Barometers trade near flat line, financial services slide, VIX rises 2.14%

The benchmark indices traded sideways in the early afternoon trade. The Nifty hovered above the 19,750 mark. Financial services shares declined after advancing in the past two trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 54.11 points or 0.08% to 65,928.37. The Nifty 50 index rose 4.65 points or 0.02% to 19,769.85.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.30% while the S&P BSE Small-Cap index rose 0.55%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit record high of 33,423.33 and 39,689.94 in intraday today.

The market breadth was positive. On the BSE, 2,069 shares rose and 1,549 shares fell. A total of 152 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 2.14% to 11.90. The Nifty 30 November 2023 futures were trading at 19,813, at a premium of 43.15 points as compared with the spot at 19,769.85.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 35.1 lakh contracts at the 20,000 strike price. Maximum Put OI of 42.4 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Financial Services index declined 0.77% to 19,579.75. The index added 0.96% in the past two trading sessions.

SBI Cards & Payment Services (down 5.42%), Cholamandalam Investment & Finance Company (down 3.24%), State Bank of India (down 3.19%), Axis Bank (down 3.01%), Shriram Finance (down 2.1, Bajaj Finance (down 1.73%), ICICI Bank (down 0.87%), Bajaj Finserv (down 0.54%), HDFC Bank (down 0.31%) and Kotak Mahindra Bank (down 0.21%) edged lower.

On the other hand, ICICI Lombard General Insurance Company (up 5.32%) ,HDFC Asset Management Company (up 5.16%) and SBI Life Insurance Company (up 4.96%) advanced.

Stocks in Spotlight :

Kotak Mahindra Bank shed 0.13%. The private lender announced that its board has approved the appointment of Ashok Vaswani as a director and managing director & chief executive officer (CEO) of the bank for a period of three years with effect from 1 January 2024.

DCX Systems surged 5.27% after the company�s board has approved the raising of funds for an aggregate amount of up to and not exceeding Rs 500 crore one or more tranches.

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