Nifty trades above 24,100 level; auto shares gear up

The key domestic benchmarks traded with major gains in the early afternoon trade. The Nifty traded above the 24,100 level. Auto shares advanced after declining in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, jumped 678.24 points or 0.86% to 79,721.98. The Nifty 50 index gained 195.02 points or 0.82% to 24,109.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.07% and the S&P BSE Small-Cap index added 0.02%.

The market breadth was positive. On the BSE, 2,006 shares rose and 1,792 shares fell. A total of 155 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.61% to 14.81. The Nifty 26 December 2024 futures were trading at 24,252.05 , at a premium of 142.85 points as compared with the spot at 24,109.20.

The Nifty option chain for the 26 December 2024 expiry showed maximum Call OI of 42.1 lakh contracts at the 25,000 strike price. Maximum Put OI of 56.8 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Auto index gained 0.78% to 23,315.80. The index slipped 1.48% in the past trading session.

Mahindra & Mahindra (up 1.95%), Maruti Suzuki India (up 1.28%), Balkrishna Industries (up 0.97%), MRF (up 0.91%), TVS Motor Company (up 0.68%), Tata Motors (up 0.46%), Bajaj Auto (up 0.38%), Bharat Forge (up 0.30%) and Eicher Motors (up 0.20%) advanced.

On the other hand, Exide Industries (down 1.41%), Apollo Tyres (down 0.83%) and Bosch (down 0.49%) edged lower.

Stocks in Spotlight:

Zydus Lifesciences advanced 2.02%. The company informed that it has received a demand order-in-original (O-I-O) of Rs 1.61 crore from the Assistant Commissioner, Division Dehradun, Sector-7, Uttarakhand, concerning the financial year 2017-18.

PCBL shed 0.45%. The company said that the second and final phase of its specialty chemical capacity expansion at the Mundra plant in Gujarat has been successfully commissioned.

IIFL Finance slipped 1.48%. IIFL Home Finance, a material subsidiary of the company has planned to raise up to Rs 500 crore through non-convertible debentures (NCDs) at a face value of Rs 1,000 each.

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