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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Nifty crosses 11,200 mark; private banks in demand
(12:28, 09 Oct 2019)

Key equity benchmarks firmed up and hit fresh intraday high in early afternoon trade. The gains were backed by strength in banking and financial stocks. The Nifty crossed the crucial 11,200 level. At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 307.08 points or 0.82% at 37,839.06. The Nifty 50 index was up 90.15 points or 0.8% at 11,214.95.

In the broader market, the S&P BSE Mid-Cap index was up 0.61%. The S&P BSE Small-Cap index was up 0.34%.

The market breadth continued to be negative, but was slowing tilting towards buyers. On the BSE, 986 shares rose and 1175 shares fell. A total of 153 shares were unchanged. On the Nifty 50 index. 34 stocks advanced and 16 stocks declined.

On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.14% to 17.805. The Nifty October 2019 futures were trading at 11,234.30, a premium of 27.45 points compared with the spot at 11,206.85.

On the options front, the Nifty option chain for 31 October 2019 expiry showed maximum call open interest (OI) of 31.27 lakh contracts at the 11,200 strike price. Maximum put OI of 27.54 lakh contracts was seen at 11,000 strike price. The option chain indicates that Nifty will stay between 11,000 and 11,200 in October expiry.

The Nifty Bank index picked up pace and edged higher for second consecutive trading session. The Nifty Bank index was up 2.07% at 28,343.05.

Private sector banks were in demand. IndusInd Bank (up 4.05%), Kotak Mahindra Bank (up 2.38%), ICICI Bank (up 2.29%), HDFC Bank (up 2.12%) and Axis Bank (up 0.88%) advanced.

PSU banks were trading marginally higher. Bank of Baroda (up 1.72%), Canara Bank (up 1.53%), State Bank of India (up 1.2%), Punjab National Bank (up 0.96%), Bank of India (up 0.84%) and Union Bank of India (up 0.5%).

State run Bharat Heavy Electricals (Bhel) was up 1.52% after the company bagged a significant order from THDC India for construction of Turbine Generator (TG) and associated packages for the greenfield 2x660 MW Khurja Super Thermal Power Project in Bulandshahr district of Uttar Pradesh. Bhel's scope of work in the contract includes design, engineering, manufacture, supply, erection, testing and commissioning of the TG and associated packages for the 2x660 MW Khurja supercritical power project.

Lupin edged 0.76% higher after the pharmaceutical company received Good Manufacturing Practice (GMP) Certificate from the Pharmaceutical and Medical Devices Agency (PMDA), Japan for the company's Mandideep API facility (Unit II). The GMP Certificate was issued after an inspection was conducted by PMDA from 14 May 2019 to 17 May 2019. The inspection was concluded with no critical or major observations.

Ashoka Buildcon was up 0.98% after the company informed that it has received an order from SRIT India for conducting survey, supply of poles & installation, laying of the overhead and underground optic fiber cable on existing electricity poles. The order is worth Rs 313.72 crore and the duration of the project is 24 months from the date of commencement of the work.

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