Market extends gains, financial services in demand, VIX spurts 9.80%

Indian equity indices marched higher and hit a fresh intraday high in early afternoon trade. The Nifty climbed above the 21,650 mark. Financial services shares advanced after declining in the past trading session. Shares of index heavyweight Reliance Industries hit all time high by advancing 4.41% supporting the benchmark indices.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 999.72 points or 1.41% to 71,700.39. The Nifty 50 index added 315.95 points or 1.48% to 21,668.55.

In the broader market, The S&P BSE Mid-Cap index rose 1.47% and the S&P BSE Small-Cap index added 1.02%.

The market breadth was strong. On the BSE, 2,341 shares rose and 1,476 shares fell. A total of 172 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, climbed 9.80% to 15.23. The Nifty 29 February 2024 futures were trading at 21,782.80, at a premium of 114.25 points as compared with the spot at 21,668.55.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 31.2 lakh contracts at the 23,000 strike price. Maximum Put OI of 31.1 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Financial Services index advanced 1.55% to 20,410.65. The index declined 0.53% in the past trading session.

Power Finance Corporation (up 5.68%), REC (up 5.48%), Indian Energy Exchange (up 3.76%), LIC Housing Finance (up 3.59%), Shriram Finance (up 3.44%), HDFC Asset Management Company (up 3.19%), Kotak Mahindra Bank (up 2.68%), SBI Life Insurance Company (up 2.01%), Axis Bank (up 1.51%) and State Bank of India (up 1.38%) edged higher.

On the other hand, SBI Cards & Payment Services (down 5.96%), Cholamandalam Investment & Finance Company (down 1.15%) and Bajaj Finserv (down 0.56%) declined.

SBI Cards and Payment Services dropped 5.96% after the company�s net profit declined 8.94% to Rs 549.08 crore in Q3 FY24 as against Rs 602.98 crore recorded in Q3 FY23. However, total income grew by 12.32% quarter on quarter to Rs 4741.60 crore in Q3 FY24.

As compared to Q3 FY23, the company�s net profit and total income were higher by 7.78% and 29.69%, respectively.

Powered by Capital Market - Live News