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.

At 12:26 IST, 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.

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