Key equity barometers turned range bound in early afternoon trade. The Nifty continued to hold its crucial 15,000 mark. PSU banks, metals and pharma stocks were in demand.

At 12:20 IST, the barometer index, the S&P BSE Sensex, advanced 219.15 points or 0.43% at 50,624.47. The Nifty 50 index rallied 80.15 points or 0.54% at 15,018.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index added 1.04%.

The market breadth was strong. On the BSE, 1,806 shares rose and 1,100 shares fell. A total of 208 shares were unchanged.

Gains were capped as the Brent crude futures surged above $70 a barrel on Monday, following reports of attacks on Saudi Arabian facilities. Higher crude oil prices could increase fiscal deficit, current account deficit and stoke fuel price inflation..

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.47% to 24.6725. The Nifty 25 March 2021 futures were trading at 15,036, at a premium of 17.75 points as compared with the spot at 15,018.25.

The Nifty option chain for 25 March 2021 expiry showed maximum Call OI of 25.2 lakh contracts at the 16,000 strike price. Maximum Put OI of 37.6 lakh contracts was seen at 14,000 strike price.

Buzzing Index:

The Nifty Metal index rose 1.45% to 3,925.50. The index fell 4.66% in the previous two sessions.

Welspun Corp (up 4.88%), NMDC (up 4.36%), SAIL (up 2.64%), Coal India (up 2.28%) and Jindal Steel & Power (up 1.75%) advanced.

Stocks in Spotlight:

Maruti Suzuki India gained 0.67%. Total production jumped 19.33% to 1,68,180 units in February 2021 from 1,40,933 units in February 2020. Total passenger vehicles production soared 18.10% to 1,65,783 units in February 2021 as compared to 1,40,370 units in February 2020. Light commercial vehicles production surged 325.75% to 2,397 units in February 2021 from 563 units in February 2020.

Adani Ports & Special Economic Zone rose 0.44%. The company's board approved an allotment of upto 1 crore equity shares to Windy Lakeside Investment on a preferential basis. Windy Lakeside Investment is an affiliate of private equity firm Warburg Pincus. The shares will be issued on a preferential basis at a price of Rs 800 per equity share, aggregating to Rs 800 crore.

Post allotment, Windy Lakeside Investment will hold 1 crore equity shares, constituting 0.49% of the share capital of Adani Ports. The transaction is subject to the approval of regulatory/statutory authorities and the shareholders of the company.