loader2
Partner With Us NRI

Sensex rises 391 pts; metal stocks in demand

Published on Feb 10, 2022 12:27

The benchmark indices hit intraday high during early afternoon trade, boosted by metal, financial services and bank scrips. The Nifty hovered above 17,550 mark.

At 12:30 IST, the barometer index, the S&P BSE Sensex, rose 391.45 points or 0.67% at 58,857.42. The Nifty 50 index gained 111 points or 0.64% at 17,574.80.

In the broader market, the S&P BSE Mid-Cap index added 0.35% while the S&P BSE Small-Cap index rose 0.04%.

The market breadth was negative. On the BSE, 1,577 shares rose and 1,650 shares fell. A total of 114 shares were unchanged.

Economy:

The Reserve Bank of India (RBI) Governor Shaktikanta Das heading a six-member Monetary Policy Committee (MPC) announced the policy resolution today. The RBI kept repo rate unchanged at 4%. Reverse repo rate stands at 3.35%. The Marginal Standing Facility (MSF) rate at 4.25%. The MPC said the policy stance will remain "accommodative" as long as needed. The real GDP growth is projected at 7.8% for FY 2022-23. FY23 inflation target is reduced to 4.5%.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, declined 2.18% to 18.15. The Nifty 24 February 2022 futures were trading at 17,621.75, at a premium of 46.95 points as compared with the spot at 17,574.80.

The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 22.2 lakh contracts at the 18,000 strike price. Maximum Put OI of 34.6 lakh contracts was seen at 16,500 strike price.

Buzzing Index:

The Nifty Metal index rose 1.23% to 6,058.80. The index rose 3.94% in three sessions.

Jindal Steel & Power (JSPL) (up 4.11%), Hindustan Copper (up 3.16%), NMDC (up 2.50%), National Aluminium Co. (NALCO) (up 1.88%) and Tata Steel (up 1.80%) were the top gainers in the Metal segment.

Powered by Capital Market - Live News