Benchmarks trade with strong gains; auto shares in demand

The key equity barometers continued to trade with strong gains in early afternoon trade. The Nifty traded tad below the 18,100 level. Auto shares witnessed across the board buying.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 861.1 points or 1.44% to 60,761.47. The Nifty 50 index added 235.35 points or 1.32% to 18,094.80.

In the broader market, the S&P BSE Mid-Cap index gained 0.70% while the S&P BSE Small-Cap index rose 0.69%.

The market breadth was strong. On the BSE, 2,275 shares rose and 1,221 shares fell. A total of 190 shares were unchanged.

Hopes of a cool down in US rate hikes and improving global economic outlook buoyed by reopening of China's borders lifted the investor sentiment.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.78% to 14.76. The Nifty 25 January 2022 futures were trading at 17,995, at a premium of 89.4points as compared with the spot at 17,905.60.

The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 27.3 lakh contracts at the 19,000 strike price. Maximum Put OI of 38 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Auto index rose 1.23% to 12,783.70. The index had declined _ % in to end at 12,627.80 on Friday.

Mahindra & Mahindra (up 3.49%), Tata Motors (up 2.3%), Samvardhana Motherson International (up 1.93%), Ashok Leyland (up 1.49%) and Tube Investments of India (up 0.91%) were the top gainers.

Among the other gainers were Sona BLW Precision Forgings (up 0.87%), Balkrishna Industries (up 0.75%), Hero MotoCorp (up 0.56%), Bharat Forge (up 0.49%) and Bosch (up 0.49%).

Stocks in Spotlight:

JSW Steel advanced 1.79%. The Mumbai-based steel making company said that the Group's combined crude steel production for Q3 FY23 was 6.24 million tonnes, registering a growth of 17% YoY.

Bandhan Bank gained 1.98%. The bank's total loan book and advances increased by 14% YoY to Rs 1,00,520 crore in Q3 FY23. During the quarter, the private bank's loans & advances increased by 5% from Rs 95,835 crore posted in Q2 FY23. Total deposits with the bank as on 31 December 2022 amounted to Rs 1,02,283 crore, which is higher by 21% as compared with Rs 84,500 crore as on 31 December 2021.

Ajmera Realty & Infra India (ARIIL) rose 2.97%. The company announced that its sales value had improved by 19% to Rs 128 crore in Q3 FY23 compared with Rs 108 crore reported in Q3 FY22.

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