Key barometers bounced back after briefly slipping into negative terrain in early afternoon trade. The Nifty hovered around the 12,350 level. At 12:22 IST, the S&P BSE Sensex, was down 3.78 points or 0.01% at 41, 928.78. The Nifty 50 index was down 5.2 points or 0.04% at 12,350.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index was up 0.39%. Both these indices outperformed the main stock indices.

The market breadth was positive. On the BSE, 1237 shares rose and 1037 shares fell. A total of 154 shares were unchanged. In Nifty 50 index, 22 stocks gained while 28 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.98% to 14.3225. The Nifty January 2020 futures were trading at 12,370, a premium of 25.5 points compared with the spot at 12,344.5.

On the options front, the Nifty option chain for 30 January 2020 expiry showed maximum call open interest (OI) of 30.71 lakh contracts at the 12,500 strike price. Call writing was witnessed at 12,700 strike price, which added 1.63 lakh contracts.

Maximum put OI of 42.37 lakh contracts was seen at 12,000 strike price. Maximum put writing was seen at 12,300 strike price which added 2.55 lakh contracts. Significant put unwinding was seen at the 11,900 strike price, which shed 1.16 lakh contracts.

The option chain indicates that the Nifty will hover between 12,000 and 12,500 level in January.

Stocks in Spotlight:

Tata Metaliks was up 0.23%. On consolidated basis, the company's net profit rose 7.4% to Rs 21.73 crore on a 1.4% decline in net sales to Rs 321.48 crore in Q3 December 2019 over Q3 December 2018. Profit Before Tax (PBT) stood at Rs 29.40 crore in Q3 2019 as against Rs 28.16 crore in Q3 2018, registering a rise of 4.4% YoY basis.

Metropolis Healthcare gained 1.01% to Rs 1,645.50 on purchasing 51% stake of Shraddha Diagnostic Centre for Rs 9.36 crore. Shraddha Diagnostic Centre is a Mumbai-based pathological and diagnostic services provider. The deal is expected to get completed within a period of 3 months. With this acquisition, Metropolis Healthcare plans to strengthen its presence in the state of Gujarat, India. The disclosure was made after trading hours yesterday, 16 January 2020.

CEAT was down 0.01%. The company's board will meet on 22 January 2020 to consider a proposal for issuance of listed/unlisted secured/unsecured redeemable non-convertible debentures on private placement basis.

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