Market Commentary - Mid-Session
Sensex adds 204 pts; auto shares in demand, VIX rises 2.2% As on : 23-Oct-24  12:33

The headline equity indices traded with minor gains in early afternoon trade. The Nifty traded above the 24,500 level. Auto shares advanced after declining in the previous trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 204.04 points or 0.25% to 80,435.56. The Nifty 50 index rose 61.55 points or 0.27% to 24,533.65.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.70% and the S&P BSE Small-Cap index gained 83%.

The market breadth was strong. On the BSE, 2,265 shares rose and 1,488 shares fell. A total of 127 shares were unchanged.

Economy:

The International Monetary Fund (IMF) maintained its June growth rate projects for India in its latest World Economic Outlook (WEO). IMF stated that India is set to grow at 7% in the current fiscal year ending March 31, 2025 and 6.5% in the next fiscal year (FY2025-26).

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 2.20% to 14.71. The Nifty 31 October 2024 futures were trading at 24,563.25, at a premium of 29.6 points as compared with the spot at 24,533.65.

The Nifty option chain for the 31 October 2024 expiry showed maximum Call OI of 55 lakh contracts at the 25,000 strike price. Maximum Put OI of 46.6 lakh contracts were seen at 24,500 strike price.

Buzzing Index:

The Nifty Auto index rose 0.43% to 24,732. The index fell 2.14% in the past trading session.

TVS Motor Company (up 3.44%), Exide Industries (up 2.64%), Bajaj Auto (up 2.33%), Samvardhana Motherson International (up 1.95%), Bosch (up 1.76%), Maruti Suzuki India (up 1.38%), Apollo Tyres (up 1.19%), Hero MotoCorp (up 1.1%), Ashok Leyland (up 1%) and Bharat Forge (up 0.96%) edged higher.

On the other hand, Eicher Motors (down 1.11%), Mahindra & Mahindra (down 0.94%) and MRF (down 0.11%) edged lower.

Stocks in Spotlight :

Gujarat Mineral Development Corporation (GMDC) surged 8.88% after the company's standalone net profit jumped 68.95% to Rs 129.18 crore on 54.93% increase in total income to Rs 593.01 crore in Q2 FY25 over Q2 FY24.

JSW Energy fell 1.02%. The company's step-down subsidiary, JSW Renew Energy Eleven, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for ISTS connected solar capacity of 700 MW.

Amber Enterprises surged 11.45% after the company reported consolidated net profit of Rs 20.96 crore in Q2 FY25 as compared with net loss of Rs 5.65 crore posted in Q2 FY24. Revenue from operations jumped 81.73% year on year (YoY) to Rs 1,684.70 crore in the quarter ended 30 September 2024.

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