Key indices traded range bound near day's high with strong gains in early afternoon trade. The Nifty hovered at 18,300 mark. The NSE flagship index hit a record high of 18,323.20 in mid morning trade. The Sensex also hit an all time high of 61,216.26. Barring auto and media index, buying demand was seen across the board.At 12:29 IST, the barometer index, the S&P BSE Sensex, rallied 366.32 points or 0.6% to 61,103.16. The Nifty 50 index added 135.85 points or 0.75% to 18,297.25.
The broader market displayed strength and outperformed the main indices. The S&P BSE Mid-Cap index rallied 1.12% while the S&P BSE Small-Cap index gained 0.91%.
The market breadth, was strong. On the BSE, 1836 shares rose and 1378 shares fell. A total of 170 shares were unchanged.
Economy:
India's inflation based on wholesale price index (WPI) rose 10.66% in September 2021 compared with 1.32% in September 2020.
The high rate of inflation in September 2021 is primarily due to rise in prices of mineral oils, basic metals, non-food articles, food products, crude petroleum & natural gas, chemicals and chemical products, etc. compared with the corresponding month of the previous year, the Ministry of Commerce & Industry said in a statement today.
WPI grew 11.39% in August 2021, while the figure for July was 11.57%.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.75% to 15.8175. The Nifty 28 October 2021 futures were trading at 18,308.55, at a premium of 4 points as compared with the spot at 18,304.55.
The Nifty option chain for 28 October expiry showed maximum Call OI of 18.6 lakh contracts at the 18,000 strike price. Maximum Put OI of 31 lakh contracts was seen at 17,500 strike price.
Buzzing Index:
The Nifty Metal index added 1.66% to 6,012.95, rising for sixth trading session. The metal index surged 3.67% in six days.
Hindustan Zinc (up 5.67%), Vedanta (up 3.93%), Jindal Steel & Power (up 3.07%), Steel Authority of India (up 1.93%) and JSW Steel (up 1.56%) were the top gainers. Among the other gainers were Hindalco Industries (up 1.36%), Tata Steel (up 1.23%), NMDC (up 0.99%) and APL Apollo Tubes (up 0.91%).
Stocks in Spotlight:
Dish TV India fell 1.29% after the board of satellite service provider rejected Yes Bank's demand to hold an extraordinary general meeting (EGM) to consider resolutions. The board of Dish TV India on Wednesday (13 October 2021) expressed its inability to convene EGM as requisitioned by Yes Bank, citing various regulatory and procedural hurdles. According to the company, Yes Bank's shareholding in Dish TV was due to invocation of pledges, and this prevented placing the resolutions before its shareholders. The board took the decision after considering the factual background, legal advice and opinions received from various legal experts. Yes Bank which holds 25.63% in Dish TV India has sought an EGM for the appointment of new independent directors and the removal of MD and director Jawahar Lal Goel.
Apollo Pipes rose 1.41% to Rs 1,946.45 after the company said that its board will consider bonus share issue on Friday, 22 October 2021.
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