MARKET AT DAY`S HIGH; NIFTY ABOVE 17,950; VIX SLIDES 4.77%

The domestic benchmarks traded at the day`s high with decent gains in early afternoon trade. The Nifty marched above the 17,950 mark after hitting the day`s low of 17,885.30 in morning trade. IT shares extended gains for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 154.59 points or 0.25% to 60,803.97. The Nifty 50 index added 53.55 points or 0.30% to 17,968.60.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.81% while the S&P BSE Small-Cap index gained 0.74%.

The market breadth was strong. On the BSE, 2,165 shares rose and 1,186 shares fell. A total of 139 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 4.77% to 10.88. The Nifty 25 May 2023 futures were trading at 18,051.50, at a premium of 82.9 points as compared with the spot at 17,968.60.

The Nifty option chain for the 25 May 2023 expiry showed maximum Call OI of 23.4 lakh contracts at the 18,000 strike price. Maximum Put OI of 30.3 lakh contracts were seen at 17,500 strike price.

Buzzing Index:

The Nifty IT index added 1.32% to 27,716.95, continuing its gaining streak to the third day. The index advanced 2.71% in three trading sessions.

L&T Technology Services (up 3.47%), Persistent Systems (up 3.17%), Wipro (up 3.04%), Coforge (up 2.99%), LTI Mindtree (up 2.05%), Mphasis (up 2%), Tech Mahindra (up 1.42%), Tata Consultancy Services (up 1.15%), Infosys (up 0.47%) edged higher.

Earnings Impact:

Motilal Oswal Financial Services (MOFSL) fell 2.26% after the company reported 53% drop in consolidated net profit to Rs 114 crore in Q4 FY23 from Rs 240.5 crore in Q4 FY22. Total revenues during the quarter fell by 1% YoY to Rs 1,135 crore.

Trent declined 2.56%. The company reported consolidated net profit of Rs 54.16 crore in Q4 FY23, steeply higher than Rs 0.16 crore posted in Q4 FY22. Net revenue from operations jumped 64.3% year on year (YoY) to Rs 2,182.75 crore in the quarter ended 31 March 2023.

Tinplate Company of India rose 0.23%. The company reported 50.6% fall in net profit to Rs 56.56 crore on a 16% decline in net sales to Rs 929.52 crore in Q4 FY23 as compared with Q4 FY22.

Apcotex Industries slipped 8.76% after the company`s net profit declined 24.89% to Rs 23.21 crore on 7.70% decline in net sales to Rs 256.10 crore in Q4 March 2023 over Q4 March 2022.

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