Market Commentary - Mid-Session
Barometers trade with limited losses; auto shares slide As on : 26-Nov-24  12:37

The domestic equity benchmarks traded with modest losses in the early afternoon trade. The Nifty slipped below the 24,150 mark after hitting the day's high of 24,343.30 in early trade. Auto shares declined after advancing in past two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 269.80 points or 0.34% to 79,840.05. The Nifty 50 index lost 77.80 points or 0.32% to 24,144.10.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.26% and the S&P BSE Small-Cap index added 0.40%.

The market breadth was strong. On the BSE, 2,181 shares rose and 1,571 shares fell. A total of 157 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.96% to 15.60. The Nifty 28 November 2024 futures were trading at 24,172.30, at a premium of 28.20 points as compared with the spot at 24,144.10.

The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 110.8 lakh contracts at the 25,000 strike price. Maximum Put OI of 95.8 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Auto index slipped 1.18% to 23,437.70. The index rallied 2.64% in past two consecutive trading sessions.

Bajaj Auto (down 2.93%), Mahindra & Mahindra (down 1.9%), Eicher Motors (down 1.86%), TVS Motor Company (down 1.36%), Tata Motors (down 0.88%), Ashok Leyland (down 0.69%), Maruti Suzuki India (down 0.46%) and Hero MotoCorp (down 0.38%) declined.

On the other hand, Apollo Tyres (up 2.46%), Balkrishna Industries (up 0.94%) and Samvardhana Motherson International (up 0.70%) edged higher.

Stocks in Spotlight:

Sagility India zoomed 9.98% after the company's consolidated net profit surged 235.64% to Rs 117.34 crore on 21.10% rise in revenue from operations to Rs 1,325 crore in Q2 FY25 over Q2 FY24.

Kwality Pharmaceuticals advanced 2.57% after the company announced that it has successfully received domestic and export product approvals for the manufacturing and sale of its biological product, PEGylated-Asparaginase.

Zomato added 1.08% after the company's board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 265.91 per share.

Further, the food delivery company informed that it has received communication regarding liquidation of Zomato Internet LLC (ZIL), a step down subsidiary of Zomato effective from 20 November 2024. It had already disclosed in red herring prospectus dated 6 July 2021 and prospectus dated 19 July 2021 that ZIL didn't have any active business operations and was under the process of liquidation.

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