Broader mkt outperforms ; VIX jumps 4.73%; auto shares advance

The benchmark indices traded with minor cuts in the early afternoon trade. The Nifty traded below the 24,500 level after hitting the days high of 24,595.20 in mid-morning trade. Auto shares advanced after declining in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 188.21 points or 0.21% to 80,416.44. The Nifty 50 index shed 44.30 points or 0.18% to 24,486.60

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 1.17% and the S&P BSE Small-Cap index rose 0.74%.

The market breadth was positive. On the BSE, 2,213 shares rose and 1,695 shares fell. A total of 156 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 4.73% to 15.53. The Nifty 25 July 2024 futures were trading at 24,501.55, at a premium of 14.95 points as compared with the spot at 24,486.60

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 84.6 lakh contracts at the 25,500 strike price. Maximum Put OI of 68.2 lakh contracts were seen at 24,500 strike price.

Buzzing Index:

The Nifty Auto index rose 1.03% to 25,221.50. The index fell 2.40% in the past trading session.

Ashok Leyland (up 3.02%), MRF (up 2.21%), Mahindra & Mahindra (up 2.15%), Bosch (up 1.62%), Bharat Forge (up 1.56%), Exide Industries (up 1.27%), Balkrishna Industries (up 1.26%), Tata Motors (up 1.25%), Tata Motors-DVR (up 0.9%) and Hero MotoCorp (up 0.77%) advanced.

On the other hand, Samvardhana Motherson International (down 0.08%) and Eicher Motors (down 0.28%) edged lower.

Stocks in Spotlight :

Indian Hotels Company (IHCL) jumped 7.12% after the companys consolidated net profit rose 11.67% to Rs 248.39 crore on 5.72% increase in revenue from operations to Rs 1,550.23 crore in Q1 FY25 over Q1 FY24.

PVR INOX rose 1.92%. The cinema chain operators consolidated net loss widened to Rs 179 crore in Q1 FY25 from a net loss of Rs 82 crore recorded in Q1 FY24. Revenue from operations declined 8.75% year on year (YoY) to Rs 1,190.7 crore in the quarter ended 30 June 2024.

Aarti Surfactants slumped 6.63% after the company reported 57.7% drop in consolidated net profit to Rs 2.22 crore in Q1 FY25 from Rs 5.25 crore recorded in Q1 FY24. Net sales fell by 3.6% year-over-year (YoY) to Rs 143.41 crore.

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