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Friday, February 26, 2021   
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Mid Session Commentary
You are here : Equity | News | Mid Session Commentary
Indices pare gains; breadth positive
(12:39, 23 Feb 2021)

The equity barometers further pared gains in early afternoon trade. The Nifty held above 14,700 level. Metal and realty stocks were in demand.

At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 68.48 points or 0.14% at 49,812.80. The Nifty 50 index gained 54.70 points or 0.37% at 14,730.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.99% while the S&P BSE Small-Cap index added 0.58%.

The market breadth was positive. On the BSE, 1,610 shares rose and 1,096 shares fell. A total of 175 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.20% to 25.1625. The Nifty 25 February 2021 futures were trading at 14,762, at a premium of 32 points as compared with the spot at 14,730.40.

The Nifty option chain for 25 February 2021 expiry showed maximum Call OI of 53.5 lakh contracts at the 15,000 strike price. Maximum Put OI of 52.4 lakh contracts was seen at 14,000 strike price.

Buzzing Index:

The Nifty Metal index advanced 2.61% to 3,703.25. Hindustan Copper (up 8.03%), Jindal Steel & Power (up 4.43%), Hindalco Industries (up 4.11%), MOIL (up 3.43%) and NMDC (up 3.37%) were the top gainers in Metal segment.

Base metals prices are soaring on expectations that post-crisis demand will outstrip near-term supply.

Vedanta gained 1.87%. The board has taken note of the resignation of G R Arun Kumar from the post of whole-time director & chief financial officer (CFO) of the company to pursue career outside of the group. Vedanta said it will announce the effective date of relieving of G R Arun Kumar and the details of the successor in due course. The same shall accordingly be intimated to the stock exchanges.

Stock in Spotlight:

Page Industries jumped 4.09% after the board, on 22 February 2021, approved the appointment of V S Ganesh as the Executive Director & Chief Executive Officer of the company for a period of five years effective from 1 June 2021. Following the elevation of Mr Ganesh to Executive Director & CEO, the board has shortened his present term of Executive Director - Manufacturing and Operation to the closing hours on 31 May 2021. V S Ganesh has 30 years of experience and has worked in top leadership capacities in the company and other reputed organizations.

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