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Nifty trades below 23,800 level; media shares slide; VIX rallies 4.79%

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The frontline indices pared all the gains and traded with small losses in early afternoon trade. The Nifty slipped below the 23,800 level after hitting the day's high of 23,915.35 in the early afternoon trade. Media shares declined after advancing in the previous trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 60.89 points or 0.08% to 78,638.18. The Nifty 50 index lost 36.20 points or 0.15% to 23,777.20.

In the broader market, the S&P BSE Mid-Cap index declined 0.11% and the S&P BSE Small-Cap index fell 0.44%.

The market breadth was weak. On the BSE, 1,561 shares rose and 2,427 shares fell. A total of 179 shares were unchanged.

 

Economy

The countrys forex reserves dropped by a further $8.478 billion to $644.391 billion for the week ended December 20, the RBI said on Friday.

In the previous reporting week, the reserves had dropped by $1.988 billion to a six-month low of $652.869 billion.

Foreign currency assets decreased by $6.014 billion to $556.562 billion, the data released on Friday showed.

Gold reserves decreased by $2.33 billion to $65.726 billion during the week. The Special Drawing Rights (SDRs) were down by $112 million to $17.885 billion, the apex bank said.

Indias reserve position with the IMF was also down by $23 million to $4.217 billion in the reporting week, the central bank data showed.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 4.79% to 13.87. The Nifty 30 January 2024 futures were trading at 23,968.10, at a premium of 190.90 points as compared with the spot at 23,777.20.

The Nifty option chain for the 30 January 2024 expiry showed a maximum call OI of 40.9 lakh contracts at the 25,000 strike price. Maximum put OI of 50.7 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty Media index declined 1.13% to 1,832.80. The index rose 0.38% in the past trading session.

Network 18 Media & Investments (down 2.4%), Nazara Technologies (down 1.23%), PVR Inox (down 1.18%), Dish TV India (down 1.08%), Zee Entertainment Enterprises (down 0.57%), Sun TV Network (down 0.42%), Saregama India (down 0.4%), Hathway Cable & Datacom (down 0.26%) and Tips Music (down 0.23%) declined.

Stocks in Spotlight:

IOL Chemicals & Pharmaceuticals rallied 3% after the companys board approved the sub-division / split of each equity share into five equity shares.

KEC International advanced 2.56% after the company executed the business transfer agreement with its subsidiary, KEC Asian Cables (KACL), to transfer its Cables business on a going concern basis via slump sale.

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First Published: Dec 30 2024 | 12:42 PM IST

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