Barometers turn range bound; auto stocks in demand

The key equity barometers traded in a narrow range in afternoon trade. The Nifty traded tad above the 15,850 level. Auto shares extended their rising streak to the third consecutive session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 521.24 points or 0.99% to 53,249.22. The Nifty 50 index gained 157.50 points or 1% to 15,856.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.92% while the S&P BSE Small-Cap index gained 1.53%.

Buyers outnumbered sellers. On the BSE, 2,450 shares rose and 823 shares fell. A total of 154 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.67% to 20.90. The Nifty 30 June 2022 futures were trading at 15,849.35, at a discount of 7.4 points as compared with the spot at 15,630.30.

The Nifty option chain for the 30 June 2022 expiry showed maximum Call OI of 98.7 lakh contracts at the 16,000 strike price. Maximum Put OI of 84.1 lakh contracts was seen at 15,000 strike price.

Buzzing Index:

The Nifty Auto index rose 1.09% to 11,709.35. The index has added 7.61% in three trading sessions.

Bosch (up 2.33%), Tube Investments of India (up 2.08%), Bajaj Auto (up 1.49%), Balkrishna Industries (up 1.46%) and Tata Motors (up 1.43%) were the top gainers.

Further, Maruti Suzuki India (up 1.4%), Ashok Leyland (up 1.18%), Sona BLW Precision Forgings (up 1.13%), Mahindra & Mahindra (up 0.92%) and TVS Motor Company (up 0.71%) edged higher.

Stocks in Spotlight:

Edelweiss Financial Services advanced 1.22% to Rs 53.80 after the company announced that ICRA had re-affirmed the credit rating of `[ICRA]A+` on the retail NCD programme of the company and upgraded the outlook on the same to `stable` from `negative`.

Hindustan Copper rose 1.93% to Rs 87 after the state owned company said that its board will consider raising funds on Thursday, 30 June 2022.

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