Sensex gains 366 pts; auto shares rally for 5th day

The key equity indices traded with modest gains in early afternoon trade. The Nifty traded above the 24,950 mark after hitting the days low of 24,798.65 in morning trade. Auto shares extended gains for the fifth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 366.78 points or 0.44% to 81,716.02. The Nifty 50 index advanced 115.95 points or 0.47% to 24,952.05.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.52% and the S&P BSE Small-Cap index gained 0.86%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 48,383.87 and 55,443.45, respectively.

The market breadth was strong. On the BSE, 2,342 shares rose and 1,461 shares fell. A total of 124 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.28% to 12.98. The Nifty 29 August 2024 futures were trading at 24,988, at a premium of 35.95 points as compared with the spot at 24,952.05.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 26.2 lakh contracts at the 24,500 strike price. Maximum Put OI of 40.1 lakh contracts were seen at 24,500 strike price.

Buzzing Index:

The Nifty Auto index rose 0.84% to 26,648.45. The index jumped 5.29% in the five consecutive trading sessions.

Tata Motors-DVR (up 4.59%), Tata Motors (up 4.59%), Apollo Tyres (up 2.2%), Hero MotoCorp (up 1.72%), Maruti Suzuki India (up 0.9%), TVS Motor Company (up 0.64%), MRF (up 0.52%), Bajaj Auto (up 0.4%), Bharat Forge (up 0.27%) and Mahindra & Mahindra (up 0.16%) edged higher.

On the other hand, Ashok Leyland (down 1.15%), Exide Industries (down 0.89%) and Samvardhana Motherson International (down 0.65%) declined.

Stocks in Spotlight :

Hindustan Petroleum Corporation (HPCL) added 4.34%. The company reported standalone net profit of Rs 355.80 crore in Q1 FY25, registering a de-growth 94.26% as against with Rs 6,203.90 crore posted in Q1 FY24. Revenue from operations (excluding excise duty) rose 1.56% to Rs 1,13,303.57 crore in the quarter ended June 2024 as against with Rs 1,11,567.43 crore posted in the corresponding quarter previous year.

ACC shed 0.50% after the company's consolidated net profit declined 22.47% to Rs 361.40 crore in Q1 FY25 as compared with Rs 466.14 crore posted in corresponding quarter last year. Revenue from operations fell marginally 0.89% YoY to Rs 5,154.89 crore in Q1 FY25.

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