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Market reverses gains; Nifty slides below 21,250

Published on Jan 24, 2024 12:35

The domestic equity barometers gave up all the gains and traded with minor losses in early afternoon trade. The Nifty slipped below the 21,250 level after hitting the day`s high of 21,408.60 in mid-morning trade. FMCG shares advanced after declining in past two trading sessions.

At 12:31 IST, the barometer index, the S&P BSE Sensex, was down 92.15 points or 0.13% to 70,278.40. The Nifty 50 index lost 13.20 points or 0.06% to 21,225.60.

In the broader market, the S&P BSE Mid-Cap index gained 0.24% and the S&P BSE Small-Cap index rose 0.39%.

The market breadth was strong. On the BSE, 1,965 shares rose and 1,734 shares fell. A total of 120 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.96% to 15.15. The Nifty 25 January 2024 futures were trading at 21,237.90, at a discount of 12.30 points as compared with the spot at 21,225.60.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 125.9 lakh contracts at the 21,700 strike price. Maximum Put OI of 99.2 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty FMCG index added 1.06% to 55,557.30. The index slipped 2.94% in past two trading sessions.

Radico Khaitan (up 3.12%), Hindustan Unilever (up 2.02%), Godrej Consumer Products (up 1.96%), United Spirits (up 1.79%) and Marico (up 1.49%), Britannia Industries (up 1.36%), Dabur India (up 1.2%), Nestle India (up 1.14%), Colgate-Palmolive (India) (up 0.83%) and Procter & Gamble Hygiene and Health Care (up 0.77%) advanced.

Stocks in Spotlight:

Nazara Technologies declined 0.72%. The firm said that its material subsidiary NODWIN Gaming has acquired Comic Con India, a company famous for hosting multiple pop cultural festivals targeting youth in India.

JSW Energy rose 0.88% after the company�s consolidated net profit jumped 24.37% to Rs 232.24 crore in Q3 FY24 as compared with Rs 186.74 crore in Q3 FY23. Total revenue increased 13.26% YoY to Rs 2661.41 crore in Q3 FY24.

Indus Towers jumped 6.35% after the company reported a consolidated net profit of Rs 1,540.5 crore in Q3 FY24 as against a net loss of Rs 708.2 crore posted in Q3 FY23. Revenue from operations grew by 6.42% year on year to Rs 7,199 crore recorded in the quarter ended 31 December 2023.

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