Barometers turn rangebound, Sensex gains 257 pts, media stocks advance

The frontline indices traded in a narrow range with decent gains in early afternoon trade. The Nifty hovered above the 18,150 mark after hitting the day's low of 18,086.50 in the early trade. Metal, media and PSU bank shares were in demand while pharma, healthcare and consumer durables stocks declined.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 257.28 points or 0.42% to 61,098.02. The Nifty 50 index added 75.10 points or 0.41% to 18,180.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.78%.

The market breadth was strong. On the BSE, 2,309 shares rose and 1,191 shares fell. A total of 184 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.20 to 14.90. The Nifty 25 January 2022 futures were trading at 18,241.30, at a premium of 60.9 points as compared with the spot at 18,180.40.

The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 24.9 lakh contracts at the 19,000 strike price. Maximum Put OI of 34.6 lakh contracts were seen at 18,000 strike price.

IPO Update:

The initial public offer (IPO) of Sah Polymers received bids for 78,80,720 shares as against 56,10,000 shares on offer, according to stock exchange data at 12:18 IST on Monday (2 January 2023). The issue was subscribed 1.40 times.

The issue opened for bidding on Friday (30 December 2022) and it will close on Wednesday (4 January 2023). The price band of the IPO is fixed at Rs 61-65per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index rose 1.02% to 2,012.35.The index added 1.57% in two trading sessions.

Dish TV India (up 3.53%), Hathway Cable & Datacom (up 1.73%), Zee Entertainment Enterprises (up 1.71%), TV18 Broadcast (up 1.48%), Network 18 Media & Investments (up 1.44%), Inox Leisure (up 0.47%), PVR (up 0.42%), Sun TV Network (up 0.14%) edged higher.

On the other hand, Navneet Education (down 2.28%), Nazara Technologies (down 0.29%), declined.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) rose 1.04% after the company said that its overall auto sales for the month of December 2022 stood at 56,677 vehicles, registering a growth of 44.74% as against 39,157 vehicles sold in December 2021. Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for December 2022. The company's total tractor sales (domestic + exports) surged 27% YoY to 23,243 units in December 2022 from 18,269 units sold in December 2021.

Maruti Suzuki India shed 0.03%. The car maker said that it had sold a total of 139,347 units in December 2022, which is lower by 9% as compared with 153,149 units sold in December 2021. While the company's total domestic sales fell by 10.2% to 117,551 units, total exports contracted by 2.2% to 21,796 units in December 2022 over December 2021.

Escorts Kubota rose 1.02%. The company's Agri Machinery Segment sold 5,573 tractors in December 2022, registering a growth of 18.7% as compared with 4,695 tractors sold in December 2021. Meanwhil, Escorts Kubota's Construction Equipment Segment in December 2022 sold 423 machines as against 377 machines sold in December 2021, recording a growth of 12.2%.

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