Equity indices traded sideways with small gains in early afternoon trade. Banks and pharma stocks were in demand. The Nifty hovered above 16,600 level.
At 12:29 IST, the barometer index, the S&P BSE Sensex, rose 190.15 points or 0.34% at 55,654.31. The Nifty 50 index gained 53.6 points or 0.32% at 16,648.85.
In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index gained 0.66%.
The market breadth was strong. On the BSE, 2,061 shares rose and 1,144 shares fell. A total of 129 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.91% to 25.3475. The Nifty 24 February 2022 futures were trading at 16,630, at a premium of 13.25 points as compared with the spot at 16,616.75.
The Nifty option chain for 31 March 2022 expiry showed maximum Call OI at 18,000 strike price. Maximum Put OI contracts were seen at 16,000 strike price.
Buzzing Index:
The Nifty Auto index declined 0.82% to 9,937.1, snapping its three day winning run.
The auto index saw profit taking after rising 5.68% in three days.
Tata Motors (down 1.97%), Tube Investments of India (down 1.89%), Maruti Suzuki India (down 1.41%), Eicher Motors (down 1.2%) and Ashok Leyland (down 1.13%) were the top losers. Among the other losers were Bosch (down 0.86%), Mahindra & Mahindra (down 0.66%), Cummins India (down 0.47%) and Bajaj Auto (down 0.46%).
Stocks in Spotlight:
Titan Company rose 0.51%. The company said that its wholly-owned subsidiary TCL North America Inc. (TCLNA) has signed a stock purchase agreement with Great Heights Inc., USA (Great Heights). The agreement is for subscription of shares with voting preferred stock in the capital stock of Great Heights, which would result in TCLNA holding up to 17.5% voting rights in Great Heights. Great Heights, is a Delaware Corporation mainly engaged in retailing of LGD Jewellery through its brand 'Clean Origin'. The company had recorded gross revenue of $25 million in 2021.
Shipping Corporation of India fell 1.08%. Life Insurance Corporation (LIC) of India sold 93.50 lakh equity shares or 2.007% stake of Shipping Corporation between 12 March 2021 to 9 March 2022. Post transaction, LIC decreased its shareholding in Shipping Corp to 6.032% from 8.04% held earlier. The deal was executed as market sale.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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