The domestic equity barometers traded in a narrow range near the day's high in early afternoon trade. The Nifty continued to trade above the 17,150 level.
At 12:24 IST, the barometer index, S&P BSE Sensex was up 638.82 points or 1.13% to 57,218.71. The Nifty 50 index added 204.50 points or 1.21% to 17,158.45.
The broader market traded with gains. The S&P BSE Mid-Cap index rallied 1.49% while the S&P BSE Small-Cap index surged 1.04%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,114 shares rose while 1,159 shares fell. A total of 131 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 9.16% to 19.31. The Nifty 28 April 2022 futures were trading at 17,158, at a discount of 0.45 points as compared with the spot at 17,158.45.
The Nifty option chain for 28 April 2022 expiry showed maximum Call OI of 86.5 lakh contracts at the 17,200 strike price. Maximum Put OI of 83.4 lakh contracts was seen at 17,000 strike price.
The Nifty Metal index rose 1.28% to 6,336.75. The index had declined 4.77% in the past two sessions.
Adani Enterprises (up 3.41%), Vedanta (up 1.94%), SAIL (up 1.86%), Hindustan Copper (up 1.45%), Jindal Steel & Power (up 1.20%), Tata Steel (up 1.14%) and Coal India (up 1.06%) advanced.
Stocks in Spotlight:
IndiaMART InterMESH rose 2.57% to Rs 4933. The company said its board will consider a share buyback on 28 April 2022. The company's board will also consider Q4 March 2022 results and consider final dividend, if any, on 28 April 2022.
Premier Explosives added 3.20% to Rs 390.10. The company received an order from Ministry of Defence, Government of India, worth Rs 57.90 crore. The order is for the supply of 50 MM MTV flares. The order is to be executed within twelve months.
Varun Beverages slipped 1.13% to Rs 1084.55. The company's board will meet on Thursday, 28 April to consider proposal of bonus issue of equity shares. On the same day, the board will also consider financial results for quarter ended 31 March 2022.
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