Equity barometers pare some gains; auto shares edge higher

The domestic equity barometers sharply pared some of the day`s gains in early afternoon trade. The Nifty traded below above the 21,350 mark. Auto shares advanced for second day in a row.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 238.01 points or 0.34% to 71,103.11. The Nifty 50 index added 85.15 points or 0.4% to 21,340.20.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.73% and the S&P BSE Small-Cap index gained 0.88%.

The market breadth was strong. On the BSE, 2,440 shares rose and 1,177 shares fell. A total of 165 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.67% to 13.85. The Nifty 28 December 2023 futures were trading at 21,352.75, at a premium of 12.55 points as compared with the spot at 21,340.20.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 108.8 lakh contracts at the 22,000 strike price. Maximum Put OI of 99.2 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Auto index gained 1.29% to 17,764.55. The index added 1.38% in two trading sessions.

Maruti Suzuki India (up 2.59%), Tata Motors (up 2.02%), TVS Motor Company (up 1.97%), Hero MotoCorp (up 1.61%) and Ashok Leyland (up 1.56%) were the top gainers.

Among the other gainers were Bajaj Auto (up 1.56%), Sona BLW Precision Forgings (up 1.38%), MRF (up 1.25%), Eicher Motors (up 0.9%) and Tube Investments of India (up 0.83%).

Stocks in Spotlight:

Sarda Energy & Minerals rose 2.04%. The Chhattisgarh Environment Conservation Board, Raipur has granted to the company `consent to operate` the enhanced capacity at its existing iron ore pellet plant. Accordingly, the operational capacity of Sarda Energy would increase from existing 8,00,000 tonnes per annum to 9,00,000 tonnes per annum.

State Bank of India shed 0.16%. The largest PSU bank announced that it will sign an agreement with World Bank for obtaining a line of credit of $165 million. The said funds would be used for supporting grid connected rooftop solar photovoltaic (PV) projects in Residential & Institutional sectors, on 22nd December 2023 at Delhi.

Brigade Enterprises added 0.31%. The company announced the signing of a 10-year agreement with Sidvin Core-Tech India for leasing out 54,300 square feet of Grade A office space at Brigade Deccan Heights in Northwest Bangalore.

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