Indices trade flat; India VIX falls over 2%

The key equity barometers traded near the flat line, with some positive bias in early afternoon trade. The Nifty traded above the 16,350 level. Oil & gas stocks witnessed significant buying demand. Overall gains, however, were capped due to negative global cues and persistent selling of domestic shares by FIIs.

At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 44.94 points or 0.08% to 54,937.43. The Nifty 50 index added 8 points or 0.05% to 16,364.25.

In the broader market, the S&P BSE Mid-Cap index lost 0.13% while the S&P BSE Small-Cap index slipped by 0.16%.

The market breadth was negative. On the BSE, 1,534 shares rose and 1,611 shares fell. A total of 139 shares were unchanged.

Trading was volatile due to expiry of weekly index options on the NSE.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.15% to 19.41. The Nifty 30 June 2022 futures were trading at 16,367.55 at a premium of 3.3 points as compared with the spot at 16,364.25.

The Nifty option chain for the 30 June 2022 expiry showed maximum Call OI of 24.3 lakh contracts at the 17,000 strike price. Maximum Put OI of 41.3 lakh contracts was seen at 16,000 strike price.

Buzzing Index:

Oil & Gas stocks traded with gains, with the Nifty Oil & Gas index rising 86.40 points or 1.08% to 8,116.40.

Among the components of the Nifty Oil & Gas index, Oil India (up 8.55%), Indraprastha Gas (up 2.59%), Gujarat Gas (up 2.37%), Mahanagar Gas (up 1.9%), and Aegis Logistics (up 1.8%) were the top gainers.

Among the other gainers were Oil & Natural Gas Corpn (up 1.77%), Reliance Industries (up 1.26%), Petronet LNG (up 1.02%), Adani Total Gas (up 0.72%), and Hindustan Petroleum Corporation (up 0.17%).

On the other hand, Gujarat State Petronet (down 1.4%), Castrol India (down 0.56%), and GAIL (India) (down 0.3%) turned lower.

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