Market near days high; VIX jumps over 3%; PSU bank shares rally

The key domestic indices traded with moderate gains in early afternoon. The Nifty scaled above 24,350 mark. PSU bank shares advance after declining in the past trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 288.6 points or 0.37% to 80,254.66. The Nifty 50 index added 70.60 points or 0.29% to 24,391.15.

In the broader market, the S&P BSE Mid-Cap index added 0.20% and the S&P BSE Small-Cap index rose 0.09%. The S&P BSE Mid-Cap index hit an all-time high at 47,659.70.

The market breadth was positive. On the BSE, 1,972 shares rose and 1,849 shares fell. A total of 114 shares were unchanged.

 

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 3.06% to 14.02. The Nifty 25 July 2024 futures were trading at 24,445.05, at a premium of 53.9 points as compared with the spot at 24,391.15.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 32.5 lakh contracts at the 25,000 strike price. Maximum Put OI of 51.4 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index gained 1.87% to 7,374.40. The index fell 1.60% in the past trading session.

Punjab & Sind Bank (up 5.09%), Indian Overseas Bank (up 5.05%), Union Bank of India (up 4.79%), Central Bank of India (up 4.11%) and Bank of Maharashtra (up 3.86%), UCO Bank (up 3.37%), Bank of India (up 3.25%), Punjab National Bank (up 2.05%), Canara Bank (up 1.88%) and Indian Bank (up 1.78%) advanced.

Stocks in spotlight:

Keystone Realtors added 3.58% after the company reported pre-sales of Rs 611 crore in Q1 FY25, showing a growth of 22% YoY basis as compared to the pre-sales of Rs 502 crore recorded in Q1 FY24.

Kalpataru Projects International added 1.58% after the company said that it has increased fund raising limit via non-convertible debentures (NCDs) by upto Rs 1,600 crore.

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