INDICES TRADE WITH MODEST GAINS; VIX SLIDES 3.68%

The domestic equity benchmarks traded with decent gains in early afternoon trade. The Nifty traded near the 23,400 level. Consumer durables shares witnessed buying demand for the seventh consecutive trading session.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 261.38 points or 0.34% to 76,867.95. The Nifty 50 index added 78.20 points or 0.34% to 23,401.15.

The Sensex and Nifty clocked an all-time high of 77,145.46 and 23,481.05 respectively in early trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.62% and the S&P BSE Small-Cap index rose 0.68%.

The market breadth was positive. On the BSE, 2,205 shares rose and 1,540 shares fell. A total of 126 shares were unchanged.

Economy:

India�s annual inflation rate based on all India Consumer Price Index (CPI) number came in at 4.75% for the month of May, 2024, according to government data released on Wednesday. Corresponding inflation rate for rural and urban is 5.28% and 4.15%, respectively. The Consumer Price Index (CPI) based retail inflation was 4.83% in April 2024 and 4.31% in May 2023. Inflation in the food basket was 8.69% in May, marginally down from 8.70% in April, according to the data released by the National Statistical Office (NSO).

India`s industrial production grew 5% in April this year mainly due to good show by mining and power sectors, according to official data released on Wednesday. The factory output measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 4.6% in April 2023. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of April 2024 over April 2023 are 6.7%, 3.9% and 10.2% respectively.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 3.68% to 13.86. The Nifty 27 June 2024 futures were trading at 23,408.70, at a premium of 7.55 points as compared with the spot at 23,401.15.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 48.2 lakh contracts at the 24,000 strike price. Maximum Put OI of 52.9 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Consumer Durables index rose 1.26% to 37,355.95. The index advanced 9.18% in seven consecutive trading sessions.

Dixon Technologies (India) (up 3.31%), Voltas (up 2.49%), V-Guard Industries (up 1.84%), Whirlpool of India (up 1.77%), Titan Company (up 1.44%), Cera Sanitaryware (up 0.82%), Rajesh Exports (up 0.58%), Crompton Greaves Consumer Electricals (up 0.41%), Havells India (up 0.4%) and Bata India (up 0.32%) advanced.

On the other hand, Blue Star (down 1.32%), Kajaria Ceramics (down 0.81%) and Kalyan Jewellers India (down 0.59%) edged lower.

Stocks in Spotlight :

One 97 Communications (Paytm) surged 7.02% after the company announced partnership with Samsung for flight, movies, bus, and events ticket bookings.

RateGain Travel Technologies shed 0.96%. The company said that it has been selected as the preferred revenue management partner by Green Motion International for its franchisee network spread across 650 locations in 73 countries worldwide.

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