Live: Sensex, Nifty Gain; Pharma Shares Advance
Opening Bell: Sensex Opens Nearly 400 Points Higher; Nifty Above 12,100
Indian equities opened higher, halting their four-day losing streak.
The S&P BSE Sensex rose as much as 0.9 percent to 41,276 and the NSE Nifty 50 rose as much as 0.96 percent to 12,107. The broader markets represented by the NSE Nifty 500 Index rose 0.85 percent.
All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Pharma Index’s 1.9 percent gain.
Sectoral Check: NSE Nifty Pharma Index Best Performer
Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Pharma Index’s 2 percent advance. On the flipside, the NSE Nifty Auto Index was the top sectoral loser, down 1 percent.
F&O Check: Nifty 12,000 Call Option Premium Jumps 52%
Nifty’s 12,000 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on Feb. 20, rose 51.95 percent to Rs 72.25. About 5.05 lakh shares were removed from the open interest which stood at over 10.9 lakh shares.
Gayatri Projects Falls For Twenty Eighth Consecutive Trading Session
Shares of Gayatri Projects fell for the twenty eighth consecutive trading session. The stock hit its lower circuit of 5 percent at Rs 26.60, the lowest since March 2015.
The scrip is set for its longest losing streak on record. The Relative Strength Index was at 6, indicating that the stock may be oversold, Bloomberg data showed
Reliance Industries Halts Two-Day Losing Streak
Shares of Reliance Industries halted their two-day losing streak. The stock rose as much as 1.4 percent to Rs 1,487.95.
The Mukesh Ambani-led conglomerate is said to be in talks to sell a minority stake in its oil-to-chemical division to Saudi Aramco have been gathering pace in recent weeks, Bloomberg reported quoting people familiar with the matter.
The scrip returned 0.9 percent in the past five days and fell 6.2 percent in the past 30 days, according to Bloomberg data.
Kotak Mahindra Bank Gains After Receiving Final Approval From RBI On Founders’ Stake Dilution
Shares of Kotak Mahindra Bank rose as much as 2.98 percent to Rs 1,740.
“The Reserve Bank of India has granted its final approval for Kotak Mahindra Bank’s proposal to dilute founders’ shareholding via a letter dated Feb. 18,” the lender said in a statement to the exchanges.
The stock traded at 36 times its estimated earnings per share for the coming year, according to Bloomberg data.