Nifty trades above 22,750; media shares in demand; VIX slips 6.97%

The key equity indices traded with significant gains in early afternoon trade. The Nifty traded above the 22,750 mark. Media shares gained for the second consecutive trading session. Trading was volatile due to the expiry of weekly index options on the NSE.

At 12:30 IST, the barometer index, the S&P BSE Sensex was up 445.12 points or 0.60% to 74,833.76. The Nifty 50 index added 146.35 points or 0.65% to 22,766.70.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index jumped 2.24% and the S&P BSE Small-Cap index rallied 2.82%.

The market breadth was strong. On the BSE, 2,939 shares rose and 799 shares fell. A total of 115 shares were unchanged.

The BJP-led National Democratic Alliance (NDA) will establish the new government on Saturday, when Narendra Modi will be inaugurated as Prime Minister for a historic third consecutive term. The BJP has obtained written support from the leaders of the Telugu Desam Party (TDP) and Janata Dal (United) (JD-U).

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 6.97% to 17.57. The Nifty 27 June 2024 futures were trading at 22,830, at a premium of 63.3 points as compared with the spot at 22,766.70.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 48.1 lakh contracts at the 24,000 strike price. Maximum Put OI of 46.8 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Media index jumped 3.18% to 1,932.95. The index rallied 7.26% in the two consecutive trading sessions.

Nazara Technologies (up 12.89%), Tips Industries (up 6.65%), Zee Entertainment Enterprises (up 5.37%), Network 18 Media & Investments (up 4.73%), Saregama India (up 3.81%), Dish TV India (up 3.52%), TV18 Broadcast (up 3.33%), Hathway Cable & Datacom (up 2.51%) and PVR Inox (up 0.92%) advanced.

On the other hand, Sun TV Network (down 3.44%) edged lower.

Stocks in Spotlight :

Kalpataru Projects International jumped 5.48% after the civil construction company announced that the executive committee of its board is scheduled to meet on 10 June 2024 to consider the proposal of fund raising.

KPI Green Energy advanced 4.23% after the companys wholly owned subsidiary, Sun Drops Energia has received solar power project from various companies under Captive Power Producer (CPP).

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