Market Commentary - Mid-Session
Nifty trades near 26,100; metal shares rally for 5th day; VIX tumbles 4.82% As on : 26-Sep-24  12:32

The domestic equity benchmarks traded with modest gains in early afternoon trade. The Nifty traded near 26,100 level, reaching a record high of 26,111.40. Metal shares extended gains for the fifth consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex gained 304.14 points or 0.36% to 85,465.12. The Nifty 50 index added 89.95 points or 0.35% to 26,094.10

The Sensex and Nifty clocked an all-time high of 85,524.76 and 26,111.40, respectively in early-afternoon trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.57% and the S&P BSE Small-Cap index shed 0.40%.

The market breadth was negative. On the BSE, 1,662 shares rose and 2,186 shares fell. A total of 131 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 4.82% to 12.13. The Nifty 26 September 2024 futures were trading at 26,228.55, at a premium of 134.45 points as compared with the spot at 26,094.10.

The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 146.2 lakh contracts at the 26,500 strike price. Maximum Put OI of 163.2 lakh contracts were seen at 25,500 strike price.

Buzzing Index:

The Nifty Metal added fell 1.22% to 9,895.95. The index advanced 6.96% in the five consecutive trading session.

Steel Authority of India (up 3.46%), Vedanta (up 3.24%), National Aluminium Company (up 2.19%), Hindustan Zinc (up 1.84%), Hindalco Industries (up 1.68%), Tata Steel (up 1.63%), JSW Steel (up 1.34%), NMDC (up 0.97%) and Jindal Steel & Power (up 0.37%) edged higher.

Stocks in Spotlight :

Emami fell 0.21%. The company said that its wholly owned subsidiary, Emami International FZE and Emami International Personal Care has incorporated Emami Neo-Herbals International in Bangladesh.

Easy Trip Planners (EaseMyTrip) jumped 5.08% after the company said that it has entered into an exclusive partnership with PhonePe to launch its Hotels segment on the platform. The said collaboration aimed to enhance the user experience by providing seamless access to millions of domestic and international hotels.

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