Sensex, Nifty at the high point of the day; India NSE Vix drops nearly 6%

The domestic equity barometers were currently at the day`s high in early afternoon trade. The Nifty hovered near the 17,900 mark. Realty shares witnessed some bit of bargain buying.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 870.17 points or 1.47% to 60,011.40. The Nifty 50 index added 267.85 points or 1.52% to 17,890.10.

In the broader market, the S&P BSE Mid-Cap index rose 1.95% while the S&P BSE Small-Cap index increased 1.43%

The market breadth was strong. On the BSE, 2,336 shares rose and 1,021 shares fell. A total of 140 shares were unchanged.

The Federal Open Market Committee (FOMC) begins its two-day meeting on Tuesday, with investors expecting a 75 basis point hike following last week`s higher-than-expected CPI figures.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slumped 5.24% to 18.90. The Nifty 29 September 2022 futures were trading at 17,928, at a premium of 37.9 points as compared with the spot at 17,890.10.

The Nifty option chain for the 29 September 2022 expiry showed maximum Call OI of 28.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 32.7 lakh contracts were seen at 16,500 strike price.

Buzzing Index:

The Nifty Realty index advanced 2.01% to 459.10. The index had declined 6.32% in the past five sessions.

DLF (up 2.84%), Macrotech Developers (up 2.74%), Oberoi Realty (up 2.39%), Indiabulls Real Estate (up 2.1%) and Phoenix Mills (up 2.08%) were the top gainers.

Further, Sunteck Realty (up 1.91%), Brigade Enterprises (up 1.76%), Godrej Properties (up 1.51%) and Prestige Estates Projects (up 1.23%) edged higher.

Stocks in Spotlight:

Butterfly Gandhimathi Appliances rose 1.43%. Through the offer for sale (OFS), Crompton Greaves Consumer Electricals, the company`s promoter, proposes to sell up to 10,72,775 equity shares of Butterfly Gandhimathi, (representing six percent of the total paid-up equity share capital of the company). As on 30 June 2022, Crompton Greaves Consumer Electricals held 1.44 crore shares or 81% stake in Butterfly Gandhimathi Appliances.

The floor price for the OFS is set at Rs 1,370 per equity share, a 8.67% discount to Butterfly Gandhimathi`s closing price of Rs 1,500.40 on Monday, 19 September 2022.

The OFS opened on Tuesday (20 September 2022) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Wednesday (21 September 2022). The company has reserved 10% of the offer for retail investors.

As of 11:55 IST, the OFS received subscription for 68,435 shares. It was subscribed 7.09% on the non-retail total offer size of 9,65,497 shares.

Natco Pharma advanced 2.24%. The Delhi High Court permitted to launch Chlorantraniliprole (CTPR) and its formulations, through its non-infringing process. CTPR technical is formulated into broad-spectrum insecticides used across wide range of crops for pest management.

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