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Sensex spurts 926 pts, NSE VIX drops over 5%

Published on Jul 28, 2022 12:34

The key equity indices marched higher and hit a fresh intraday high in the early afternoon trade. The Nifty traded above the 16,850 mark. All the sectoral indices on the NSE were in the green with IT, financial services and realty stocks gaining the most.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 926.44 points or 1.66% to 56,742.76. The Nifty 50 index gained 255.95 points or 1.54% to 16,897.75.

In the broader market, the S&P BSE Mid-Cap index rose 1.01% while the S&P BSE Small-Cap index added 0.80%.

The market breadth was strong. On the BSE, 1,973 shares rose and 1,205 shares fell. A total of 162 shares were unchanged.

Investors cheered after the US Fed hinted at slowing down rate hikes going forward and rejected the speculation that the US economy is in recession.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 5.76% to 17.09. The Nifty 28 July 2022 futures were trading at 16,924.95, at a premium of 27.2 points compared with the spot at 16,897.75.

The Nifty option chain for the 28 July 2022 expiry showed maximum Call OI of 159.9 lakh contracts at the 17,000 strike price. Maximum Put OI of 147.4 lakh contracts was seen at 16,800 strike price.

Buzzing Index:

The Nifty Financial Services index rose 2% to 17,218.30. The index added 2.89% in two sessions.

Bajaj Finance (up 9.05%), Bajaj Finserv (up 7.99%), Kotak Mahindra Bank (up 2.61%), HDFC Asset Management Company (up 1.84%), Cholamandalam Investment & Finance Company (up 1.84%) SBI Life Insurance Company (up 1.78%), Muthoot Finance (up 1.67%), Piramal Enterprises (up 1.48%), ICICI Bank (up 1.23%) and Axis Bank (up 1.22%), jumped.

Bajaj Finserv surged 7.99% after the company`s consolidated net profit climbed 57% to Rs 1,309 crore on a 14% rise in total income to Rs 15,888 crore in Q1 FY23 over Q1 FY22.

Earnings Impact:

Nestle India advanced 3.34%. The FMCG major reported a 4.32% decline in net profit to Rs 515.34 crore on 16.1% rise in revenue from operations to Rs 4,036.57 crore in Q2 CY22 over Q2 CY21.

Blue Dart Express rose 0.06%. The company`s consolidated net profit rose jumped 280% to Rs 118.79 crore on 49.3% increase in revenue from operations to Rs 1,293.31 crore in Q1 FY23 over Q1 FY22.

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