Benchmarks trade with strong gains; private banks advance

The key equity benchmarks continued to trade with major gains in early afternoon trade. The Nifty hovered above the 21,150 mark. Private bank shares gained after declining in the past two trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 858.26 points or 1.23% to 70,442.86. The Nifty 50 index advanced 234.40 points or 1.12% to 21,160.75.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,189.55 and 70,540 respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.96% and the S&P BSE Small-Cap index gained 0.92%.

The market breadth was strong. On the BSE, 2,198 shares rose and 1,45 shares fell. A total of 135 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.91% to 12.18. The Nifty 28 December 2023 futures were trading at 21,260.15, at a premium of 99.4 points as compared with the spot at 21,160.75.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 34.1 lakh contracts at the 21,000 strike price. Maximum Put OI of 44.5 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Private Bank index declined 1.58% to 24,786.55. The index slipped 0.62% in past two trading sessions.

IndusInd Bank (up 2.71%), ICICI Bank (up 2.17%), RBL Bank (up 2.12%), Kotak Mahindra Bank (up 1.84%), IDFC First Bank (up 1.37%) Bandhan Bank (up 1.33%), HDFC Bank (up 1.04%), City Union Bank (up 0.92%), Axis Bank (up 0.65%) and Federal Bank (up 0.59%) advanced.

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