Barometers turn rangebound; financial services shares advance

The frontline indices traded in a narrow range with decent gains in early afternoon trade. The Nifty traded above the 24,700 level. Financial services shares advanced after declining in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, jumped 466.19 points or 0.58% to 80,895.21. The Nifty 50 index gained 143.05 points or 0.58% to 24,715.70.

In the broader market, the S&P BSE Mid-Cap index jumped 0.56% and the S&P BSE Small-Cap index rallied 0.24%.

The market breadth was positive. On the BSE, 2,222 shares rose and 1,576 shares fell. A total of 128 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.16% to 14.01. The Nifty 29 August 2024 futures were trading at 24,733, at a premium of 17.30 points as compared with the spot at 24,715.70.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 38.7 lakh contracts at the 25,000 strike price. Maximum Put OI of 54.9 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Financial Services index gained 1.25% to 23,208.95. The index shed 0.23% in the past trading session.

SBI Life Insurance Company (up 3.05%), HDFC Life Insurance Company (up 2.82%), ICICI Lombard General Insurance Company (up 2.77%), Bajaj Finserv (up 2.62%), Shriram Finance (up 2.42%), REC (up 2.06%), Power Finance Corporation (up 2.05%), ICICI Prudential Life Insurance Company (up 2.04%), Cholamandalam Investment & Finance Company (up 1.98%) and HDFC Asset Management Company (up 1.84%) advanced.

Stocks in Spotlight :

Allcargo Logistics surged 8.89% after the companys LCL volume for the month of July 2024 stood at 818 lakh cubic meters (Cbm), registering the growthof 6% as compared with 773 lakh CbM in the month of June 2024.

Hi-Tech Pipes rose 1.18% after the company announced that it has bagged orders for supplying ERW Steel Pipes, totaling of Rs 105 crore from key customers in the renewable energy sector.

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