The headline equity indices marched higher and hit a fresh intraday high in early afternoon trade. The Nifty scaled above the 18,150 mark. IT shares rallied for the sixth consecutive trading session.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 420.78 points or 0.69% to 61,076.50. The Nifty 50 index added 118.35 points or 0.66% to 18,171.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.27% while the S&P BSE Small-Cap index gained 0.28%.
The market breadth was positive. On the BSE, 1,933 shares rose, and 1,458 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, declined 1.59% to 14.36. The Nifty 25 January 2022 futures were trading at 18,203.25, at a premium of 31.6 points as compared with the spot at 18,171.65.
The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 33.4 lakh contracts at the 19,000 strike price. Maximum Put OI of 55.9 lakh contracts were seen at 18,000 strike price.
Buzzing Index:
The Nifty IT index rose 0.67% to 29,696.55. The index jumped 4.19% in sixth sessions.
Wipro (up 1.55%), Tata Consultancy Services (up 0.79%), HCL Technologies (up 0.79%), Persistent Systems (up 0.63%), Infosys (up 0.54%), Mphasis (up 0.46%), Coforge (up 0.36%), LTI Mindtree (up 0.29%), L&T Technology Services (up 0.21%) and Tech Mahindra (up 0.08%) advanced.
Stocks in Spotlight:
Hindalco Industries advanced 2.12% after the company's board approved allotment of 70,000 non-convertible debentures (NCDs) of Rs 1 lakh each aggregating to Rs 700 crore, on private placement basis.
Adani Green Energy slipped 2.88%. The company said that its wholly-owned subsidiary, Adani Renewable Energy Holding Two has entered into a binding term sheet for acquisition of 50% equity interest in Essel Saurya Urja Company of Rajasthan (ESUCRL) for Rs 15 crore. The transaction is expected to be completed by 28 February 2023.
Tata Investment Corporation dropped 3.87% after the company's consolidated net profit declined 13.2% to Rs 34.53 crore as against Rs 39.80 crore posted in Q3 FY22.
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