Nifty hovers above 22,400; VIX suprts over 8%

The key equity benchmarks hovered near the flat line in early afternoon trade. The Nifty traded above the 22,400 level. Pharma stocks gained for second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 5.50 points or 0.01% to 73,847.44. The Nifty 50 index added 2.25 points or 0.01% to 22,404.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% and the S&P BSE Small-Cap index added 0.38%.

The market breadth was strong. On the BSE, 1,985 shares rose and 1,669 shares fell. A total of 158 shares were unchanged.

Politics:

The second phase of voting will be held on April 26 in 89 constituencies spread across 13 states and Union territories. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called Indian National Developmental Inclusive Alliance (INDIA) bloc to deny PM Modi another victory. The elections will occur in 7 phases, from 19 April to 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.63% to 11.16. Volatility zoomed as traders roll over positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire today, 25 April 2024.

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 308 lakh contracts at the 22,500 strike price. Maximum Put OI of 212.2 lakh contracts were seen at 22,400 strike price.

Buzzing Index:

The Nifty Pharma index rose 0.66% to 18,709.05. The index rallied 1.33% in two consecutive trading sessions.

Natco Pharma (up 2.8%), J B Chemicals & Pharmaceuticals (up 2.37%), Glenmark Pharmaceuticals (up 1.61%), Sun Pharmaceuticals Industries (up 1.22%) and Dr Reddys Laboratories (up 0.99%), Lupin (up 0.92%), Alkem Laboratories (up 0.78%), Divis Laboratories (up 0.71%), Aurobindo Pharma (up 0.61%) and Biocon (up 0.1%) advanced.

On the other hand, Granules India (down 0.92%), Ipca Laboratories (down 0.83%) and Abbott India (down 0.79%) edged lower.

Stocks in Spotlight:

Syngene International declined 0.61%. The company has reported 5.5% rise in net profit to Rs 188.6 crore despite a 7.8% fall in revenue to Rs 916.9 crore in Q4 FY24 over Q4 FY23.

Indian Hotels Company (IHCL) slipped 4.64%. The firm reported 27.26% jump in consolidated net profit to Rs 417.76 crore in the quarter ended 31 March 2024 as compared with Rs 328.27 crore in the quarter ended 31 March 2023. Revenue from operations increased 17.22% YoY to Rs 1,905.34 crore in Q4 FY24 as compared with Rs 1,625.43 crore in Q4 FY23.

Oracle Financial Services Software shed 1.61%. The company reported 15.86% jump in consolidated net profit to Rs 560.12 crore in Q4 FY24 as compared with Rs 479.30 crore in Q4 FY23. Revenue for the quarter was Rs 1,642 crore, up 12% YoY.

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