Live: Sensex, Nifty Trade Higher; ONGC Jumps Over 9%
Market Check: Sensex, Nifty Trade Higher
Indian equity benchmarks traded higher, led by the gains in Infosys Ltd. and HDFC Bank Ltd.
The S&P BSE Sensex rose 0.38 percent to 36,867 as of 11 a.m. and the NSE Nifty 50 rose 0.57 percent to 10,906. The broader markets represented by the NSE Nifty 500 Index rose 0.58 percent.
Sectoral Indices Check: Nifty Metal Best Sectoral Performer
Nine out of 11 sectoral gauges compiled by National Stock Exchange traded higher, led by the NSE Nifty Metal Index’s 2.9 percent gain. On the flipside, the NSE Nifty Realty Index was the top sectoral loser, down 0.73 percent.
F&O Check: Nifty 10,900 Call Option Jumps 85%
Nifty’s 10,900 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the weekly contract, which is set to expire today rose 84.8 percent to Rs 43.15. Over 2.38 lakh shares were added to the open interest which stood at over 32 lakh shares.
ONGC Jumps The Most In Over Five Years
Shares of Oil & Natural Gas Corporation rose as much as 9.2 percent, the most since June 2014, to Rs 129.90.
The stock extended gains for the second consecutive trading session. Trading vulme was seven times its 20-day average, Bloomberg data showed.
The stock declined 26 percent in the past 12 months compared to a 3.1 percent fall in the Sensex.
FPI Flow To Guide Road Ahead For Markets, Investment Strategies, Ajay Srivastava Says
The markets will witness a turnaround only after foreign portfolio investors turn substantial buyers, according to Dimensions Corporate Finance Services’ Managing Director Ajay Srivastava.
“The markets will not witness a turnaround by any upcoming government policies. Besides, domestic investors are already overinvested,” Srivastava told BloombergQuint in an interaction. “The investors need to wait for ‘buying trigger’ by the overseas investors. That will give confidence to rebalance portfolio,” he added.
Srivastava suggested investors to have a large-cap stock in the sectors they are interested and was cautious of mid- and small-cap stocks.
“Mid and small caps are not looking good fundamentally and economically. Investors need to stick to large caps as they are the only ones which will grow,” he said.
Aavas Financiers Jumps the Most Since Listing
Shares of Aavas Financiers rose as much as 8.2 percent, the most since its listing in October 2018, to Rs 1,633.10.
Trading volume was double its 20-day average, Bloomberg data showed. Of the shares traded, 54 percent were at the ask price and 24 percent were at the bid.
The stock has returned 94.6 percent since its listing. The scrip gained over 11 percent in two trading sessions.