Nifty climbs above 21,450; metal shares shine

The domestic equity barometers continued to extend gains and traded near the day�s high in early afternoon trade. The Nifty traded above the 21,450 mark. Metal shares advanced for third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 283.69 points or 0.40% to 71,391.65. The Nifty 50 index added 107.20 points or 0.50% to 21,456.60.

In the broader market, the S&P BSE Mid-Cap index gained 0.83% and the S&P BSE Small-Cap index rose 0.39%.

The market breadth remained strong. On the BSE, 2,339 shares rose, and 1,423 shares fell. A total of 180 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, surged 8.69% to 14.90. The Nifty 28 December 2023 futures were trading at 21,499.05, at a premium of 42.45 points as compared with the spot at 21,456.60.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 128 lakh contracts at the 22,000 strike price. Maximum Put OI of 109.4 lakh contracts were seen at 21,300 strike price.

Buzzing Index:

The Nifty Metal advanced 1.25% to 7,748.10. The index increased 4.4% in three consecutive trading sessions.

NMDC (up 3.94%), Hindustan Copper (up 3.02%), Adani Enterprises (up 2.34%), Tata Steel (up 1.87%), Jindal Stainless (up 1.54%), Vedanta (up 1.15%), Hindalco Industries (up 1.11%), Jindal Steel & Power (up 1%), Welspun Corp (up 0.78%) and Hindustan Zinc (up 0.71%) edged higher.

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