Broader mkt outperforms, PSU banks in demand, VIX rises 2.51%

The key equity indices traded in a narrow range with minor cuts in early-afternoon trade. The Nifty traded around the 21,700 level. PSU bank shares rallied for the fourth day in a row.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 256.79 points or 0.36% to 71,684.78. The Nifty 50 index lost 36.55 points or 0.17% to 21,701.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.40% and the S&P BSE Small-Cap index gained 0.79%.

The market breadth was positive. On the BSE, 2,199 shares rose and 1,527 shares fell. A total of 95 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 2.51% to 16.08. The Nifty 29 February 2024 futures were trading at 21,782.80, at a premium of 114.25 points as compared with the spot at 21,668.55.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 32.5 lakh contracts at the 23,000 strike price. Maximum Put OI of 30.9 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty PSU Bank index rallied 2.08% to 6,200.20. The index jumped 6.77% in four trading sessions.

UCO Bank (up 4.45%), Central Bank of India (up 4.29%), Indian Overseas Bank (up 3.51%), Bank of Baroda (up 2.9%) and Bank of India (up 2.84%), Punjab National Bank (up 2.79%), Punjab & Sind Bank (up 2.7%), Indian Bank (up 2.08%), Bank of Maharashtra (up 2.04%) and Canara Bank (up 1.83%) rallied.

Stocks in Spotlight:

Krsnaa Diagnostics rose 1.01% after the company announced that it has been shortlisted by the Maharashtra Government for providing MRI and CT Scan services at district hospitals.

Muthoot Microfin surged 10.30% after the firm�s net profit stood at Rs 124.57 crore in Q3 FY24, registering a growth of 119.06% from 56.87 crore posted in Q3 FY23. Total income jumped 52.61% year on year (YoY) to Rs 584.83 crore in the quarter ended 31 December 2023.

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