Indices traded near the flat line in early afternoon trade. Metal, pharma and PSU banks were in demand while banks witnessed selling. The Nifty hovered above the 17,400 mark.
At 12:29 IST, the barometer index, the S&P BSE Sensex, fell 40.59 points or 0.07% at 58,425.82. The Nifty 50 index was up 15.7 points or 0.09% at 17,432.65, recovering from the early low of 17,216.10.
The broader market outperformed the front-line indices. The S&P BSE Mid-Cap index gained 1.19% while the S&P BSE Small-Cap index added 1.27%.
The market breadth was strong. On the BSE, 2,218 shares rose and 919 shares fell. A total of 151 shares were unchanged.
SBI Research has upgraded India's GDP growth projection for financial year 2022 to the range of 9.3%-9.6% from its earlier estimates of 8.5%-9%. The revised GDP estimate of SBI Research is in-line with RBI's projection of 9.5% GDP growth for the current fiscal year.
The projection comes as the country recorded only 11% increase in COVID-19 cases during the July-September quarter of 2021, second-lowest among the top 15 most affected countries
Mentioning reasons behind its revised estimates, SBI Research said that India remained unscathed in Quarter 3 from the global situation, which is marred by supply disruptions, stubborn inflation and surges of infections during Q3 2021.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.58% to 17.0675. The Nifty 25 November 2021 futures were trading at 17,486, at a discount of 1 point as compared with the spot at 17,487.
The Nifty option chain for 25 November 2021 expiry showed maximum Call OI of 85.4 lakh contracts at the 18,000 strike price.
Maximum Put OI of 48 lakh contracts was seen at 17,400 strike price.
TRAI telecom subscription data:
The S&P BSE Telecom index was trading 1.37% higher at 1,861.12, rising for second trading session. The index has rallied 4.3% in two days.
The Telecom Regulatory Authority of India (TRAI) released the telecom subscription data for September 2021 on Monday, 22 November 2021. Total wireless subscribers decreased from 1,186.72 million at the end of August 2021 to 1,166.02 million at the end of September 2021, thereby registering a monthly decline rate of 1.74%.
Reliance Jio lost 1.90 crore subscribers in the month of September 2021 and its total subscriber based stood at 42.48 crore. Reliance Industries (RIL), which controls Reliance Jio, was down 0.42%. Bharti Airtel (up 1.26%) added 2.74 lakh subscribers in the month of September 2021 and its total subscriber based stood at 35.44 crore. Vodafone Idea (up 0.19%) lost 10.77 lakh new subscribers in the month of September 2021 and its total subscriber based stood at 26.99 crore.
Stocks in Spotlight:
Alembic Pharmaceuticals rose 1.39%. The drug company during market hours on Tuesday announced that it received final approval from the US Food & Drug Administration (USFDA) for formoterol fumarate inhalation solution per unit-dose vial. The approved drug is therapeutically equivalent to the reference listed drug product, perforomist inhalation solution of Mylan Specialty, L. P.
KIOCL added 1.23%. The company said that it has entered into a contract agreement with Tauman Engineering for setting-up of 1,80,000 tonnes per annum (TPA) heat recovery coke oven plant at its blast furnace unit, at a contract price of Rs 185 crore.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)