Barometers at the high point of the day; India VIX down over 4%

The domestic equity benchmarks were currently at the day`s high in early afternoon trade. The Nifty traded above the 17,150 level. Oil & gas stocks edged higher.

At 12:26 IST, the S&P BSE Sensex was up 491.25 points or 0.86% to 57,310.64. The Nifty 50 index gained 141.35 points or 0.83% to 17,179.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index fell 0.11%.

The market breadth was negative. On the BSE, 1566 shares rose while 1715 shares fell. A total of 116 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, declined 4.16% to 19.75. The Nifty 26 May 2022 futures were trading at 17,199, at a premium of 19.25 points as compared with the spot at 17,179.75.

The Nifty option chain for the 26 May 2022 expiry showed maximum Call OI of 17.3 lakh contracts at the 18,000 strike price. Maximum Put OI of 32.4 lakh contracts was seen at 16,500 strike price.

Buzzing Index:

Oil and gas stocks traded with strong gains, with the Nifty Oil & Gas index advancing 1.14% to 8,380.00.

Among the index constituents, Adani Total Gas (up 2.59%), Reliance Industries (up 2.12%), Aegis Logistics (up 1.60%), GAIL (India) (up 1.35%), Castrol India (up 1.04%) and Indian Oil Corporation (up 0.75%) advanced.

On the other hand, Gujarat Gas (down 1.70%), Mahanagar Gas (down 1.07%), Indraprastha Gas (down 0.74%) and Hindustan Petroleum Corporation (down 0.55%) declined.

Oil and Natural Gas Corporation (ONGC) shed 0.55% to Rs 166. ONGC said that it has signed a memorandum of understanding (MoU) with Equinor ASA, the Norwegian state-owned multinational energy company.

As per the agreement, both ONGC and Equinor will collaborate with each other in the field of upstream oil and gas, midstream, marketing, and trading, besides exploring further options in low carbon fuel, renewables, carbon capture storage (CCS) as well as carbon capture utilization and sequestration (CCUS) opportunities in India.

Chennai Petroleum Corporation (CPCL) hit an upper circuit limit of 10% at Rs 263.35 after the company`s consolidated net profit surged 314.05% to Rs 1001.92 crore on 87.86% rise in net sales to Rs 16413.57 crore in Q4 March 2022 over Q4 March 2021.

Primary Market:

The initial public offer (IPO) of Campus Activewear received bids for 28.26 crore shares as against 3.36 crore shares on offer, according to stock exchange data at 12:27 IST on Thursday (28 April 2022). The issue was subscribed 8.41 times. The issue opened for bidding on 26 April 2022 and it will close on 28 April 2022.

The initial public offer (IPO) of Rainbow Childrens Medicare received bids for 80.31 lakh shares as against 2.05 crore shares on offer, according to stock exchange data at 12:30 IST on Thursday (28 April 2022). The issue was subscribed 0.39 times. The issue opened for bidding on 27 April 2022 and it will close on 29 April 2022.

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