SENSEX, NIFTY AT THE HIGH POINT OF THE DAY; CONSUMER DURABLE STOCKS IN DEMAND

The benchmark indices pared losses and currently traded at the day`s high in afternoon trade. The Nifty traded above the 19,650 mark. Consumer durable stocks advanced as value buying emerged at lower levels.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 54.09 points or 0.08% to 66,063.24. The Nifty 50 index added 9.25 points or 0.05% to 19,683.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.06% while the S&P BSE Small-Cap index gained 0.22%.

The market breadth was almost even. On the BSE, 1,849 shares rose and 1,744 shares fell. A total of 215 shares were unchanged.

Economy:

The IMD announced that conditions are becoming favourable for withdrawal of southwest monsoon from the country by around September 25.

The government said it has sold 18.09 lakh tonne of wheat from the central pool to bulk users in 13 eauctions under the open market sale scheme (OMSS), helping cool down the prices of wheat and wheat flour.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.57% to 10.83. The Nifty 28 September 2023 futures were trading at 19,748, at a premium of 64.5 points as compared with the spot at 19,683.50.

The Nifty option chain for the 28 September 2023 expiry showed maximum Call OI of 114.6 lakh contracts at the 19,800 strike price. Maximum Put OI of 106.5 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Consumer Durables index rose 0.81% to 29,334.15. The index had declined 1.49% in the past three sessions.

Blue Star (up 3.28%), Kajaria Ceramics (up 2.23%), Dixon Technologies (India) (up 2.16%), V-Guard Industries (up 1.11%) and TTK Prestige (up 0.91%) were the top gainers.

Among the other gainers were Titan Company (up 0.89%), Havells India (up 0.84%), Bata India (up 0.78%), Amber Enterprises India (up 0.59%) and Whirlpool of India (up 0.28%).

On the other hand, Crompton Greaves Consumer Electricals (down 1.28%), Relaxo Footwears (down 0.87%) and Orient Electric (down 0.46%) turned lower.

Stocks in Spotlight:

Deep Industries rallied 3.06%. The company informed that it has received letter of award (LoA) from Oil and Natural Gas Corporation worth Rs 108 crore for charter hiring of HP compressors.

Alkem Laboratories rose 0.71%. The company and Biosergen AB have entered into a co-development and license agreement for the development and commercialization of latter`s polyene macrolide antifungal product, BSG005.

Ircon International added 2.30%. The company said that it has executed the contract agreement worth Rs 122 crore, with Sri Lanka Railways for design, installation, and commissioning of signalling and telecommunication systems.

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