Market Commentary - Mid-Session
Indices trade with modest losses; PSU bank shares slides As on : 18-Dec-24  12:32

The key equity indices continued to trade with moderate losses in early afternoon trade. The Nifty traded below the 24,250 mark after hitting the day's high of 24,394.45 in the morning trade. PSU bank shares extended losses for the two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 451.30 points or 0.56% to 80,231.78. The Nifty 50 index lost 126.45 points or 0.53% to 24,206.85.

In the broader market, the S&P BSE Mid-Cap index declined 0.61% and the S&P BSE Small-Cap index fell 0.59%.

The market breadth was negative. On the BSE, 1,532 shares rose and 2,313 shares fell. A total of 124 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.29% to 14.44. The Nifty 26 December 2024 futures were trading at 24,294, at a premium of 87.15 points as compared with the spot at 24,206.85.

The Nifty option chain for the 26 December 2024 expiry showed maximum Call OI of 77.6 lakh contracts at the 25,000 strike price. Maximum Put OI of 67.1 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 1.48% to 6,825.85. The index slipped 3.26% in the two consecutive trading sessions.

Bank of Baroda (down 1.63%), Canara Bank (down 1.6%), Indian Overseas Bank (down 1.56%), Punjab National Bank (down 1.42%), Central Bank of India (down 1.39%), Bank of Maharashtra (down 1.22%), UCO Bank (down 1.14%), State Bank of India (down 0.84%), Indian Bank (down 0.78%) and Bank of India (down 0.66%) slipped.

Stocks in Spotlight:

Suyog Telematics surged 5.09% after its board is scheduled to meet on Saturday, 21 December 2024 to consider the proposal for raising funds by issue of equity or any other equity‐linked or convertible securities.

Restaurant Brands Asia shed 0.24%. The company informed that its board is scheduled to meet on Thursday, 20 December 2024, to consider raising funds through modes like preferential issue, qualified institution placement, or other permissible options.

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