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The benchmark indices further continued to trade with decent gains in early afternoon trade. The Nifty continued to hover above the 19,800 level. Pharma shares saw buying demand after declining in the previous trading session.
The barometer index, the S&P BSE Sensex, was up 303.29 points or 0.46% to 66,470.22. The Nifty 50 index added 95.25 points or 0.48% to 19,827.
In the broader market, the S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index gained 0.78%.
The market breadth was strong. On the BSE, 2,328 shares rose and 1,209 shares fell. A total of 175 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.45% to 10.69. The Nifty 26 October 2023 futures were trading at 19,835.20, at a premium of 8.20 points as compared with the spot at 19,827.
The Nifty option chain for the 26 October 2023 expiry showed maximum Call OI of 41.6 lakh contracts at the 20,000 strike price. Maximum Put OI of 47.1 lakh contracts were seen at 19,500 strike price.
Buzzing Index:
The Nifty Pharma added 0.73% to 15,275.30. The index had declined 0.46% to end at 15,164.75 on Monday.
Glenmark Pharmaceuticals (up 1.47%), Dr Reddys Laboratories (up 1.3%), Ipca Laboratories (up 1.2%), Lupin (up 1.02%), Cipla (up 1%), Aurobindo Pharma (up 1%), Biocon (up 0.9%), Torrent Pharmaceuticals (up 0.87%), Zydus Lifesciences (up 0.67%) and Natco Pharma (up 0.67%) edged higher.
Stocks in Spotlight:
Aurobindo Pharma rose 0.85% after the company's step down subsidiary, Eugia Pharma Specialities launched green-field manufacturing unit in Andhra Pradesh.
CEAT jumped 4.56% after the company's consolidated net profit soared 3125.5% to Rs 207.7 crore on 5.5% increase in net sales to Rs 3053.32 crore in Q2 September 2023 over Q2 September 2022.
Bombay Dyeing & Manufacturing Company added 3.20% after the company announced that it has signed the conveyance deed with Goisu Realty and transferred the land along with associated FSI of Phase-I located at Worli, Mumbai.
Jio Financial Services (JFSL) rose 0.33%. The company reported 101.31% increase in consolidated net profit to Rs 668 crore in Q2 FY24 as compared with Rs 332 crore in Q1 FY24. Total revenue from operations jumped 46.82% to Rs 608 crore from Rs 414 crore.
Grasim Industries declined 0.18%. The company said that its board has approved the proposal of raising of funds not exceeding Rs 4,000 crore by way of a rights issue to the eligible equity shareholders
Global Markets:
Asian stocks traded higher on Tuesday, recovering a measure of recent losses tracking strength in Wall Street, although markets still remained on edge over the Israel-Hamas war and key upcoming economic readings from China.
New Zealand's consumer inflation hit a two-year low in the third quarter. Consumer prices rose 5.6% from a year ago, slower than the 6% increase in the second quarter, according to Statistics New Zealand data published Tuesday.
China's third-quarter gross domestic product data is due on Wednesday, and is expected to show continued weakness in economic growth.
US stocks ended sharply higher on Monday as investors were optimistic about the start of the earnings season, while transportation and small-cap shares also jumped.
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