Nifty trades near 24,500 level; Private bank shares rally for 2nd day

The key equity benchmarks traded with significant gains in the afternoon trade. The Nifty traded near the 24,500 level. Private bank shares extended gaining streak for the second consecutive trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 594.78 points or 0.74% to 80,499.87. The Nifty 50 index added 182 points or 0.75% to 24,497.95.

The Sensex and Nifty clocked an all-time high of 80,893.51 and 24,592.20 respectively in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.15% and the S&P BSE Small-Cap index gained 0.17%. The S&P BSE Mid-Cap index hit an all-time high at 47,858.24.

The market breadth was weak. On the BSE, 1,814 shares rose and 1,961 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index rose 0.56% to 26,276.80. The index rose 0.71% in two trading sessions.

Axis Bank (up 2.46%), Federal Bank (up 1.11%), RBL Bank (up 1.02%), IDFC First Bank (up 0.49%) and ICICI Bank (up 0.41%) IndusInd Bank (up 0.34%), HDFC Bank (up 0.31%) advanced.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.51% to 13.92. The Nifty 25 July 2024 futures were trading at 24,533, at a premium of 1.00 point as compared with the spot at 24,497.95.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 36 lakh contracts at the 25,000 strike price. Maximum Put OI of 69.5 lakh contracts were seen at 23,500 strike price.

Stocks in Spotlight:

Prestige Estates Projects advanced 1.73%. The real estate developer informed that its sales stood at Rs 3,029.5 crore in Q1 FY25, registering a de-growth of 22.61% on YoY basis.

AVG Logistics jumped 3.60% after the company announced that it has been awarded the tender as the authorized partner for express parcel services by Uttar Pradesh State Road Transport Corporation (UPSRTC).

Oriental Rail Infrastructure hit an upper circuit of 5% after the companys wholly-owned subsidiary, Oriental Foundry bagged an order worth Rs 432.15 crore from the Indian Railways.

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