Market Commentary - Mid-Session
Nifty above 24,200 level; banking share rises As on : 11-Nov-24  12:38

The domestic equity benchmarks traded with modest gains in early afternoon trade. The Nifty traded above the 24,200 level. Bank shares advanced after declining in the past two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 336.79 points or 0.42% to 79,823.11. The Nifty 50 index added 82.50 points or 0.35% to 24,233.40.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.34% and the S&P BSE Small-Cap index fell 0.57%.

The market breadth was negative. On the BSE, 1,685 shares rose and 2,274 shares fell. A total of 131 shares were unchanged.

Economy:

India's forex reserves declined by USD 2.675 billion to USD 682.13 billion for the week ended November 1, the RBI said on Friday. In the previous reporting week, the overall reserves had dropped by USD 3.463 billion to USD 684.805 billion.

For the week ended November 1, foreign currency assets, a major component of the reserves, decreased by $3.902 billion to $589.849 billion, the data released on Friday showed.

Gold reserves increased by $1.224 billion to $69.751 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $1 million to $18.219 billion, the apex bank said.

India's reserve position with the IMF was up by $4 million to $4.311 billion in the reporting week, the data showed.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.43% to 14.53. The Nifty 28 November 2024 futures were trading at 24,287.05, at a premium of 53.65 points as compared with the spot at 24,233.40.

The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 31.2 lakh contracts at the 25,000 strike price. Maximum Put OI of 38.4 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Bank index rose 0.87% to 52,009.95. The index slipped 1.44% in past two consecutive trading sessions.

IDFC First Bank (up 1.51%), HDFC Bank (up 1.39%), ICICI Bank (up 1.11%), Axis Bank (up 0.97%) and State Bank of India (up 0.87%), Canara Bank (up 0.77%), IndusInd Bank (up 0.69%), Kotak Mahindra Bank (up 0.69%), Bank of Baroda (up 0.6%) and Federal Bank (up 0.4%) advanced.

Stocks in Spotlight:

GE Vernova T&D India hit an upper circuit of 5% after the company's standalone net profit surged 289.08% to Rs 144.62 crore on 58.76% jump in revenue from operations to Rs 1,107.77 crore in Q2 FY25 over Q2 FY24.

Krishna Institute of Medical Sciences (KIMS) rallied 3.45% after the company reported 9.23% increase in consolidated net profit to Rs 72.2 crore on 14.9% rise in revenue from operations to Rs 363.3 crore in Q2 FY25 over Q2 FY24.

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