Key barometers were trading near the flat line in early afternoon trade. Financial stocks were in demand. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 38.27 points or 0.1% at 37,309.09. The Nifty 50 index was up 9.7 points or 0.09% at 11,045.40.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1360 shares rose and 854 shares fell. A total of 119 shares were unchanged. The S&P BSE Mid-Cap index was up 0.19%. The S&P BSE Small-Cap index was up 0.63%.
On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.15% at 14.8875. The Nifty September 2019 futures were trading at 11,057.90, a premium of 13.50 points compared with the spot at 11,044.40.
On the options front, the Nifty option chain for 26 September 2019 expiry showed maximum call open interest (OI) of 21.31 lakh contracts at the 11,500 strike price. Maximum put OI of 29.80 lakh contracts was seen at 10,800 strike price. The option chain indicated that Nifty will stay between 10,800 and 11,500 till September expiry.
NBFCs were in demand. Edelweiss Financial Services (up 4.06%), Indiabulls Housing Finance (up 3.95%), Reliance Capital (up 3.06%), LIC Housing Finance (up 1.73%), IIFL Finance (up 1.54%), Muthoot Finance (up 1%), Shriram Transport Finance Corporation (up 0.88%), Muthoot Capital Services (up 0.87%), Mahindra & Mahindra Financial Services (up 0.73%) and Cholamandalam Investment and Finance Company (up 0.34%) advanced.
Infosys was down 0.41% to Rs 816.75. The IT major's wholly-owned subsidiary, Infosys Finacle, and Shivalik Mercantile Co-operative Bank announced the successful implementation of the Finacle Digital Banking Suite on cloud. This will provide the bank agility to cost effectively manage scale and power its growth with an on-demand portfolio of products and services. This will also ensure a world class banking experience for its customers and seamless ecosystem connectivity.
SREI Infrastructure Finance fell 8.65% to Rs 12.04 after Brickwork Ratings downgraded the ratings for the non-convertible debentures, perpetual debt instrument and commercial paper programme aggregating to Rs 5,327.07 crore.
Apollo Hospitals Enterprises was down 0.29%. It hit a 52-week high of Rs 1574.95 in intraday. Bata India was down 0.38%. It hit a 52-week high of Rs 1579.45 today.
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