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

The domestic equity benchmarks were currently at the day`s high in early afternoon trade. The Nifty hovered near the 17,600 mark. Realty stocks witnessed across the board buying.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 977.58 points or 1.69% to 58,950.20. The Nifty 50 index added 281.25 points or 1.62% to 17,594.15.

In the broader market, the S&P BSE Mid-Cap index rose 1.57% while the S&P BSE Small-Cap index advanced 1.26%.

The market breadth was strong. On the BSE, 2,427 shares rose and 877 shares fell. A total of 142 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slumped 5.52% to 18.73. The Nifty 29 September 2022 futures were trading at 17,644.85, at a premium of 50.7 points as compared with the spot at 17,594.15.

The Nifty option chain for the 29 September 2022 expiry showed maximum Call OI of 20.7lakh contracts at the 18,000 strike price. Maximum Put OI of 32.5 lakh contracts were seen at 16,500 strike price.

Buzzing Index:

The Nifty Realty index rose 2.31% to 457.95. The index had declined 1.72% in the past two sessions.

DLF (up 3.95%), Oberoi Realty (up 3.3%), Godrej Properties (up 3.02%), Indiabulls Real Estate (up 2.56%) and Brigade Enterprises (up 1.81%) were the top gainers.

Among the other gainers were Macrotech Developers (up 1.66%), Sunteck Realty (up 1.4%), Prestige Estates Projects (up 0.97%) and Phoenix Mills (up 0.35%).

Stocks in Spotlight:

Granules India rose 1.28%. The company announced that it has received abbreviated new drug application (ANDA) approval for Loperamide Hydrochloride and Simethicone tablets from US FDA.

Karur Vysya Bank added 0.15%. The bank said that CRISIL Ratings has reaffirmed the rating of the certificate of deposits (CD) programme of the bank at `CRISIL A1+`.

Yes Bank gained 1.97%. The bank said that CRISIL Ratings has upgraded the rating on Tier-II bonds (under Basel III) and Infrastructure Bonds of the bank to `CRISIL A-` from `CRISIL BBB+` and has revised the outlook to `positive` from `stable`. CRISIL Ratings has also upgraded the rating on the Rs 20,000 crore certificates of deposit (CD) of the bank to `CRISIL A1+` from `CRISIL A1`.

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