (up 2.17%) and Wipro (up 1.25%) advanced.

IT major TCS (up 1.73%) will announce Q2 results on Friday, 8 October 2021.

Infosys (up 1.30%) will announce Q2 results on Wednesday, 13 October 2021.

NIIT advanced 3.38% to Rs 360.45. Sutherland, a U.S.-based global digital transformation company, and StackRoute, an NIIT Venture, have entered into a partnership to launch an immersive training program designed to identify the right talent and develop them as high-quality full stack IT professionals, handling critical roles at Sutherland.

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