Barometers trade with tiny gains; NSE India VIX rises 2%

The key equity indices traded with minor gains in the early afternoon trade. The Nifty traded above 17,550 level after hitting the day's low at 17,499.25 in the morning trade. Realty, media and private bank stocks advanced while pharma, consumer durables and IT shares declined.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 12.09 points or 0.02% to 59,043.39. The Nifty 50 index added 6.25 points or 0.04% to 17,583.75.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index gained 0.65%.

The market breadth was strong. On the BSE, 2,058 shares rose and 1,204 shares fell. A total of 164 shares were unchanged.

 

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2% to 18.6675. The Nifty 25 August 2022 futures were trading at 17,585.90, at a premium of 2.15 points as compared with the spot at 17,583.75.

The Nifty option chain for the 25 August 2022 expiry showed maximum Call OI of 127.8 lakh contracts at the 18,000 strike price. Maximum Put OI of 116.3 lakh contracts were seen at 17,500 strike price.

Buzzing Index:

The Nifty Pharma index fell 0.39% to 12,634.50. The index has rose 0.76% in the past trading session.

Among the components of the Nifty Pharma index, Divis Laboratories (down 1.9%), Lupin (down 1.57%), Laurus Labs (down 1.37%), Strides Pharma Science (down 0.5%), Cipla (down 0.45%), Natco Pharma (down 0.41%), Dr Reddys Laboratories (down 0.38%), Ipca Laboratories (down 0.35%), Granules India (down 0.26%) and Pfizer (down 0.21%) were the losers.

On the other hand, Abbott India (up 1.34%), Zydus Lifesciences (up 1.17%), Gland Pharma (up 1.09%) and Aurobindo Pharma (up 0.46%) edged higher.

Aurobindo Pharma rose 0.46% after its wholly owned subsidiary, Eugia Pharma Specialities received US Food & Drug Administration approval for Medroxyprogesterone Acetate injectable suspension. Medroxyprogesterone Acetate injection is indicated for the use by females of reproductive potential to prevent pregnancy.

Stocks in Spotlight:

KIOCL rose 0.47%. The company announced that it has once again temporarily suspended operation of its pellet plant at Mangalore from 23 August 2022. The temporary shutdown is due to shed full condition, resulting out of lack of demand in domestic market and unviability in international market in view of levy of duty on export of pellets by Government of India vide its notification.

DLF rose 0.90%. The company said that the credit rating agency ICRA has reaffirmed its rating and revised outlook to 'positive' from 'stable' on the instruments and bank facilities of the company. The agency has reaffirmed the rating of non-convertible debentures, fund-based-term loans, fund-based-working capital facilities and non-fund based-working capital facilities/bank guarantee of the company at "[ICRA] AA-" while revising the outlook on the same to 'positive'.

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