VIX - BREAKOUT - MARKET WINTER CRASH ?
The benchmark indices traded in a range during early afternoon trade. The Nifty index was hovering above 17,350 level. Media stocks extended gains for the fourth consecutive session.
At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 161.04 points or 0.28% at 58,290.99. The Nifty 50 index gained 44.80 points or 0.26% at 17,368.40.
The Sensex hit record high of 58,515.85 in early trade. The Nifty scaled record high of 17,429.55 in early trade. Upbeat global stocks boosted investors' sentiment.
In the broader market, the S&P BSE Mid-Cap index added 0.36% while the S&P BSE Small-Cap index rose 0.65%.
The market breadth was positive. On the BSE, 1,696 shares rose and 1,494 shares fell. A total of 167 shares were unchanged.
Economy:
India's foreign exchange reserves rose by $16.663 billion to touch a record high of $633.558 billion in the week ended 27 August 2021, the Reserve Bank of India (RBI) data showed. According to RBI data, forex reserves rose to a record $633.558 billion, mainly due to an increase in Special Drawing Rights (SDR) holdings.
In the reporting week ended August 27, 2021, the country's SDR holdings rose by $17.866 billion to $19.407 billion, according to weekly data released by the Reserve Bank of India (RBI) on Friday.
Foreign currency assets (FCAs), a major component of the overall reserves, fell by $1.409 billion to $571.6 billion in the reporting week. Gold reserves rose by $192 million to $37.441 billion. The country's reserve position with the IMF rose by $14 million to $5.11 billion in the reporting week, the data showed.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 22,06,89,680 with 45,67,354 deaths. India reported 4,04,874 active cases of COVID-19 infection and 4,40,752 deaths while 3,21,81,995 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 4.24% to 15.16. The Nifty 30 September 2021 futures were trading at 17,380, at a premium of 11.6 points as compared with the spot at 17,368.40.
The Nifty option chain for 30 September 2021 expiry showed maximum Call OI of 18.1 lakh contracts at the 17,500 strike price. Maximum Put OI of 30.9 lakh contracts was seen at 16,500 strike price.
Buzzing Index:
The Nifty Media index advanced 2.01% to 1,672.75. The index has added 4.44% in four sessions.
PVR (up 3.74%), Dish TV India (up 3.03%), Zee Entertainment Enterprises (ZEEL) (up 2.44%), Network18 Media & Investments (up 1.93%) and TV18 Broadcast (up 1.24%) were the major gainers in the Media segment.
Stocks in Spotlight:
Dr Reddy's Laboratories rose 0.56%. The company signed a deal with Citius Pharmaceuticals, Inc. to sell its rights to anti-cancer agent E7777 (denileukin diftitox). In an exchange filing made on Saturday, 4 September 2021, the drug maker said that it has entered into a definitive agreement with Citius Pharmaceuticals, Inc. (Citius) pursuant to which it sold all of its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets.
Engineers India gained 1.88% after the company said it secured a Rs 1,039-crore order from Chennai Petroleum Corporation (CPCL). In a regulatory filing to stock exchanges on Friday, Engineers India said, "Chennai Petroleum Corporation entrusted the project for execution of EPCM-1 with MPMC & EPCM-3 services for 9 MMTPA Cauvery Basin Refinery (CBR) Project at Nagapattinam, Tamil Nadu. The total awarded order value is Rs 1039 crore with a total project schedule of 42 months for mechanical completion."
Mahindra & Mahindra Financial Services (M&M Financial) rose 2.39% after the company said it reported disbursement of over Rs 2,000 crore for the second month in a row in August 2021. The total disbursement stood at about Rs 2,150 crore, recording a 57% Y-o-Y (year-on-year) growth, albeit on a lower base of August 2020, which was impacted by the first wave of COVID-19. The collection efficiency was reported at 97% for August 2021, further improving on 95% reported in July 2021. The collection efficiency in April 2021, May 2021 and June 2021 was 72%, 67%, 90% respectively.
At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 161.04 points or 0.28% at 58,290.99. The Nifty 50 index gained 44.80 points or 0.26% at 17,368.40.
The Sensex hit record high of 58,515.85 in early trade. The Nifty scaled record high of 17,429.55 in early trade. Upbeat global stocks boosted investors' sentiment.
In the broader market, the S&P BSE Mid-Cap index added 0.36% while the S&P BSE Small-Cap index rose 0.65%.
The market breadth was positive. On the BSE, 1,696 shares rose and 1,494 shares fell. A total of 167 shares were unchanged.
Economy:
India's foreign exchange reserves rose by $16.663 billion to touch a record high of $633.558 billion in the week ended 27 August 2021, the Reserve Bank of India (RBI) data showed. According to RBI data, forex reserves rose to a record $633.558 billion, mainly due to an increase in Special Drawing Rights (SDR) holdings.
In the reporting week ended August 27, 2021, the country's SDR holdings rose by $17.866 billion to $19.407 billion, according to weekly data released by the Reserve Bank of India (RBI) on Friday.
Foreign currency assets (FCAs), a major component of the overall reserves, fell by $1.409 billion to $571.6 billion in the reporting week. Gold reserves rose by $192 million to $37.441 billion. The country's reserve position with the IMF rose by $14 million to $5.11 billion in the reporting week, the data showed.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 22,06,89,680 with 45,67,354 deaths. India reported 4,04,874 active cases of COVID-19 infection and 4,40,752 deaths while 3,21,81,995 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 4.24% to 15.16. The Nifty 30 September 2021 futures were trading at 17,380, at a premium of 11.6 points as compared with the spot at 17,368.40.
The Nifty option chain for 30 September 2021 expiry showed maximum Call OI of 18.1 lakh contracts at the 17,500 strike price. Maximum Put OI of 30.9 lakh contracts was seen at 16,500 strike price.
Buzzing Index:
The Nifty Media index advanced 2.01% to 1,672.75. The index has added 4.44% in four sessions.
PVR (up 3.74%), Dish TV India (up 3.03%), Zee Entertainment Enterprises (ZEEL) (up 2.44%), Network18 Media & Investments (up 1.93%) and TV18 Broadcast (up 1.24%) were the major gainers in the Media segment.
Stocks in Spotlight:
Dr Reddy's Laboratories rose 0.56%. The company signed a deal with Citius Pharmaceuticals, Inc. to sell its rights to anti-cancer agent E7777 (denileukin diftitox). In an exchange filing made on Saturday, 4 September 2021, the drug maker said that it has entered into a definitive agreement with Citius Pharmaceuticals, Inc. (Citius) pursuant to which it sold all of its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets.
Engineers India gained 1.88% after the company said it secured a Rs 1,039-crore order from Chennai Petroleum Corporation (CPCL). In a regulatory filing to stock exchanges on Friday, Engineers India said, "Chennai Petroleum Corporation entrusted the project for execution of EPCM-1 with MPMC & EPCM-3 services for 9 MMTPA Cauvery Basin Refinery (CBR) Project at Nagapattinam, Tamil Nadu. The total awarded order value is Rs 1039 crore with a total project schedule of 42 months for mechanical completion."
Mahindra & Mahindra Financial Services (M&M Financial) rose 2.39% after the company said it reported disbursement of over Rs 2,000 crore for the second month in a row in August 2021. The total disbursement stood at about Rs 2,150 crore, recording a 57% Y-o-Y (year-on-year) growth, albeit on a lower base of August 2020, which was impacted by the first wave of COVID-19. The collection efficiency was reported at 97% for August 2021, further improving on 95% reported in July 2021. The collection efficiency in April 2021, May 2021 and June 2021 was 72%, 67%, 90% respectively.
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