Benchmarks trade with significant gains; VIX tumbles 9.39%

The headline equity benchmarks traded with substantial gains in early afternoon trade. The Nifty traded above the 24,250 mark. Media shares extended gains for the second consecutive trading session.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 773.11 points or 0.98% to 79,366.18. The Nifty 50 index gained 277.15 points or 1.16% to 24,269.70.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 1.95% and the S&P BSE Small-Cap index gained 1.82%.

The market breadth was strong. On the BSE, 2,857 shares rose and 954 shares fell. A total of 110 shares were unchanged.

 

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 9.39% to 16.98. The Nifty 29 August 2024 futures were trading at 24,299.75, at a premium of 30.05 points as compared with the spot at 24,269.70.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 37 lakh contracts at the 25,000 strike price. Maximum Put OI of 40.8 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Media index gained 2.04% to 2,048.15. The index rallied 2.19% in two consecutive trading sessions.

TV18 Broadcast (up 4.42%), Tips Industries (up 3.65%), PVR Inox (up 3.41%), Network 18 Media & Investments (up 2.44%), Hathway Cable & Datacom (up 2.36%), Nazara Technologies (up 2.34%), Zee Entertainment Enterprises (up 1.8%), Dish TV India (up 1.14%) and Sun TV Network (up 1.08%) advanced.

Stocks in Spotlight :

Gulf Oil Lubricants India surged 7.29% after the companys consolidated net profit jumped 28.89% to Rs 88.02 crore in Q1 FY25 as compared with Rs 68.29 crore posted in corresponding quarter last year. Revenue from operations increased 9.04% YoY to Rs 885.07 crore during the quarter.

Gland Pharma slipped 3.10% after the companys consolidated net profit declined 25.94% to Rs 143.76 crore in Q1 FY25 as compared with Rs 194.10 crore in Q1 FY24. Revenue from operations jumped 15.97% YoY to Rs 1,401.70 crore in Q1 FY25.

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