Sensex, Nifty hit fresh record high levels; financial stocks edge higher

The key equity benchmarks traded with strong gains as they hit record high levels in early afternoon trade. The Nifty traded above the 18,650 level. Financial stocks witnessed strong buying demand.

At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 351.96 points or 0.56% to 62,856.76. The Nifty 50 index gained 104.20 points or 0.56% to 18,666.95.

The two benchmarks hit all-time highs in early afternoon trade today at 18,670.05 for Nifty 50 index and 62,871.34 for Sensex.

In the broader market, the S&P BSE Mid-Cap index fell 0.20% while the S&P BSE Small-Cap index added 0.06%.

The market breadth was positive. On the BSE, 1,816 shares rose and 1,558 shares fell. A total of 149 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, was down 0.11% to 13.55. The Nifty 29 December 2022 futures were trading at 18,785, at a premium of 118.05 points as compared with the spot at 18,666.95.

The Nifty option chain for the 29 December 2022 expiry showed maximum Call OI of 36.5 lakh contracts at the 19,000 strike price. Maximum Put OI of 39.8 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Financial Services index rose 0.45% to 19,287.45. The index had declined 0.40% in the past two sessions.

ICICI Prudential Life Insurance Company (up 3.13%), ICICI Lombard General Insurance Company (up 1.29%), Indian Energy Exchange (up 1.11%), ICICI Bank (up 1%) and SBI Cards & Payment Services (up 0.81%) were the top gainers.

Among the other gainers were Shriram Transport Finance Company (up 0.57%), Axis Bank (up 0.5%), Housing Development Finance Corporation (up 0.5%), HDFC Asset Management Company (up 0.31%) and HDFC Bank (up 0.27%).

On the other hand, Bajaj Finserv (down 1.02%), Cholamandalam Investment & Finance Company (down 0.67%) and REC (down 0.45%) turned lower.

Stocks in Spotlight:

Manappuram Finance shed 0.70%. The Kerala based NBFC on Tuesday (29 November 2022) announced that its board may consider raising funds through debt securities in December 2022. The company is considering various options for raising funds through borrowings including by the way of issuance of various debt securities in onshore/offshore securities market by public issue, on private placement basis or through issuing commercial papers.

Ganesh Benzoplast lost 0.54%. The liquid storage tank (LST) provider said that 19% of its new and upcoming capacity at the JNPT terminal has been locked in through the closure of a long-term contract for storage and handling, prior to its scheduled commencement in March 2023. The contract is signed with a leading chemical manufacturer starting with a 3-year renewable term, for storing and handling two tanks totaling up to 3,640 metric tonnes. The annual revenue, resultantly, is fixed at approximately at Rs 4 crore, subject to a certain throughput.

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