The equity barometers were trading with small gains in early afternoon trade. The Nifty index held above 15,100 level. Firmness in IT, pharma and auto stocks supported the indices.
At 12:20 IST, the barometer index, the S&P BSE Sensex, rallied 126.42 points or 0.25% at 51,151.90. The Nifty 50 index gained 32 points or 0.21% at 15,130.40.
Click here to connect with us on WhatsApp
In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index added 0.50%.
The market breadth was positive. On the BSE, 1,455 shares rose and 1,303 shares fell. A total of 165 shares were unchanged.
Global shares were trading higher as falling US bond yields eased concerns about surging inflation. The pullback for yields on Tuesday came as investors watched for the final passage of the Democrats' $1.9 trillion stimulus package in Congress.
On Tuesday, the US House of Representatives voted to advance President Joe Biden's $1.9 trillion Covid-19 relief bill, clearing the way for the measure to be considered on Wednesday, when it is expected to pass.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 4.41% to 21.5025. The Nifty 25 March 2021 futures were trading at 15,147.35, at a premium of 16.95 points as compared with the spot at 15,130.40.
The Nifty option chain for 25 March 2021 expiry showed maximum Call OI of 26.8 lakh contracts at the 16,000 strike price. Maximum Put OI of 34.5 lakh contracts was seen at 14,000 strike price.
Buzzing Index:
The Nifty Pharma index rose 0.74% to 12,223.20. Biocon (up 2.78%), Lupin (up 1.76%), Cipla (up 1%), Sun Pharmaceutical Industries (up 0.75%) and Dr Reddy's Laboratories (up 0.73%) advanced.
Stocks in Spotlight:
Indian Bank rose 0.81%. The state-owned bank on Tuesday said its committee of directors has given approval for raising up to Rs 4,000 crore through share sale. It said that the committee of directors has accorded approval for raising of equity capital of the bank aggregating up to Rs 4,000 crore (including premium) through qualified institutions placement (QIP) in one or more tranches. The fund raising would be subject to all statutory and regulatory approvals.
Puravankara advanced 4.68% after the realty firm launched its first ultra-luxury project in Mumbai, named 'Purva Clermont', re-entering the city while it forays into the ultra-luxury category under the WorldHome Collection in the MMR. WorldHome Collection is the new range of ultra- Luxury homes by Puravankara. Through this project, the company aims to provide sustainable, futuristic and exclusive homes designed by world-renowned architects. Puravankara has invested almost Rs 450 crore with an expected top-line revenue of Rs 800 crore. The development will see four towers with a total of 233 residential unit and one tower of 79 commercial units.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
