Key barometers held firm near the day's high in early afternoon trade. The Nifty held above 12,000 mark. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 313.73 points or 0.78% at 40,783.43. The Nifty 50 index was up 88.45 points or 0.74% at 12,028.55.
The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index was up 0.41%. The S&P BSE Small-Cap index was up 0.28%.
The market breadth was tilted in favour of buyers. On the BSE, 1187 shares rose and 1047 shares fell. A total of 164 shares were unchanged. In Nifty 50 index, 33 stocks advanced and 17 stocks declined.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 1.26% to 15.2175. The Nifty November 2019 futures were trading at 12,049.10, a premium of 21.85 points compared with the spot at 12,027.25. The November 2019 F&O contracts expire on 28 November 2019.
On the options front, the Nifty option chain for 28 November 2019 expiry showed maximum call open interest (OI) of 25.73 lakh contracts at the 12,000 strike price. Maximum put OI of 27.64 lakh contracts was seen at 11,900 strike price. The option chain indicates that Nifty will stay between 11,900 and 12,000 in November expiry.
Buzzing Index:
The Nifty FMCG index was up 0.33% at 31,074.30, snapping its seven days losing streak. The index shed 4.8% in seven trading sessions from its closing high of 32535.90 on 7 November 2019.
Emami (up 2.4%), Dabur (up 1.66%), Godrej Consumer Products (up 1%), ITC (up 0.64%), Colgate Palmolive (up 0.57%), Procter & Gamble Hygiene & Health Care (up 0.54%), McDowell Holdings (up 0.28%), Tata Global Beverages (up 0.25%) and Marico (up 0.22%) were top gainers in FMCG pack.
Stocks in Spotlight:
Birla Corporation announced that it has acquired 26% ownership in AMPSolar Clean Power. The acquisition is done with the view towards optimizing the energy costs, the company also proposes to purchase solar power for its Raebareli Cement Grinding Units and Kundanganj Cement Grinding Units.
Shares of Birla Corporation were trading 0.03% higher at Rs 646.8.
Blue Star in an exchange filing announced the launch of new air conditioners with in-built air purifiers. The air conditioners use unique Contact Microbiocidal Anti PM 2.5 Technology, which removes harmful pollutant particulate matters such as PM 2.5 with a reduction efficacy of 99.39%.
Shares of Blue Star were trading 0.48% higher at Rs 798.70.
ICICI Bank rose 0.65% to Rs 496.35 after a global brokerage continued to remain bullish on the stock and raised target price by 25% to Rs 615 from Rs 490 earlier. "The bank is our marquee idea and the top pick in financial space. It is focussing on operating profit and containing provisions to 20-25% of pre-provision operating profit," said the global brokerage house. The research firm believes the bank would not require any money for the next 18-24 months and its longer-term re-rating will be driven by its RoE trajectory.
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