BROADER MKT OUTPERFORMS; VIX DROPS 8.43%

The frontline indices traded with modest gains in early afternoon trade. The Nifty traded above the 23,300 level after hitting the day�s low of 23,206.65 in morning trade. Media shares witnessed buying demand for the fifth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 176.81 points or 0.24% to 76,666.89. The Nifty 50 index added 73.65 points or 0.32% to 23,332.85.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 1.08% and the S&P BSE Small-Cap index gained 1.12%.

The S&P BSE small-cap index and S&P BSE Mid-Cap index hit a 52 week high at 49,803.03 and 44,858.79 respectively.

The market breadth was strong. On the BSE, 2,488 shares rose and 1,255 shares fell. A total of 131 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, dropped 8.43% to 15.02. The Nifty 27 June 2024 futures were trading at 23,370, at a premium of 37.15 points as compared with the spot at 23,332.85.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 53.6 lakh contracts at the 24,000 strike price. Maximum Put OI of 50.4 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Media index rose 1.09% to 2,029.30. The index surged 12.61% in five consecutive trading sessions.

Hathway Cable & Datacom (up 3%), PVR Inox (up 2.53%), Dish TV India (up 2.01%), Tips Industries (up 1.5%), Sun TV Network (up 1.28%), TV18 Broadcast (up 0.96%), Saregama India (up 0.29%) and Network 18 Media & Investments (up 0.15%) advanced.

On the other hand, Nazara Technologies (down 0.64%) and Zee Entertainment Enterprises (down 0.02%), edged lower.

Stocks in Spotlight :

Rail Vikas Nigam (RVNL) rallied 4.47% after the company announced that Siemens-RVNL consortium has received letter of acceptance (LoA) from Bangalore Metro Rail Corporation for a project valued at Rs 394.23 crore.

Meanwhile, the company informed that it has been emerged as the lowest bidder from Central Railway for over head equipment (OHE) modification work of existing electric traction system in Nagpur division.

Transformers And Rectifiers (India) was locked in 5% upper circuit after its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 699.95 per share.

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