Market Commentary - Mid-Session
Nifty slides below 21,150; auto shares decline for 4th day As on : 12-Nov-24  12:36

The headline equity benchmarks traded with minor losses in early afternoon trade. The Nifty traded below the 24,150 mark after hitting the day's high of 24,242.00 in early trade. Auto shares witnessed selling pressure for the fourth consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 105.45 points or 0.13% to 79,404.13. The Nifty 50 index lost 34.20 points or 0.14% to 24,107.10.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.15% and the S&P BSE Small-Cap index added 0.32%.

The market breadth was negative. On the BSE, 1,905 shares rose and 1,909 shares fell. A total of 118 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.54% to 14.19. The Nifty 28 November 2024 futures were trading at 24,208, at a premium of 100.90 points as compared with the spot at 24,107.10.

The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 26.25 lakh contracts at the 25,000 strike price. Maximum Put OI of 44.4 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Auto index slipped 0.86% to 23,526.35. The index fell 2.53% in four consecutive trading sessions.

Cummins India (down 2.66%), Bosch (down 2.33%), Tata Motors (down 1.67%), Sundram Fasteners (down 1.62%), Ashok Leyland (down 1.34%), Bajaj Auto (down 1.12%), Samvardhana Motherson International (down 1.06%), Apollo Tyres (down 0.84%), Eicher Motors (down 0.77%) and Maruti Suzuki India (down 0.69%) declined.

On the other hand, Tube Investments of India (up 0.97%), Exide Industries (up 0.86%) and TVS Motor Company (up 0.42%) edged higher.

Stocks in Spotlight:

Uno Minda jumped 6.59% after the company's consolidated net profit rose 8.96% to Rs 245.15 crore on 17.21% jump in revenue from operation to Rs 4,244.79 crore in Q2 FY25 over Q2 FY24.

Triveni Turbine rallied 5.71% after the company's consolidated net profit jumped 41.59% to Rs 90.9 crore on 29.22% rise in net sales to Rs 501.1 crore in Q2 FY25 over Q2 FY24.

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