Sensex up 171 pts; breadth turns negative

Equity indices traded sideways with small gains in early afternoon trade. Pharma and auto scrips advanced while metal and media shares were under pressure. The Nifty traded below the 17,300 mark.

At 12:30 IST, the barometer index, the S&P BSE Sensex rose 170.98 points or 0.3% at 57,764.67. The Nifty 50 index gained 50.65 points or 0.29% at 17,272.65.

In the broader market, the S&P BSE Mid-Cap index added 0.41% while the S&P BSE Small-Cap index rose 0.38%.

The market breadth, indicating the overall health of the market, turned negative. On the BSE, shares 1,501 rose and 1,751 shares fell. A total of 123 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, fell 3.5% to 21.8175. The Nifty 31 March 2022 futures were trading at 17,315.50, at a premium of 50 points as compared with the spot at 17,265.5.

Buzzing Index:

The Nifty Metal index slipped 0.72% to 6,512, snapping its eight day winning run. The index saw profit booking after rising 11% in eight days.

Coal India (down 2.51%), NMDC (down 1.61%), Steel Authority of India (down 1.05%), Tata Steel (down 0.71%), Hindalco Industries (down 0.68%) and Vedanta Ltd (down 0.54%) were top losers in metal space.

Stocks in Spotlight:

HDFC Bank rose 0.57%. The private sector lender on Tuesday said that it will pick 15% stake in India Debt Resolution Company for Rs 7.5 crore. The bank said that the equity investment will be done in tranches, the first of which for Rs 3 crore is expected to be complete by 31 March 2022. "Subsequent tranches of equity investment will be made as and when determined by the Board of Directors of IDRCL," it said. Post investment of all tranches, the bank will hold upto 15% of the equity share capital of the IDRCL.

Shriram Transport Finance was down 0.9%. The NBFC on Tuesday announced that the company`s board will consider and approve fund raising by issuing non-convertible debt securities / bonds during the month ending 30 April 2022.

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