BAROMETERS TURN RANGEBOUND; BROADER MKT OUTPERFORMS

The frontline indices traded in narrow range with minor gains in early afternoon trade. The Nifty traded above the 23,400 level after hitting the day�s low of 23,334.25 in early trade. Auto shares advanced for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 86.99 points or 0.11% to 76,897.89. The Nifty 50 index rose 36.55 points or 0.16% to 23,435.45.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.88% and the S&P BSE Small-Cap index gained 1.04%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 45,939.14 and 51,223.39 respectively.

The market breadth was strong. On the BSE, 2,277 shares rose and 1,483 shares fell. A total of 124 shares were unchanged.

Economy:

India`s Wholesale Price Index (WPI)-based inflation rose to 2.61% in May 2024. WPI-based inflation in May was primarily driven by increases in the prices of food articles, the manufacture of food products, crude petroleum and natural gas, mineral oils, and other manufacturing sectors.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 4.87% to 12.83. The Nifty 27 June 2024 futures were trading at 23,440, at a premium of 4.55 points as compared with the spot at 23,435.45.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 62.7 lakh contracts at the 24,000 strike price. Maximum Put OI of 79.3 lakh contracts were seen at 22,500 strike price.

Buzzing Index:

The Nifty Auto index gained 1.13% to 25,679.15. The index advanced 1.83% in two consecutive trading sessions.

Samvardhana Motherson International (up 3.34%), Bharat Forge (up 3.12%), Mahindra & Mahindra (up 2.58%), TVS Motor Company (up 1.17%), Eicher Motors (up 0.75%), Balkrishna Industries (up 0.69%), Exide Industries (up 0.37%), Tata Motors (up 0.34%), Ashok Leyland (up 0.33%) and Hero MotoCorp (up 0.24%) advanced.

On the other hand, Bosch (down 0.74%), Apollo Tyres (down 0.36%) and Tata Motors-DVR (down 0.26%) edged lower.

Stocks in Spotlight :

Vodafone Idea (VIL) advanced 1.12% after the company announced that its board has approved preferential allotment of around 166 crore fully paid up equity shares in one or more tranches for an aggregating consideration of upto Rs 2,458 crore on preferential basis.

Lemon Tree Hotels rallied 3.73% after the company announced the opening of its ninth property in Rajasthan, Udaipur with Keys Lite by Lemon Tree Hotels.

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