At 12:22 IST, the barometer index, the S&P BSE Sensex, rose 34.6 points or 0.06% at 57,822.94. The Nifty 50 index was up 4.2 points or 0.02% at 17,225.70.
The broader market declined. The S&P BSE Mid-Cap index fell 0.75% while the S&P BSE Small-Cap index shed 0.71%.
The market breadth was negative. On the BSE, 1,380 shares rose and 1,864 shares fell. A total of 113 shares were unchanged.
Global cues were mildly positive after the US central bank on Wednesday announced that it would put an end to its pandemic-era bond purchases in March and would raise the interest rates thrice in the upcoming year to battle growing inflation.
The Dow Jones futures were trading 96 points higher, indicating a positive start in US markets today.
Attention now turns to policy announcements later Thursday from the European Central Bank and the Bank of England, which are also aiming to control the heated inflation.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 5.24% to 16.315. The Nifty 30 December 2021 futures were trading at 17,260.60, at a premium of 39 points as compared with the spot at 17,221.60
The Nifty option chain for 30 December 2021 expiry showed maximum Call OI of 38.6 lakh contracts at the 18,000 strike price. Maximum Put OI of 47.7 lakh contracts was seen at 17,000 strike price.
Economy:
India has attracted highest ever annual Foreign Direct Investment, FDI inflow of 81.97 billion US dollars in the current fiscal year despite the challenges posed by Covid-19 pandemic. This was stated by Minister of State for Commerce and Industry Som Parkash in a written reply in the Lok Sabha on 15 December 2021.
The Minister said, India has received FDI inflow worth 440.27 billion US dollars in the last seven years. He said, this is nearly 58% of the FDI reported in the last 21 years. He said, India is becoming a preferred investment destination amongst global investors.
Meanwhile, the Reserve Bank of India (RBI) on 15 December 2021, said that the global economy remained hostage to heightened uncertainty, with the Omicron strain of the coronavirus, sparking fresh containment measures. The Indian economy bounced back strongly in the second quarter of 2021-22, with the gross domestic product (GDP) surpassing its pre-pandemic levels and inflation broadly aligning with the target.
Buzzing Index:
The Nifty Bank index lost 215.15 points or 0.58% to 36,574.40, extending its losing run to fourth consecutive trading session. The banking index lost 1.43% in four days.
IndusInd Bank (down 1.63%), RBL Bank (down 1.52%), Bandhan Bank (down 1.3%), Federal Bank (down 1.23%), ICICI Bank (down 1.14%), Punjab National Bank (down 1.13%) and IDFC First Bank (down 1.1%) were top losers in banking space.
Stocks in Spotlight:
Tata Power Company fell 2.4%. The company said that its wholly owned subsidiary TP Saurya (TSPL) received the letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for setting up of 300 MW hybrid power capacity. The project has been awarded through tariff-based competitive bidding followed by e-reverse auction. The company said it received this letter of award (LoA) in a bid announced by MSEDCL. The project will be commissioned within 18 months from the date of PPA execution.
Bharat Electronics rose 0.58%. The state-run defence firm received an order worth Rs 2,400 crore from Hindustan Aeronautics (HAL) for the manufacture and supply of 20 types of airborne electronic systems to be fitted on the fighter aircraft. The order spans for five years from 2023 to 2028 involving the supply of critical avionic Line Replaceable Units (LRUs) related to digital flight control computers, air data computers, weapon computers, LRUs related to Radar Warning Receiver (RWR) and head up display.
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