INDICES TRADE WITH MINOR GAINS; BANK SHARES ADVANCE

The domestic equity benchmark traded with moderate gains in early afternoon trade. The Nifty traded above the 25,000 level. Bank shares advanced after declining in the previous trading session. Trading could be volatile due to weekly F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex added 285.44 points or 0.34% to 81,746.76. The Nifty 50 index rose 59.70 points or 0.24% to 25,041.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.05% and the S&P BSE Small-Cap index gained 0.72%.

The market breadth was strong. On the BSE, 2,404 shares rose and 1,378 shares fell. A total of 138 shares were unchanged.

Ratan Tata, the Chairman Emeritus of Tata Sons and a recipient of India`s second-highest civilian honor, the Padma Vibhushan, passed away on Wednesday at Mumbai`s Breach Candy Hospital. He was 86 years old. Tata had been in critical condition and under intensive care. On Monday, he had disclosed that he was undergoing routine medical examinations due to his age and associated health conditions.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 4.69% to 13.46. The Nifty 31 October 2024 futures were trading at 25,160.15, at a premium of 118.55 points as compared with the spot at 25,041.60.

The Nifty option chain for the 31 October 2024 expiry showed maximum Call OI of 49.9 lakh contracts at the 26,000 strike price. Maximum Put OI of 41.9 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty Bank index rose 0.75% to 51,391.35. The index shed 0.03% in the past trading session.

Kotak Mahindra Bank (up 2.75%), IDFC First Bank (up 1.4%), Bank of Baroda (up 1.09%), Canara Bank (up 1.04%), Axis Bank (up 1.02%), HDFC Bank (up 1.01%), AU Small Finance Bank (up 0.98%), IndusInd Bank (up 0.79%), Punjab National Bank (up 0.65%) and State Bank of India (up 0.36%) edged higher.

Stocks in Spotlight :

Puravankara added 1.11% after the company reported 18% growth in sales to Rs 1,331 crore in Q2 FY25 from Rs 1,128 crore in Q1 FY25.

GTPL Hathway declined 2.19% after the company�s consolidated net profit declined 62.65% to Rs 12.78 crore in Q2 FY25 as compared with Rs 34.22 crore in Q2 FY24. Revenue from operations increased 9.8% to Rs 855.56 crore in Q2 FY25 as compared with Rs 779.20 crore posted in corresponding quarter last year.

Rashtriya Chemical & Fertilizers (RCF) rallied 6.95% after the company awarded a contract worth Rs 1,000.27 crore to L&T for setting up of 1200 MTPD complex fertilizer plant on lump-sum turnkey (LSTK) basis at RCF, ThaI.

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