Key benchmark indices continued to trade higher in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 549.88 points or 1.44% at 38,743.80. The Nifty 50 index added 126.50 points or 1.12% at 11,404.50.
Shares witnessed bargain buying after recent losses. The Nifty corrected 2.23% in the past five sessions to end at 11,278 yesterday (9 September) from its recent closing high of 11,535 on 2 September 2020.
In the broader market today, the S&P BSE Mid-Cap index gained 0.55% while the S&P BSE Small-Cap index rose 1.47%.
The market breadth was strong. On the BSE, 1761 shares rose and 676 shares fell. A total of 152 shares were unchanged.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 27,766,325 with 902,468 deaths, according to data from Johns Hopkins University. India reported 919,018 active cases of COVID-19 infection and 75,062 deaths while 3,471,783 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 4.23% to 21.29. The Nifty September 2020 futures were trading at 11,410, at a premium of 5.5 points compared with the spot at 11,404.50.
The Nifty option chain for 17 September 2020 expiry showed maximum Call OI of 9.95 lakh contracts at the 11,500 strike price. Maximum Put OI of 9.13 lakh contracts was seen at 11,300 strike price.
The Nifty option chain for 24 September 2020 expiry showed maximum Call OI of 22.15 lakh contracts at the 11,500 strike price. Maximum Put OI of 29.25 lakh contracts was seen at 11,000 strike price.
Buzzing Index:
The Nifty Metal index fell 1.52% to 2,360.65. The index rose 0.86% yesterday.
Hindalco Industries (down 3.04%), JSW Steel (down 2.46%), Tata Steel (down 2.3%), NMDC (down 2.07%) and SAIL (down 1.52%) declined.
Welspun Corp (up 3.53%), Hindustan Copper (up 3.04%), Mishra Dhatu Nigam (up 2.17%), Hindustan Zinc (up 1.99%), APL Apollo Tubes (up 1.58%) and National Aluminum Co. (up 0.89%) advanced.
Stocks in Spotlight:
Index major Reliance Industries (RIL) rose 6.60% to Rs 2304. The scrip gained 6.87% to hit the day's high at 2309.75, which is also a record high for the stock.
RIL extended gains for second day after the company yesterday informed about the sale of 1.75% stake in Reliance Retail to Silver Lake for a consideration of Rs 7,500 crore.
State Bank of India (SBI) rose 2.72% after the state-run lender said it sold Rs 4,000 crore of the Basel-compliant Additional Tier 1 (AT1) bonds at a coupon of 7.74%. While the AT1 instrument is perpetual in nature, it can be called back by the lender after five years or any anniversary date thereafter.
Saregama India added 0.94% to Rs 528.20. The company said it struck a global licensing deal with ShareChat and Moj. The deal will allow ShareChat users to create new content and add to their social experience on the ShareChat and Moj platforms. Saregama will license its catalogue to both platforms allowing for the large community of ShareChat and Moj members to create their own short video content using the Saregama library. The music library offers thousands of songs in diverse Indian languages.
ICICI Prudential Life Insurance Company rose 2.39% to Rs 444.80. The company has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of NSDL, the largest depository of India. Under the agreement, ICICI Prudential Life will provide its protection and savings products to customers of NSDL Payments Bank. The partnership will help ICICI Prudential to increase presence on new-age distribution touch-points.
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