Benchmarks near day`s high; Nifty above 17,700 level

The key equity indices traded with modest gains near day`s high in the early afternoon trade. The Nifty traded a tad above the 17,700 mark after hitting the day`s low of 17,637.70 in the mid-morning trade. Bank stocks gained for the third day in a row.

At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 327.61 points or 0.55% to 59,413.04. The Nifty 50 index gained 100.65 points or 0.57% to 17,705.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.90% while the S&P BSE Small-Cap index gained 0.84%.

The market breadth was strong. On the BSE, 2,241 shares rose and 1,045 shares fell. A total of 145 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 0.56% to 18.3250. The Nifty 25 August 2022 futures were trading at 17,714.50, at a premium of 8.9 points as compared with the spot at 17,705.60.

The Nifty option chain for the 25 August 2022 expiry showed maximum Call OI of 150.7 lakh contracts at the 17,800 strike price. Maximum Put OI of 118.5 lakh contracts were seen at 17,600 strike price.

Buzzing Index:

The Nifty Bank index rose 1.01% to 39,433.35, continuing its streak to the third day. The index has risen 3% in three trading sessions.

Among the components of the Nifty Bank index, Punjab National Bank (up 4.92%), Bank of Baroda (up 3.32%), IDFC First Bank (up 2.67%), AU Small Finance Bank (up 1.71%) and State Bank of India (up 1.45%) were the top gainers.

Among the other gainers were Federal Bank (up 1.14%), Kotak Mahindra Bank (up 1.04%), Bandhan Bank (up 0.93%), IndusInd Bank (up 0.8%) and HDFC Bank (up 0.75%).

Stocks in Spotlight:

Samvardhana Motherson International rose 0.76% after the company announced the signing of a Memorandum of Understanding (MoU) Ministry of Investment, Kingdom of Saudi Arabia (MISA). The MoU is aimed at identifying investment development opportunities for industrial and service activities in the Kingdom of Saudi Arabia (KSA).

Parag Milk Foods gained 6.19% after the company approved preferential issue of 1.1 crore equity shares having face value of Rs 10 each to AG Dynamic Funds. The preferential allotment is at an issue price of Rs 93.75 per equity share aggregating to Rs 103.12 crore. Post completion of this transaction, AG Dynamic Funds shall hold an aggregate of 10.24% of the share capital of the company.

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