Benchmarks trade near the days high; India VIX slumps 6%

2 Feb 2022 , 12:29 PM

The key equity barometers traded with near the days high in early afternoon trade. The Nifty hovered near the 17,750 mark. Bank stocks advanced for the third consecutive session.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 565.25 points or 0.96% to 59,427.82. The Nifty 50 index advanced 165.55 points or 0.94% to 17,742.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.94% while the S&P BSE Small-Cap index rallied 1.40%.

The market breadth was strong. On the BSE, 2,295 shares rose and 974 shares fell. A total of 92 shares were unchanged.

Investors cheered the union budget 2022-23 with its higher capital expenditure and thrust on infra. The governments focus on boosting manufacturing as well as an underlined emphasis on areas such as startups, modern mobility and clean energy, boosted investors sentiment.

COVID-19 Update:

India recorded 1,61,386 new cases in the last 24 hours. The daily positivity rate stood at 9.26% and while the weekly positivity rate was at 14.15%. The countrys active caseload currently stands at 16,21,603.

Derivatives:

The NSEs India VIX, a gauge of markets expectation of volatility over the near term, slumped 6.01% to 18.78. The Nifty 24 February 2022 futures were trading at 17,746.35, at a premium of 3.95 points as compared with the spot at 17,742.40.

The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 20.8 lakh contracts at the 18,000 strike price. Maximum Put OI of 39.7 lakh contracts was seen at 16,500 strike price.

Buzzing Index:

The Nifty Bank index rose 2% to 39,277.10, extending gains for third day. The index has added 4.21% in three sessions.

IndusInd Bank (up 4.77%), AU Small Finance Bank (up 3.56%), Kotak Mahindra Bank (up 3.19%), Axis Bank (up 2.92%), IDFC First Bank (up 2.74%), RBL Bank (up 2.36%), HDFC Bank (up 2.34%), ICICI Bank (up 0.69%) and SBI (up 0.26%) advanced.

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