Barometers hover near record highs; breadth remains negative

The benchmark indices traded near its all-time high levels during early afternoon trade. The Nifty index hovered tad below 18,600 level. The Nifty Consumer Durables index snapped seven-day rising streak.

At 12:20 IST, the barometer index, the S&P BSE Sensex, jumped 415.03 points or 0.67% at 62,180.62. The Nifty 50 index surged 100.95 points or 0.55% at 18,578.

The Sensex hit a record high of 62,206.61 while the Nifty hit an all-time high of 18,604.45 in morning trade.

The domestic equity benchmarks extended their upward rally for eight day today, even as rise in oil and other commodity prices fueled global inflation concerns.

In the broader market, the S&P BSE Mid-Cap index added 0.04% while the S&P BSE Small-Cap index rose 0.27%.

The market breadth was negative. On the BSE, 1,335 shares rose and 1,884 shares fell. A total of 158 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, fell 1.48% to 16.93. The Nifty 28 October 2021 futures were trading at 18,571.75, at a discount of 6.25 points as compared with the spot at 18,578.

The Nifty option chain for 28 October 2021 expiry showed maximum Call OI of 19.4 lakh contracts at the 18,500 strike price. Maximum Put OI of 28.1 lakh contracts was seen at 18,500 strike price.

Buzzing Index:

The Nifty Consumer Durables index slipped 0.89% to 30,198.55. The index rose 11.88% in the past seven trading sessions.

Whirlpool of India (down 2.59%), Titan Company (down 2.33%), Crompton Greaves Consumer Electricals (down 2.33%), Orient Electric (down 1.85%) and V-Guard Industries (down 1.51%) tumbled.

Stocks in Spotlight:

Steel Authority of India (SAIL) slipped 1.51% after Life Insurance Corporation of India (LIC) sold 8,28,02,533 equity shares or 2.01% stake of Steel Authority of India on National Stock Exchange (NSE) from 18 June 2021 to 14 October 2021.

H G Infra Engineering advanced 3.08% after the EPC company was declared as L-1 bidder by National Highways Authority of India for two HAM projects.

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