Market Commentary - Mid-Session
Broader mkt outperforms; PSU banks advance As on : 03-Dec-24  12:35

The key equity barometers continued to trade with modest gains in early afternoon trade. The Nifty traded above the 24,350 mark. PSU bank shares gained after declining in the previous trading session.

At 12:26 IST, the barometer index, the S&P BSE Sensex jumped 406.42 points or 0.51% to 80,654.50. The Nifty 50 index rallied 112.90 points or 0.47% to 24,388.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.69% and the S&P BSE Small-Cap index gained 0.81%.

The market breadth was strong. On the BSE, 2,633 shares rose and 1,203 shares fell. A total of 138 shares were unchanged.

The three-day meeting of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) will begin from 4 December 2024 to 6 December 2024. The outcome of the meeting will be announced by RBI Governor Shaktikanta Das on 6 December 2024.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.05% to 14.40. The Nifty 26 December 2024 futures were trading at 24,553.85, at a premium of 164.9 points as compared with the spot at 24,388.95.

The Nifty option chain for the 26 December 2024 expiry showed maximum Call OI of 45.5 lakh contracts at the 26,000 strike price. Maximum Put OI of 58.9 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index rose 2.29% to 6,956.35. The index shed 0.21% in the past trading session.

Union Bank of India (up 4.13%), Canara Bank (up 3.18%), Bank of India (up 2.98%), Bank of Baroda (up 2.52%), Central Bank of India (up 2.31%), Indian Overseas Bank (up 2.19%), Punjab & Sind Bank (up 2.18%), UCO Bank (up 2.1%), State Bank of India (up 2.06%) and Punjab National Bank (up 1.97%) advanced.

Stocks in Spotlight:

Tata Power Company added 2.40% after the company said that its subsidiary, Tata Power Renewable Energy, successfully commissioned the 431 MW DC solar project at Neemuch in Madhya Pradesh.

Gland Pharma advanced 1.49% after the drug manufacturer received approval from the United States Food and Drug Administration (USFDA) for Latanoprost Ophthalmic Solution.

Torrent Power rallied 5.04% after the company announced that its board has approved the opening of the issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,555.75 per share.

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