Market Commentary - Mid-Session
Barometers trade with decent gains; financial services shares in demand As on : 27-Nov-24  12:37

The frontline indices traded with limited gains in early afternoon trade. The Nifty traded around the 24,250 mark. Financial services shares advanced after declining in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 193.82 points or 0.25% to 80,206.25. The Nifty 50 index rose 54.55 points or 0.23% to 24,249.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.17% and the S&P BSE Small-Cap index added 0.80%.

The market breadth was strong. On the BSE, 2,447 shares rose and 1,326 shares fell. A total of 161 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.74% to 14.89. The Nifty 28 November 2024 futures were trading at 24,285, at a premium of 35.95 points as compared with the spot at 24,249.05.

The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 123.2 lakh contracts at the 25,000 strike price. Maximum Put OI of 94.3 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Financial Services index rose 0.32% to 24,123.80. The index shed 0.06% in the past trading session.

Power Finance Corporation (up 1.33%), REC (up 1.12%), Bajaj Finance (up 1.11%), Cholamandalam Investment & Finance Company (up 0.94%), SBI Cards & Payment Services (up 0.77%), Kotak Mahindra Bank (up 0.76%), LIC Housing Finance (up 0.54%), Bajaj Finserv (up 0.25%), HDFC Bank (up 0.20%) and HDFC Life Insurance Company (up 0.20%) advanced.

On the other hand, ICICI Prudential Life Insurance Company (down 1.61%), Muthoot Finance (down 1.15%) and Shriram Finance (down 1.06%) edged lower.

Stocks in Spotlight:

Suprajit Engineering (SEL) advanced 2.45% after the company signed memorandum of understanding (MoU) with Chuo Spring Company, Japan (Chou) to extend the reach of Chuo's special transmission cable technology to India.

Siemens gained 2.45% after the heavy electrical equipment maker's consolidated net profit jumped 45.40% to Rs 830.70 crore in September 2024 quarter as against Rs 571.30 crore reported in the same period last year. Total revenue from operations increased 11.40% year on year (YoY) to Rs 6,373.60 crore during the quarter ended 30 September 2024.

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