MARKET EXTENDS LOSSES; VIX CLIMBS 7.62%

The key equity benchmarks traded with moderate losses in mid-morning trade. The Nifty traded below the 24,300 level after hitting the day`s high of 24,338.85 in early trade. FMCG shares extended gains for the second consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex was down 172.57 points or 0.22% to 79,824.03. The Nifty 50 index lost 51.85 points or 0.21% to 24,272.

In the broader, the S&P BSE Mid-Cap index shed 0.27% and the S&P BSE Small-Cap index fell 0.34%.

The market breadth was negative. On the BSE, 1,654 shares rose and 2,285 shares fell. A total of 153 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 7.62% to 13.66. The Nifty 25 July 2024 futures were trading at 24,311, at a premium of 39 points as compared with the spot at 24,272.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 32.8 lakh contracts at the 25,000 strike price. Maximum Put OI of 48 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty FMCG index rose 1.46% to 58,516.75. The index rallied 2.55% in two consecutive trading sessions.

Marico (up 5%), Godrej Consumer Products (up 3.73%), Dabur India (up 3.59%), United Breweries (up 2.4%) and ITC (up 1.55%), Procter & Gamble Hygiene and Health Care (up 1.29%), Hindustan Unilever (up 1.28%), United Spirits (up 1.26%), Nestle India (up 0.95%) and Colgate-Palmolive (India) (up 0.92%) advanced.

On the other hand, Radico Khaitan (down 2.57%) and Balrampur Chini Mills (down 0.83%), edged lower.

Dabur India rallied 3.59% after the company`s consolidated revenue is expected to register mid to high single digit growth during Q1 FY25.

Stocks in Spotlight :

Larsen & Toubro shed 0.65%. The company said that its Renewable arm has finalised mega orders with a leading developer in the Middle East to build two gigawatt-scale solar PV plants with a cumulative capacity of 3.5 gigawatt (GW).

FSN E-Commerce Ventures (Nykaa) rose 1.13% after the company said that it has expected a consolidated revenue growth to be around 22-23% YoY in Q1 FY25.

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