At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 137.06 points or 0.23% to 60,437.64. The Nifty 50 index rose 35.95 points or 0.20% to 17,849.55.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.48% while the S&P BSE Small-Cap index gained 0.59%.

The market breadth was positive. On the BSE, 1,976 shares rose and 1,361 shares fell. A total of 143 shares were unchanged.

Trading could be volatile as traders roll over positions in the F&O segment from the near month April series to May series. The April 2023 F&O contracts will expire today, 27 April 2023.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.22% to 11.80. The Nifty 27 April 2023 futures were trading at 17,850.60, at a premium of 4.9 points as compared with the spot at 17,845.70.

The Nifty option chain for the 27 April 2023 expiry showed maximum Call OI of 209.1 lakh contracts at the 17,900 strike price. Maximum Put OI of 227.3 lakh contracts were seen at 17,800 strike price.

Buzzing Index:

The Nifty Auto index added 0.53% to 13,042.15, continuing its gaining streak to the third day. The index advanced 1.15% in three trading sessions.

Tube Investments of India (up 1.67%), Bajaj Auto (up 1.14%), Balkrishna Industries (up 1.11%), Samvardhana Motherson International (up 1.04%), Ashok Leyland (up 0.85%), TVS Motor Company (up 0.76%), Mahindra & Mahindra (up 0.63%), Bharat Forge (up 0.61%), Bosch (up 0.57%) and Tata Motors (up 0.56%) edged higher.

On the other hand, MRF (down 0.41%) and Sona BLW Precision Forgings (down 0.14%) declined.

Earnings Impact:

Oracle Financial Services Software (OFSS) gained 1.48% after the company reported a consolidated net income to Rs 479.3 crore in Q4 FY23, which is higher by 10% as compared with Rs 4,373 recorded in Q3 FY23. Total revenues increased by 1% QoQ to Rs 1,470.5 crore in the fourth quarter.

UTI Asset Management Company (UTI AMC) added 0.47%. The asset manager reported 58.7% jump in consolidated net profit to Rs 85.70 crore in Q4 FY23 from Rs 53.99 crore posted in Q4 FY22. Total revenue from operations declined marginally on year on year basis to Rs 300.69 crore during the quarter ended 31 March 2023. The total assets under management for UTI AMC stood at Rs 15,55,995 crore. Meanwhile, the board recommended a final dividend of Rs 22 per equity share FY23.

Shoppers Stop rallied 4.58% after the company reported consolidated net profit of Rs 14.26 crore in Q4 FY23 as compared with net loss of Rs 15.85 crore recorded in Q4 FY22. Meanwhile, the board has approved the re-appointment of Venugopal Gopal as managing director designated as managing director and chief executive officer (CEO) for a further period of 3 years from 6 November 2023 to 5 November 2026 (both days inclusive).

Further, the board has also approved additional investment in Global SS Beauty Brands (GSBBL), wholly owned subsidiary of the company upto Rs 25 crore in one or more tranches, by way of subscription to right issue of 2,500 preference shares i.e. 0.01% noncumulative optionally convertible preference shares (NOCPS) each at par at face value of Rs. 1 lakh each of GSBBL. The investment will be completed by Q2 2024.