MARKET TRADES SIDEWAYS; VIX RALLIES 3.56%

The key equity indices traded sideways in early afternoon trade. The Nifty traded below the 23,600 level. Private bank shares extended gains for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex was up 118.73 points or 0.17% to 77,423.67. The Nifty 50 index shed 5.65 points or 0.02% to 23,553.90.

The Sensex and Nifty clocked an all-time high of 77,581.46 and 23,630.85 respectively in early trade.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 0.50% and the S&P BSE Small-Cap index shed 0.24%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,442.90 and 51,968.25 respectively.

The market breadth was negative. On the BSE, 1,706 shares rose and 2,045 shares fell. A total of 119 shares were unchanged.

Economy:

The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as on 17.06.2024) show that Net collections are at Rs 4,62,664 crore, compared to Rs 3,82,414 crore in the corresponding period of the preceding Financial Year (i.e. FY 2023-24), representing an increase of 20.99%, data from Ministry of Finance showed.

The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2024-25 stand at Rs 5,15,986 crore compared to Rs 4,22,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19% over the collections of FY 2023-24.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, gained 3.56% to 13.43. The Nifty 27 June 2024 futures were trading at 23,571.90, at a premium of 18 points as compared with the spot at 23,553.90.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 67.8 lakh contracts at the 24,000 strike price. Maximum Put OI of 69.7 lakh contracts were seen at 22,500 strike price.

Buzzing Index:

The Nifty Private Bank index rose 1.34% to 25,386. The index advanced 2.80% in the three consecutive trading sessions.

IndusInd Bank (up 1.89%), ICICI Bank (up 1.78%), HDFC Bank (up 1.47%), Kotak Mahindra Bank (up 1.41%) and Axis Bank (up 0.79%), City Union Bank (up 0.46%), Bandhan Bank (up 0.34%), IDFC First Bank (up 0.25%), Federal Bank (up 0.01%) edged higher.

On the other hand, RBL Bank (down 0.12%) slipped.

Stocks in Spotlight :

Tata Motors shed 0.24%. The auto major announced that it will increase the price of its commercial vehicles (CVs) up to 2% effective from 1 July 2024.

Separately, JLR and Chery Automobile Company, partners in the Chery Jaguar Land Rover (CJLR) joint venture, have signed a letter of intent to focus on electric vehicles (EVs) for the Chinese market.

Zee Entertainment Enterprises (ZEEL) declined 2.53% after the company informed that Rohit Kumar has resigned from the post of chief financial officer of the company, due to personal reasons.

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