The key equity indices bounced back from the day's low and were trading with minor gains in early afternoon trade. The Nifty hovered near the 17,400 mark. Pharma shares rose for the second day.
The barometer index, the S&P BSE Sensex, was up 20.17 points or 0.13% to 58,219.99. The Nifty 50 index added 40.15 points or 0.23% at 17,392.60.
In the broader market, the S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.91%.
The market breadth was strong. On the BSE, 2,237 shares rose and 1,009 shares fell. A total of 110 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.14% to 20.17. The Nifty 24 February 2022 futures were trading at 17,380.60, at a discount of 12 points as compared with the spot at 17,392.60.
The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 27.9 lakh contracts at the 17,500 strike price. Maximum Put OI of 38.9 lakh contracts was seen at 17,000 strike price.
Buzzing Index:
The Nifty Pharma index rose 0.51% to 13,425.25, extending gains for second day. The index has added 1.31% in two sessions.
Strides Pharma (up 4.22%), Abbott India (up 4%), Divi's Labs (up 2.41%), Lupin (up 1.60%), Dr. Reddy's Labs (up 1.18%), Pfizer (up 0.67%) advanced while Sun Pharma (down 0.75%), Alembic Pharmaceuticals (down 0.57%), Gland Pharma (down 0.43%) and Natco Pharma (down 0.37%) declined.
Stock in Spotlight:
Wheels India rose 1.94% to Rs 654. The company said that the credit ratings agency ICRA had downgraded the company's long-term and short-term ratings while reaffirming the medium-term rating. ICRA said that the downgrade in the long-term and short-term ratings considers substantial increase in Wheels India's debt levels resulting in moderation in the company's debt metrics and the expectation that it would remain relatively high over the medium term.
Info Edge (India) fell 1.18% to Rs 4623.50. The company said that it has entered into an agreement to acquire 25% stake in Juno Learning (Juno) for an amount of about Rs 11.25 crore. Juno is engaged in the business, which is an interactive, online school that teaches sales techniques, processes, and tools to students and entry-level professionals in an experiential manner, to enhance employability..
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