Barometers came off the day's high in early afternoon trade amid profit selling. IT stocks advance for sixth consecutive trading session.
At 12:25 IST, the barometer index, the S&P BSE Sensex, added 382.06 points or 0.99% at 39,079.55. The Nifty 50 index rose 43.90 points or 0.38% at 11,460.85.
The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index was up 0.09% while the S&P BSE Small-Cap index gained 0.43%.
The market breadth was positive. On the BSE, 1360 shares rose and 1113 shares fell. A total of 177 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, surged 8.21% to 19.85. The Nifty October 2020 futures were trading at 11,527.80, at a premium of 8.5 points compared with the spot at 11,519.30.
The Nifty option chain for 8 October 2020 expiry showed maximum call open interest (OI) of 23.73 lakh contracts at the 11,500 strike price. Maximum put OI of 22.65 lakh contracts was seen at 11,500 strike price.
The Nifty option chain for 29 October 2020 expiry showed maximum Call OI of 17.15 lakh contracts at the 12,000 strike price.
Maximum Put OI of 35.96 lakh contracts was seen at 10,500 strike price
The Nifty IT index surged 3% to 20,719.4, extending its winning run to sixth trading session. The index has rallied 9.2% in six days.
Wipro (up 5.7%), Infosys (up 2.42%), MindTree (up 1.63%), Tech Mahindra (up 1.54%), HCL Technologies (up 1.36%) and Coforge (up 1.26%) were top gainers in IT segment.
TCS jumped 5.92% after the IT bellwether announced that its board will consider share buyback on 7 October 2020. In a separate announcement on Sunday (4 October), TCS said that it would be providing Rs 1,218 crore as an exceptional item in its Q2 numbers for fiscal 2021. The company will announce the Q2 results on 7 October 2020.
Stocks in Spotlight:
Yes Bank rose 1.35% to Rs 13.47 after the bank's loans & advances rose 1.4% to Rs 166,854 crore as on 30 September 2020 compared with Rs 164,510 crore as on 30 June 2020. Deposits increased by 15.7% to Rs 135,815 crore as on 30 September 2020 as against Rs 117,360 crore as on 30 June 2020. The bank's CASA improved by 11.2% to Rs 33,713 crore as on 30 September 2020 from Rs 30,326 crore reported as on 30 June 2020. CASA/Total Deposits (excluding Certificate of Deposits) ratio stood at 26.2% as on 30 September 2020 as against 28% as on 30 June 2020.
ITI jumped 4% to Rs 130.15 after the company signed contract with the Ministry of Defense to implement Rs 7796 crore ASCON Phase-IV project. The state-run company on Thursday (1 October), said that it had signed Rs 7,796 crore Phase IV project of Army Static Switched Communication Network (ASCON) for deploying strategic network for secured communication across the country and subsequent maintenance for next 10 years.
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