Nifty above 24,400; media shares advance; VIX drops 5.87%

The domestic equity benchmarks traded with major gains in early afternoon trade. The Nifty traded above the 24,400 level. Media shares advanced after declining for the past three consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex jumped 908.67 points or 1.16% to 80,040.41. The Nifty 50 index surged 265.10 points or 1.10% to 24,408.85.

In the broader market, the S&P BSE Mid-Cap index gained 1.19% and the S&P BSE Small-Cap index rallied 1.27%.

The market breadth was strong. On the BSE, 2,362 shares rose and 1,424 shares fell. A total of 135 shares were unchanged.

Economy:

Indias total exports (Merchandise and Services combined) for July 2024 is estimated at $62.42 billion, registering a positive growth of 2.81% vis-vis July 2023.Total imports (Merchandise and Services combined) for July 2024 is estimated at $72.03 billion, registering a positive growth of 7.14% vis-vis July 2023. Merchandise exports during July 2024 were $33.98 billion as compared to $34.49 billion in July 2023. Merchandise imports during July 2024 were $57.48 billion as compared to $53.49 billion in July 2023.

Merchandise exports during April-July 2024 were $144.12 billion as compared to $138.39 billion during April-July 2023. Merchandise imports during April-July 2024 were $229.70 billion compared to $213.53 billion during April-July 2023. Merchandise trade deficit during April-July 2024 was $85.58 billion compared to $75.15 billion during April-July 2023.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 5.87% to 14.53. The Nifty 29 August 2024 futures were trading at 24,445, at a premium of 36.15 points as compared with the spot at 24,408.85.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 38.7 lakh contracts at the 24,500 strike price. Maximum Put OI of 50.9 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Media index added 1.63% to 2,050.25. The index slipped 4% in the past three consecutive trading sessions.

PVR Inox (up 4.57%), Saregama India (up 3.05%), Tips Industries (up 2.76%), Network 18 Media & Investments (up 1.49%), Zee Entertainment Enterprises (up 0.74%), Nazara Technologies (up 0.71%), TV18 Broadcast (up 0.35%), Dish TV India (up 0.28%), Hathway Cable & Datacom (up 0.14%) slipped.

Stocks in Spotlight :

Capacite Infraprojects advanced 2.81% after its consolidated net profit surged 180.07% to Rs 53.41 crore in Q1 FY25 as compared with Rs 19.07 crore posted in Q1 FY24. Revenue from operations stood at Rs 569.75 crore in June 2024 quarter, up 32.36% from Rs 430.45 crore posted in same quarter previous year.

KNR Constructions rose 0.44%. The company's consolidated net profit jumped 38.93% to Rs 177.66 crore in Q1 FY25 as against Rs 127.88 crore reported in Q1 FY24. Revenue from operations rose marginally to Rs 985 crore in Q1 FY25 as against with Rs 981.02 crore posted in Q1FY24.

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