The benchmark indices traded with modest gains in the early afternoon trade. Positive global cues boosted the sentiments. The Nifty hovered above the 18,350 level. Oil and gas shares extended gains for the third consecutive trading session. Trading is expected to be volatile due to expiry of monthly F&O contracts on the NSE.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 383.35 points or 0.62% to 61,893.93. The Nifty 50 index added 115 points or 0.63% to 18,382.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index added 0.44%.

The market breadth was positive. On the BSE, 1,992 shares rose, and 1,361 shares fell. A total of 161 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.42% to 13.70. The Nifty 24 November 2022 futures were trading at 18,525, at a premium of 142.75 points as compared with the spot at 18,382.25.

The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 201.5 lakh contracts at the 18,400 strike price. Maximum Put OI of 220.4 lakh contracts were seen at 18,300 strike price.

Buzzing Index:

The Nifty Oil & Gas index rose 0.70% to 8,312.65, extending gains for the third session.The index added 1.35% in three trading sessions.

Gujarat State Petronet (up 6.01%), Indian Oil Corporation (up 3.43%), Bharat Petroleum Corporation (up 2.85%), Hindustan Petroleum Corporation (up 2.8%), Oil & Natural Gas Corporation (up 1.5%), GAIL (India) (up 1.21%), Oil India (up 0.56%), Reliance Industries (up 0.05%), edged higher.

On the other hand, Mahanagar Gas (down 2.16%), Aegis Logistics (down 0.83%) and Petronet LNG (down 0.55%) declined.

Stocks in Spotlight:

Cipla shed 0.14%.The drug major said that it has received a communication from the United States Food and Drug Administration (USFDA) that the classification of company's Goa manufacturing facility continues to be as Official Action Indicated (OAI). Earlier in August 2022, the company said that its Goa plant underwent a USFDA inspection from 16 to 26 August 2022. USFDA had inspected the company's Goa manufacturing facility in September 2019. At the end of the insception, the company had received 6 observations with some referencing to the observations made during the September 2019 inspection. The company said that it will work closely with the USFDA and is committed to address these within the stipulated time.

Fusion Micro Finance rallied 3.81% after the NBFC said that its board will meet on Monday, 28 November 2022 to consider fund raising by issuance of non-convertible debentures, aggregating up to Rs 145 crore, on private placement basis.

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