Sensex, Nifty bounce back

The benchmark indices bounced back in afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 7.25 points or 0.02% to 39,145.44. The Nifty 50 index was almost flat at 11,723.60.

In broader market, the S&P BSE Mid-Cap index was down 0.14%. The S&P BSE Small-Cap index was up 0.15%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1035 shares rose and 1129 shares fell. A total of 147 shares were unchanged.

Media reports indicated today, 24 June 2019, that the Reserve Bank of India (RBI) deputy governor Viral Acharya has quit his role six months before the end of his tenure. Acharya is reportedly returning to New York University's Stern School of Business (NYU Stern) in August, instead of February 2020, as CV Starr Professor of Economics.

The RBI clarified today, 24 June 2019, that a few weeks ago, Dr. Viral V. Acharya, submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a deputy governor of the RBI beyond 23 July 2019. Consequential action arising from his letter is under consideration of the competent authority, the central bank added.

Jewellery stocks firmed up as spot gold prices extended recent gains. Tribhovandas Bhimji Zaveri (up 5.82%), PC Jeweller (up 5.19%), Thangamayil jewellery (up 4.18%) and Titan Company (up 0.77%), advanced.

MCX Gold futures for 5 August 2019 settlement was up 0.45% at Rs 34,322, its highest level since August 2013.

Realty stocks were mixed. Indiabulls Real Estate (up 2.17%), Anant Raj (up 2.07%), Sobha (up 1%), Mahindra Lifespace Developers (up 0.72%), Omaxe (up 0.05%) and Phoenix Mills (up 0.04%), rose. Sunteck Realty (down 4.58%), Oberoi Realty (down 2.72%), Prestige Estates Projects (down 1.01%), DLF (down 0.42%) and Godrej Properties (down 0.03%) fell.

Shares of most public sector oil marketing companies (PSU OMCs) declined as Brent crude oil price firmed up. Hindustan Petroleum Corporation (down 2.07%), Indian Oil Corporation (down 0.97%) and Bharat Petroleum Corporation (down 0.71%) declined.

In the commodities market, Brent crude for August 2019 settlement was up 43 cents at $65.63 a barrel. The contract rose 75 cents or, 1.16% to settle at $65.20 a barrel in the previous trading session.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.73% at 15.01.

On the options front, Nifty option chain for 27 June 2019 expiry showed maximum call open interest (OI) of 40.76 lakh contracts at the 12,000 strike price. Maximum put OI of 40.82 lakh contracts was seen at 11,700 strike price. Options data suggested a trading range between 11,700 and 12,000 levels for the Nifty.

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