NIFTY SLIPS BELOW 24,750 MARK; WAREE ENERGIES IPO FULLY SUBSCRIBED; VIX JUMPS OVER 7%

The headline equity benchmarks traded with limited losses in early-afternoon trade. The Nifty traded below the 24,750 mark. Metal shares decline after rising for the past trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 197.25 points or 0.24% to 81,026.95. The Nifty 50 index fell 105.15 points or 0.42% to 24,748.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.46% and the S&P BSE Small-Cap index shed 0.99%.

The market breadth was weak. On the BSE, 1,254 shares rose and 2,637 shares fell. A total of 154 shares were unchanged.

Waree Energies IPO received strong interest from investors on its first day. The IPO received bids for 3,16,95,741 shares as against 2,10,79,384 shares on offer. The IPO was subscribed 1.50 times.

Economy:

India`s net direct tax collections jumped by 182.02% over last decade to Rs 19.60 lakh crore in FY24, from 6.95 lakh crore in FY15, following strong growth in personal income tax, the latest time series data from the Income Tax Department showed. Personal income tax collections zoomed up nearly 300% to Rs 10.45 lakh crore, from 2.65 lakh crore in FY15, outpacing corporate tax collections, which rose by 112.85% to Rs 9.11 lakh crore from Rs 4.28 lakh crore in FY15.

Derivative:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 7.09% to 13.96. The Nifty 31 October 2024 futures were trading at 24,760.60, at a premium of 11.70 points as compared with the spot at 24,748.90.

The Nifty option chain for the 31 October 2024 expiry showed maximum Call OI of 92.8 lakh contracts at the 25,000 strike price. Maximum Put OI of 44.2lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Metal index fell 1.40% to 9,617.75. The index advanced 1.57% in the past trading session.

Jindal Stainless Ltd (down 5.84%), APL Apollo Tubes Ltd (down 2.42%), NMDC Ltd (down 2.14%), Adani Enterprises Ltd (down 2.1%) and Hindustan Copper Ltd (down 2.04%), Steel Authority of India Ltd (down 1.77%), Hindalco Industries Ltd (down 1.55%), National Aluminium Company Ltd (down 1.49%), Vedanta Ltd (down 0.93%) and JSW Steel Ltd (down 0.9%) declined.

Stock in Spotlight:

Alembic Pharmaceuticals rose 0.21%. The company has announced that it has received final approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Diltiazem Hydrochloride Extended-Release Capsules USP, 120 mg.

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