The barometers further pared gains in the early afternoon trade. The Nifty held the 15,450 level. Barring the Nifty Oil & Gas index and the Nifty PSU Bank Index, all the other sectoral indices on the NSE traded in the green. Trading was volatile ahead of the expiry of weekly index options on the NSE today.
At 12:23 IST, the barometer index, the S&P BSE Sensex, was up 193 points or 0.37% to 52,015.53. The Nifty 50 index gained 51.30 points or 0.33% to 15,464.60.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.77% while the S&P BSE Small-Cap index rose 0.45%.
Buyers outnumbered sellers. On the BSE, 1,946 shares rose and 1,164 shares fell. A total of 154 shares were unchanged.
Investors digested U.S. Federal Reserve Chair Jerome Powell's comments on central bank's aim to slow down the inflation. Powell, in testimony to the U.S. Senate Banking Committee, stated that higher rates are painful but are the means the U.S. central bank has to slow inflation. Investors are continuing to assess how worried they need to be about central banks potentially pushing the world economy into recession as they attempt to curb inflation with interest rate increases.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.19% to 21.0450. The Nifty 30 June 2022 futures were trading at 15,467.80, at a premium of 3.20 points as compared with the spot at 15,464.60.
The Nifty option chain for 30 June 2022 expiry showed maximum Call OI of 122.2 lakh contracts at the 15,700 strike price. Maximum Put OI of 145.6 lakh contracts was seen at 15,000 strike price.
Buzzing Index:
The Nifty IT index fell 0.97% to 27,756.15. The index fell 1.16% in the past trading session.
Among the components of the Nifty IT index, Mindtree (up 1.98%), Tata Consultancy Services (up 1.57%), Coforge (up 0.71%), HCL Technologies (up 0.69%) and Wipro (up 0.68%) were the top gainers.
Among the other gainers were Tech Mahindra (up 0.67%), L&T Technology Services (up 0.6%), Mphasis (up 0.57%), Infosys (up 0.41%) and Larsen & Toubro Infotech (up 0.35%).
Stocks in Spotlight:
IRB Infrastructure Developers rose 8.13% to Rs 200.80 after the company said it received Rs 308 crore, or 75% of total arbitration claim from National Highway Authority of India (NHAI). The company received the amount against total arbitration claim of Rs 419 crore towards delay in completion of project for reasons not attributable to the SPV. The part award is in line with directives of the Cabinet Committee on economic affairs directing Government agencies to pay 75% of the arbitration against bank guarantee.
Acrysil rose 11.10% to Rs 543.45 after the company announced doubling the supply of quartz kitchen sinks to IKEA Supply AG (Switzerland) for their global requirement. IKEA Supply AG (Switzerland) is a part of International IKEA Group Sweden. IKEA has an expertise in distribution and supply of home improvement products. The production of aforesaid additional composite quartz kitchen sinks for IKEA will start from end of July 2022 and supply will commence from August 2022, the company said in a statement on Wedneday.
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