The benchmark indices further extended decent gains during early afternoon trade. The Nifty index continued to trade tad below 15,800 level. The July 2021 F&O contracts will expire today, 29 July 2021.
At 12:20 IST, the barometer index, the S&P BSE Sensex, surged 250.49 points or 0.48% at 52,694.20. The Nifty 50 index added 87.25 points or 0.56% at 15,796.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index gained 0.80%.
The market breadth was strong. On the BSE, 1,950 shares rose and 1,117 shares fell. A total of 143 shares were unchanged.
Investors cheered after US Fed decided to keep the key policy rates unchanged. Fed Chair Jerome Powell said the U.S. job market still had ”some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic's economic shocks.
Politics:
The Union Cabinet on Wednesday, 28 July 2021 held a press conference with Finance Minister Nirmala Sitharaman and I&B Minister Anurag Thakur and Minister of State L Murugan in New Delhi. During the press briefing, the Cabinet cleared Deposit Insurance and Credit Guarantee Corporation (DICGC) Bill and Limited Liability Partnership Amendment Bill.
The Finance Minister (FM) said that as per the DICGC bill, depositors of troubled banks would get back amounts below Rs 5 lakh within 90 days, even if a bank is put under moratorium by the Reserve Bank of India (RBI). The FM further added that the bill increases deposit insurance coverage and reduces the time taken for depositors to recover sums if a bank comes under financial stress.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 19,59,69,386 with 41,87,392 deaths. India reported 4,03,840 active cases of COVID-19 infection and 4,22,662 deaths while 3,07,01,612 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India has reported 43,509 fresh infections, 38,465 and 640 deaths in the last 24 hours. The country has 4,03,840 active cases.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 4.67% to 13.0525. The Nifty 29 July 2021 futures were trading at 15,776.05, at a discount of 20.60 points as compared with the spot at 15,796.65.
The Nifty option chain for 29 July 2021 expiry showed maximum Call OI of 110.5 lakh contracts at the 15,800 strike price. Maximum Put OI of 64.4 lakh contracts was seen at 15,700 strike price.
The July 2021 F&O contracts will expire today, 29 July 2021.
Buzzing Index:
The Nifty Realty index rose 1.16% to 395.75. The index skid 2.45% in the last three sessions, till yesterday.
Indiabulls Real Estate (up 3.30%), Sobha (up 2.87%), Brigade Enterprises (up 1.87%), Prestige Estate Projects (up 1.74%) and Hemisphere Properties India (up 1.39%) were the major gainers in the Realty segment.
Stocks in Spotlight:
ISGEC Heavy Engineering advanced 2.32% after the company said that its joint venture firm has received a major order for a PTA Reactor for a Public Sector Petrochemical Project of national importance from Technip Energies, Noida. The scope of work includes Mechanical Design, Material Procurement, Fabrication/Testing, and Supply of Equipment.
Axis Bank lost 0.15%. The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5 crore on Axis Bank for contravention of certain provisions of directions issued by the RBI, encompassing those on cyber security framework. The directions include 'Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer', 'Cyber Security Framework in Banks', 'RBI (Financial Services provided by Banks) Directions, 2016', 'Financial Inclusion- Access to Banking Services - Basic Savings Bank Deposit Account' and 'Frauds - Classification and Reporting'.
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