NIFTY BELOW 24,300 LEVEL; HDFC BANK DROPS 4.22%

The key equity indices traded with minor losses in early afternoon trade. The Nifty traded below the 24,300 level. Financial services shares extended loss for the second day in a row.

At 12:30 IST, the barometer index, the S&P BSE Sensex was down 202.62 points or 0.26% 79,838.62. The Nifty 50 index shed 24.10 points or 0.09% to 24,278.95.

In the broader market, the S&P BSE Mid-Cap index added 0.56% and the S&P BSE Small-Cap index rose 0.76%.

The market breadth was positive. On the BSE, 2,161 shares rose and 1,643 shares fell. A total of 100 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 1.45% to 13.01. The Nifty 25 July 2024 futures were trading at 24,363, at a premium of 84.05 points as compared with the spot at 24,278.95.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 32 lakh contracts at the 25,000 strike price. Maximum Put OI of 47.9 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Financial Services index fell 1.18% to 23,598.50. The index declined 1.39% in the two consecutive trading sessions.

HDFC Bank (down 4.22%), Cholamandalam Investment & Finance Company (down 0.6%), Bajaj Finserv (down 0.46%), LIC Housing Finance (down 0.25%), SBI Cards & Payment Services (down 0.16%), ICICI Bank (down 0.13%), Shriram Finance (down 0.07%), Bajaj Finance (down 0.03%) slipped.

On the other hand, REC (up 1.25%) ,State Bank of India (up 1.07%) and ICICI Lombard General Insurance Company (up 1%) edged higher.

HDFC Bank declined 4.22%. The bank said that its gross advances aggregated to approximately Rs 24.87 lakh crore as of 30 June 2024, a growth of around 52.6% over Rs 16.30 lakh crore as of 30 June 2023.

Stocks in Spotlight :

Rail Vikas Nigam (RVNL) surged 7.39% after it has signed a memorandum of understanding (MoU) with Delhi Metro Rail Corporation (DMRC) to collaborate on upcoming projects in India and abroad.

RBL Bank fell 2.03%. The bank informed that its total deposits jumped 18.35% to Rs 101,351 crore as on 30 June 2024 from Rs 85,636 crore recorded in 30 June 2023.

Raymond zoomed 14.19% to after the company�s board approved the vertical demerger of its Real Estate business into its wholly owned subsidiary, Raymond Realty (RRL).

Kalyan Jewellers India shed 0.67%. The jewellery retailer said that its revenue jumped approximately 29% from India operations during Q1 FY25 as compared to Q1 FY24.

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