INDICES TRADE NEAR FLAT LINE, VIX RALLIES 3%

The key equity indices traded near the flat line with some positive bias in early afternoon trade. The Nifty traded above the 18,300 level after hitting the day`s low at 18,289.35 in morning trade. Consumer durables shares extended gains for the second consecutive trading session. Trading was volatile due to the expiry of weekly index options on the NSE today.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 54.64 points or 0.09% to 61,994.84. The Nifty 50 index added 8.80 points or 0.05% to 18,323.90.

In the broader market, the S&P BSE Mid-Cap index gained 0.32% while the S&P BSE Small-Cap index advanced 0.69%.

The market breadth was strong. On the BSE, 2,087 shares rose and 1,255 shares fell. A total of 159 shares were unchanged.

On the political front, the Congress party is reportedly likely to get a majority of the seats in Karnataka, predicted various exit polls. The majority mark in the 224-seat Karnataka assembly stands at 113 seats. The results of the election will be declared on May 13.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 3.03% to 13.48. The Nifty 25 May 2023 futures were trading at 18,349.80, at a premium of 25.9 points as compared with the spot at 18,323.90.

The Nifty option chain for the 25 May 2023 expiry showed maximum Call OI of 29.8 lakh contracts at the 18,500 strike price. Maximum Put OI of 48.9 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Consumer Durables index rose 0.61% to 24,930.65. The index added 0.91% in two trading sessions.

Relaxo Footwears (up 3.14%), Bata India (up 1.9%), Blue Star (up 1.52%), Orient Electric (up 0.91%), Dixon Technologies (India) (up 0.87%), Kajaria Ceramics (up 0.81%), Havells India (up 0.8%), Rajesh Exports (up 0.18%), TTK Prestige (up 0.18%) and Crompton Greaves Consumer Electricals (up 0.18%).

Stocks in Spotlight:

Sagar Cements rallied 4.65% after the company reported net profit of Rs 100.53 crore in Q4 FY23 as against net loss of Rs 11.51 crore in Q4 FY22. Revenue from operations jumped 24% year on year to Rs 62,154 crore in the quarter ended 31 March 2023. During the quarter, sales volume jumped 20% to 13,56,863 milion tonnes (MT) from 11,27,902 MT recorded in Q4 FY22.

Zydus Lifesciences shed 0.81%. The drug major on Wednesday announced that it has received the Establishment Inspection Report (EIR) from the US drug regulator for its manufacturing facility in Moraiya, Ahmedabad. The United States Food and Drug Administration (USFDA) had conducted a pre-approval inspection (PAI) at the Moraiya facility from 23 January 2023 to 27 January 2023. The company said that the inspection which was a PAI for transdermal patch products had concluded with nil observations.

CSB Bank rose 0.36%. The bank announced that its board appointed Satish Gundewar as chief financial officer (CFO) and key managerial personnel (KMP) of the bank effective from 5 June 2023. B.K. Divakara will step down from the position of CFO with effect from the close of office hours on 4 June 2023.

Powered by Capital Market - Live News