NIFTY HITS FRESH HIGH; BANK SHARES GAIN

The domestic equity benchmarks traded with decent gains in early afternoon trade. The Nifty traded above the 25,100 level after hitting the day�s low of 25,017.50 in early trade. Bank shares advanced after declining in the previous trading session. Trading could be volatile due to August F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex jumped 334.18 points or 0.40% to 82,105.70. The Nifty 50 index gained 81.10 points or 0.32% to 25,137.85.

The Nifty clocked an all-time high of 25,144.40 in early afternoon trade.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.49% and the S&P BSE Small-Cap index declined 0.79%.

The market breadth was weak. On the BSE, 1,306 shares rose and 2,508 shares fell. A total of 128 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, shed 0.39% to 13.90. The Nifty 29 August 2024 futures were trading at 25,209.05, at a premium of 71.2 points as compared with the spot at 25,137.85.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 197.1 lakh contracts at the 25,100 strike price. Maximum Put OI of 266.4 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty Bank index rose 0.24% to 51,264.80. The index shed 0.26% in the past trading session.

AU Small Finance Bank (up 2.03%), ICICI Bank (up 0.55%), State Bank of India (up 0.52%), Axis Bank (up 0.46%) and IndusInd Bank (up 0.16%), Federal Bank (up 0.05%), Punjab National Bank (up 0.03%) edged higher.

On the other hand, Bandhan Bank (down 1.72%), IDFC First Bank (down 0.78%) and Bank of Baroda (down 0.36%) edged lower.

Stocks in Spotlight :

National Aluminium Company (NALCO) slipped 2.14%. The company announced that a memorandum of understanding (MoU) was signed between its joint venture, Khanij Bidesh India (KABIL) and Oil India for collaboration in projects and exploration.

Sonata Software rallied 4.88% after the company announced that it has received a large multi-year, multi-million-dollar IT outsourcing contract from a US-based healthcare and wellness company.

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