Sensex gains 239 pts; metal shares shine; VIX rallies 3.35%

The domestic equity benchmarks traded with decent gains in early afternoon trade. The Nifty traded above the 24,900 level. Metal shares extended gains for the fourth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 238.56 points or 0.29% to 81,689.85. The Nifty 50 index added 85.70 points or 0.34% to 24,943.

In the broader market, the S&P BSE Mid-Cap index gained 0.90% and the S&P BSE Small-Cap index rose 0.23%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 48,680.74 and 55,685.07, respectively.

The market breadth was strong. On the BSE, 2,177 shares rose and 1,634 shares fell. A total of 113 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.35% to 13.31. The Nifty 29 August 2024 futures were trading at 24,989.85, at a premium of 46.85 points as compared with the spot at 24,943.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 25.2 lakh contracts at the 24,500 strike price. Maximum Put OI of 41.1 lakh contracts were seen at 24,500 strike price.

Buzzing Index:

The Nifty Metal index rose 0.79% to 9,543.10. The index advanced 4.31% in the four consecutive trading sessions.

Welspun Corp (up 1.95%), Adani Enterprises (up 1.73%), JSW Steel (up 1.58%), Hindalco Industries (up 1.3%) and Steel Authority of India (up 0.98%), National Aluminium Company (up 0.85%), Hindustan Copper (up 0.82%), Jindal Stainless (up 0.72%), Jindal Steel & Power (up 0.59%) and APL Apollo Tubes (up 0.51%) edged higher.

On the other hand, Hindustan Zinc (down 0.74%), NMDC (down 0.62%) and Ratnamani Metals & Tubes (down 0.29%) declined.

Stocks in Spotlight :

Zydus Lifesciences advanced 1.87% after the company announced the receipt of marketing approval for Mamitra, a Trastuzumab biosimilar, from the Mexican regulatory authority COFEPRIS.

Automobile Corporation of Goa hit an upper circuit of 20% after the companys standalone net profit jumped 77.33% to Rs 17.91 crore in Q1 FY25 as compared with Rs 10.10 core recorded in Q1 FY24. Revenue from operations increased 34.67% YoY to Rs 203.32 crore during the quarter.

Autoline Industries surged 10.37% after the company announced that it has entered into an supply contract with Tata Motors Passenger Vehicle.

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