Broader mkt outperforms; media shares advance; VIX slumps 5.65%

The domestic equity indices traded with minor gains in early afternoon trade. The Nifty traded above the 23,700 level. Metal shares advanced after declining for the previous trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, rallied 244.98 points or 0.31% to 78,214.81. The Nifty 50 index added 102.45 points or 0.43% to 23,718.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.66% and the S&P BSE Small-Cap index advanced 1.27%.

The market breadth was strong. On the BSE, 2,539 shares rose and 1,313 shares fell. A total of 121 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 5.65% to 14.77. The Nifty 30 January 2025 futures were trading at 23,799.35, at a premium of 80.85 points as compared with the spot at 23,718.50.

The Nifty option chain for the 30 January 2025 expiry showed maximum Call OI of 45.1 lakh contracts at the 24,000 strike price. Maximum Put OI of 49.4 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty Metal index rose 0.93% to 8,533.90. The index shed 0.94% in the past trading session.

National Aluminium Company (up 3.01%), Hindustan Copper (up 2.51%), Vedanta (up 2.42%), Hindalco Industries (up 1.64%) and Welspun Corp (up 1.27%), Adani Enterprises (up 1.27%), NMDC (up 1.11%), Steel Authority of India (up 1.07%), Hindustan Zinc (up 0.94%) and Jindal Steel & Power (up 0.9%) added.

On the other hand, Ratnamani Metals & Tubes (down 0.97%), APL Apollo Tubes (down 0.59%) edged lower.

Stocks in Spotlight:

Alkem Laboratories added 1.28% after the company entered into an agreement to sell and transfer its manufacturing facility situated at Special Economic Zone, Pithampur, Dhar, Madhya Pradesh (MP).

Titagarh Rail Systems rallied 3.54% after the company handed over its first driverless, Made-in-India trainset to Bengaluru Metro Rail Corporation's (BMRCL) yellow line, marking a significant milestone in India's urban mobility journey.

Piramal Pharma rose 1.02% after its board approved the appointment of Sai Ramana Ponugoti as chief executive officer (CEO), India Consumer Healthcare (ICH) division (senior management personnel) effective from 6 January 2025.

Royal Orchid Hotels (ROHL) added 1.98% after the company announced the signing of a new property near Khatu Shyam Ji temple (Sikar), Rajasthan.

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