Market at days high; Nifty above 16,550

2 Jun 2022 , 12:32 PM

The benchmark indices continued to trade near days high with moderate gains in the early afternoon trade. The Nifty was hovering above 16,550 level. Oil & gas, IT and media shares supported the indices while auto, financial services and FMCG stocks corrected. Negative global cues dented investors sentiment. Trading was volatile due to expiry of weekly options contracts on the NSE today. At 12:24 IST, the barometer index, S&P BSE Sensex was up 239.59 points or 0.43% to 55,620.75. The Nifty 50 index rose 48.30 points or 0.29% to 16,571.05. In the broader market, the S&P BSE Mid-Cap index fell 0.55% while the S&P BSE Small-Cap index gained 0.24%. The market breadth was positive. On the BSE, 1,771 shares rose while 1,376 shares fell. A total of 163 shares were unchanged. Derivatives: The NSEs India VIX, a gauge of markets expectation of volatility over the near term, fell 0.03% to 20.8375. The Nifty 30 June 2022 futures were trading at 16,553.65 at a discount of 17.4 points as compared with the spot at 16,571.05. The Nifty option chain for the 30 June 2022 expiry showed maximum Call OI of 22.7 lakh contracts at the 17,500 strike price. Maximum Put OI of 38.1 lakh contracts was seen at 16,000 strike price. Buzzing Index: The Nifty IT index rose 1.37% to 29,662.15 snapping its two days losing streak. The index fell 1.66% in two trading sessions. Among the components of the Nifty IT index, Larsen & Toubro Infotech (up 3.08%), L&T Technology Services (up 2.74%), Mindtree (up 2%), Tata Consultancy Services (up 1.82%) and Mphasis (up 1.8%) were the top gainers. Stocks in Spotlight: Religare Enterprises surged 11.06% to Rs 131.80 after the company said its lenders in principally agreed to the proposed one time settlement of Religare Finvest. Religare Finvest Limited (RFL), a wholly-owned subsidiary of Religare Enterprises (REL), has been a victim of siphoning off of funds by its erstwhile promoters. It has initiated and pursuing legal actions for recovery and now begun its path towards revival. Post RFLs one time settlement completion, it will have healthy prudential ratios well above those prescribed by RBI, REL said in a statement. Greaves Cotton rose 1.98% to Rs 173.40 after the company announced strategic investment by Abdul Latif Jameel in its electric vehicle (EV) arm Greaves Electric Mobility. Greaves Electric Mobility (GEMPL), Greaves Cotton and and Abdul Latif Jameel International DMCC (investor) have executed a share subscription agreement and a shareholders agreement for a proposed investment by the investor in GEMPL of $150 million for subscription by the investor to 68,35,450 equity shares of GEMPL to be issued and allotted to the investor on a preferential allotment through private placement basis resulting in a shareholding of 35.80% on a fully diluted basis in GEMPL. Vedanta rose 1.16% to Rs 319.45 after the company said that its board will meet on Saturday, 4 June 2022, to consider raising funds by issuing non-convertible debentures in one or more tranches. The company proposes to offer rated, secured, redeemable, non-cumulative and non-convertible debentures aggregating up to Rs 4,100 crore. Powered by Capital Market – Live News