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Barometers trade with decent gains; India VIX slips around 6%

Published on Aug 26, 2022 12:32

The key equity indices continued to trade with decent gains in the early afternoon trade. The Nifty hovered above the 17,600 level. Barring the Nifty FMCG index, all the other sectoral indices on the NSE were in the green.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 267.29 points or 0.45% to 59,042.01. The Nifty 50 index gained 93 points or 0.53% to 17,615.45.

In the broader market, the S&P BSE Mid-Cap index gained 0.61% while the S&P BSE Small-Cap index rose 0.63%.

The market breadth was strong. On the BSE, 2,077 shares rose and 1,191 shares fell. A total of 159 shares were unchanged.

Investors focused on Federal Reserve Chair Jerome Powell`s speech at the central bank`s economic symposium at Jackson Hole, Wyoming, for clues about the bank`s outlook for the economy and interest rates.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 5.95% to 18.4050. The Nifty 29 September 2022 futures were trading at 17,709.40, at a premium of 93.95 points as compared with the spot at 17,615.45.

The Nifty option chain for the 29 September 2022 expiry showed maximum Call OI of 18.5 lakh contracts at the 18,000 strike price. Maximum Put OI of 28.8 lakh contracts were seen at 16,500 strike price.

Buzzing Index:

The Nifty PSU Bank index rose 2.07% to 3,007.30, continuing its streak to the fourth day. The index has risen 7.8% in four trading sessions.

Among the components of the Nifty PSU Bank index, UCO Bank (up 4.2%), Punjab National Bank (up 3.12%), Union Bank of India (up 2.84%), Bank of Baroda (up 2.58%) and Punjab & Sind Bank (up 2.24%) were the top gainers.

Among the other gainers were Indian Overseas Bank (up 2.24%), Indian Bank (up 2.03%), Bank of India (up 2.03%), Canara Bank (up 1.88%) and State Bank of India (up 1.69%).

Stocks in Spotlight:

Granules India rose 1.03% after the USFDA classified Granules Pharmaceuticals, Inc`s Virginia facility as Voluntary Action Indicated (VAI). Granules Pharmaceuticals, Inc is a wholly-owned foreign subsidiary of the company located in Chantilly, Virginia, USA. The US drug regulator on 23 July 2022 had issued form 483 with 6 observations at this facility.

Dr. Reddy`s Laboratories skid 0.05%. The drug major on Thursday (25 August) announced that its formulations manufacturing facility (FTO 11) in Srikakulam, Andhra Pradesh received the Establishment Inspection Report (EIR) from the US drug regulator. The inspection was conducted from 30 June, 2022 to 7 July, 2022 and the agency had issued a form 483 with two observations on 7 July 2022.

HDFC Bank rose 0.69%. The private lender on Thursday announced that it has entered into an indicative and non-binding term sheet with Go Digit Life Insurance, to acquire 9.94% stake in the company. In an exchange filing, HDFC Bank said that it has proposed an investment of between Rs 49.9 crore to Rs 69.9 crore, in two tranches, by subscribing to equity shares of the company, for an equity stake of up to 9.944% of the paid-up equity share capital of the company.

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