Benchmarks at day's high; metal shares rise for 3rd day

The domestic equity barometers were currently at the high point of the day in early afternoon trade. The Nifty traded above the 16,550 mark. Metals shares extended gains for third day in a row.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 787.91 points or 1.44% to 55,555.53. The Nifty 50 index gained 218.55 points or 1.34% to 16,559.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.85% while the S&P BSE Small-Cap index added 0.97%.

The market breadth was strong. On the BSE, 2,210 shares rose and 1,009 shares fell. A total of 153 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.84% to 16.89. The Nifty 28 July 2022 futures were trading at 16,558.55, at a discount of 0.55 points as compared with the spot at 16,559.10.

The Nifty option chain for the 28 July 2022 expiry showed maximum Call OI of 30.1 lakh contracts at the 17,000 strike prices. Maximum Put OI of 36.8 lakh contracts was seen at 16,000 strike price.

Buzzing Index:

The Nifty Metal index rose 1.84% to 5,083. The index has added 5.22% in three sessions.

APL Apollo Tubes (up 3.09%), Steel Authority of India (up 2.73%), National Aluminium Company (up 1.97%) and Hindustan Copper (up 1.72%) were the top index gainers.

Among the other gainers were Jindal Steel & Power (up 1.52%), Tata Steel (up 1.47%), JSW Steel (up 1.4%), NMDC (up 1.11%) and Adani Enterprises (up 0.68%).

Meanwhile, Hindustan Zinc (down 6.23%) and Ratnamani Metals & Tubes (down 1.12%) declined.

Vedanta jumped 6.26%. The company said that its board has approved a second interim dividend of Rs 19.50 per share. The record date for the purpose of payment of dividend is Wednesday, 27 July 2022.

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