Broader market outperforms; realty shares rally; VIX rises 2.59%

The benchmark indices continued to trade with minor gains in early afternoon trade. The Nifty hovered above the 22,450 mark. Realty stocks witnessed buying demand for the third day in a row.

At 12:30 IST, the barometer index, the S&P BSE Sensex jumped 291.63 points or 0.40% to 74,030.08. The Nifty 50 index added 85.65 points or 0.38% to 22,453.65.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.91% and the S&P BSE Small-Cap index gained 0.93%.

The market breadth was strong. On the BSE, 2,401 shares rose and 1,271 shares fell. A total of 142 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.59% to 10.46. The Nifty 25 April 2024 futures were trading at 22,464, at a premium of 10.35 points as compared with the spot at 22,453.65.

The Nifty option chain for the 25 April 2024 expiry showed maximum Call OI of 120.8 lakh contracts at the 22,500 strike price. Maximum Put OI of 123 lakh contracts were seen at 22,400 strike price.

Buzzing Index:

The Nifty Realty index rose 0.83% to 965.10. The index rallied 4.19% three consecutive trading sessions.

Phoenix Mills (up 1.85%), Brigade Enterprises (up 1.63%), Macrotech Developers (up 0.95%), Godrej Properties (up 0.79%), Sobha (up 0.62%), Mahindra Lifespace Developers (up 0.61%), DLF (up 0.55%), Sunteck Realty (up 0.46%) and Oberoi Realty (up 0.22%) edged higher.

Stocks in Spotlight:

Huhtamaki India dropped 7.11% after the companys net profit declined 26.66% to Rs 26.03 crore in Q1 CY24 as compared with Rs 35.49 crore in Q1 CY23. Revenue from operations fell 7.77% YoY to Rs 610.2 crore during the period under review.

360 ONE WAM rallied 4.60% after the companys consolidated net profit jumped 24.3% to Rs 241 crore in Q4 FY24 as compared with Rs 155 crore in Q4 FY23. Revenue from operations increased 45.8% YoY to Rs 573 crore in Q4 FY24.

Multi Commodity Exchange of India (MCX) slipped 4.94%. The company reported consolidated net profit of Rs 878.7 crore in Q4 FY24, steeply higher than Rs 5.45 crore in Q4 FY23. Revenue from operations increased 35.43% year on year (YoY) to Rs 181.14 crore in the quarter ended 31 March 2024.

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