Broader markets outperform; consumer durable stocks in demand

The key equity barometers traded near the flat line, with some negative bias, in early afternoon trade. The Nifty traded below the 17,400 level. Consumer durable stocks witnessed decent buying demand.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 37.71 points or 0.06% to 59,250.64. The Nifty 50 index lost 3.45 points or 0.02% to 17,389.25.

The broader market outperformed the key domestic barometers. The S&P BSE Mid-Cap index rose 0.71% while the S&P BSE Small-Cap index advanced 0.46%.

The market breadth was positive. On the BSE, 1,723 shares rose and 1,578 shares fell. A total of 149 shares were unchanged.

Investors look ahead to the gross domestic product data of the fourth quarter of 2022, to be released later today.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 0.61% to 13.79. The Nifty 29 March 2023 futures were trading at 17,477, at a premium of 87.75 points as compared with the spot at 17,389.25.

The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 28.5 lakh contracts at the 18,000 strike price. Maximum Put OI of 44.9 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Consumer Durables index rose 1.17% to 24,155.85. The index had lost 0.60% to end at 23,876.85 yesterday.

Dixon Technologies (India) (up 3.44%), Havells India (up 2.32%), V-Guard Industries (up 2.2%), Blue Star (up 2.1%) and Crompton Greaves Consumer Electricals (up 1.79%) were the top gainers.

Among the other gainers were Voltas (up 1.61%), Bata India (up 1.31%), Whirlpool of India (up 0.93%), Amber Enterprises India (up 0.72%) and Titan Company (up 0.7%).

On the other hand, Rajesh Exports (down 2.47%) and TTK Prestige (down 0.47%), turned lower.

Stocks in Spotlight:

Jyothy Labs fell 2.44%. The FMCG company informed that the Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the scheme of amalgamation of Jyothy Fabricare Services with Jyothy Labs.

Vodafone Idea rose 1.50%. The company said that its board has allotted 12,000 optionally convertible debentures of the face value of Rs 10 lakh each, aggregating to Rs 1,200 crore, to ATC Telecom Infrastructure. The company further said that the balance 4,000 number of OCDs shall be allotted upon receipt of application form and subscription money and due intimation of the same shall be filed as necessary.

Laxmi Organic Industries added 0.58%. The specialty chemical maker on Monday announced the resignation of its executive director & chief executive officer (ED & CEO), Satej Nabar, with effect from the closing of business hours on 2 April 2023. The company's board has approved the appointment of Dr. Rajan Venkatesh as the managing director & chief executive officer (MD & CEO) of the company for a period of five years with effect from 3 April 2023 till 31 March 2028.

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