INDICES TRADE WITH MAJOR LOSSES; VIX CLIMBS 6.82%

The domestic equity benchmarks continued to trade with deep cuts in early afternoon trade. The Nifty traded below the 24,800 level. Realty shares extended losses for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex declined 777.59 points or 0.96% to 81,079.29. The Nifty 50 index slipped 239.75 points or 0.96% to 24,771.15.

In the broader market, the S&P BSE Mid-Cap index declined 0.86% and the S&P BSE Small-Cap index fell 0.43%.

The market breadth was negative. On the BSE, 1,572 shares rose and 2,221 shares fell. A total of 120 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 6.82% to 13.81. The Nifty 29 August 2024 futures were trading at 24,798.80, at a premium of 27.65 points as compared with the spot at 24,771.15.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 27 lakh contracts at the 26,000 strike price. Maximum Put OI of 46.3 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Realty index fell 2.44% to 1,048.95. The index slipped 4.44% in the three consecutive trading sessions.

Sobha (down 3.7%), Prestige Estates Projects (down 3.44%), Brigade Enterprises (down 2.62%), Godrej Properties (down 2.6%), Phoenix Mills (down 2.4%), DLF (down 2.27%), Macrotech Developers (down 1.98%), Oberoi Realty (down 1.58%), Sunteck Realty (down 1.45%) and Mahindra Lifespace Developers (down 0.67) slipped.

Stocks in Spotlight :

Triveni Engineering & Industries declined 3.62% after the company`s consolidated net profit declined 54.16% to Rs 30.99 crore in Q1 FY25 as compared with Rs 67.61 crore posted in Q1 FY24. Revenue from operations (excluding Excise duty) increased 8.58% YoY to Rs 1,300.68 crore during the quarter.

Alembic Pharmaceuticals shed 0.27%. The company said that it has received final approval from the US Food & Drug Administration (US FDA) for its abbreviated new drug application (ANDA) for Nelarabine Injection.

Thermax fell 1.53%. The company reported consolidated net profit of Rs 115.81 crore in Q1 FY25, registering a growth of 96.68% as against with Rs 58.88 crore posted in Q1 FY24. Revenue from operations stood at Rs 2,184.41 crore during the quarter, grew by 13.01% year on year.

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