Indices trade with moderate gains, VIX jumps over 15 mark

The headline equity indices traded with modest gains in early afternoon trade. The Nifty traded near the 21,550 mark. Metal shares extended gains for the fourth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 319.87 points or 0.45% to 71,656.67. The Nifty 50 index advanced 107.90 points or 0.50% to 21,549.25.

In the broader market, the S&P BSE Mid-Cap index added 0.03% and the S&P BSE Small-Cap index shed 0.17%.

The market breadth was positive. On the BSE, 1,865 shares rose and 1,796 shares fell. A total of 162 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rallied 3.16% to 15.14. The Nifty 28 December 2023 futures were trading at 21,536, at a discount of 13.25 points as compared with the spot at 21,549.25.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 144.9 lakh contracts at the 22,000 strike price. Maximum Put OI of 162.9 lakh contracts were seen at 21,500 strike price.

Buzzing Index:

The Nifty Metal gained 0.93% to 7,812.15. The index jumped 5.26% in four trading sessions.

Hindalco Industries (up 3.73%), Steel Authority of India (up 2.38%), National Aluminium Company (up 2.04%), Tata Steel (up 1.7%), JSW Steel (up 1.68%), Jindal Steel & Power (up 0.6%), APL Apollo Tubes (up 0.57%), Hindustan Copper (up 0.54%), Hindustan Zinc (up 0.35%) advanced.

On the other hand, Vedanta (down 3.36%), Welspun Corp (down 0.47%) and NMDC (down 0.4%) edged lower.

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