BENCHMARKS TRADE WITH MINOR LOSSES; VIX JUMPS 2.98%

The key equity benchmarks continued to trade with minor cuts in early afternoon trade. The Nifty hovered below the 19,700 level after hitting the day`s high of 19,756.45 in morning trade. Auto shares declined after gaining in the past three consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 162.70 points or 0.25% to 65,632.03. The Nifty 50 index declined 39.50 points or 0.20% to 19,692.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.05% while the S&P BSE Small-Cap index gained 0.35%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit record high of 33,526.65 and 39,863.26 respectively in intraday today.

The market breadth was positive. On the BSE, 1,897 shares rose and 1,806 shares fell. A total of 186 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 2.98% to 12.18. The Nifty 30 November 2023 futures were trading at 19,750.65, at a premium of 58.35 points as compared with the spot at 19,692.30.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 39.4 lakh contracts at the 19,800 strike price. Maximum Put OI of 44.8 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Auto index fell 0.79% to 16,772.05. The index has advanced 3.30% in the past three trading sessions.

Balkrishna Industries (down 4.3%), Mahindra & Mahindra (down 2.31%), Samvardhana Motherson International (down 1.33%), Sona BLW Precision Forgings (down 1.33%), Ashok Leyland (down 1.23%), TVS Motor Company (down 0.94%), Tata Motors (down 0.93%), Tube Investments of India (down 0.6%), Eicher Motors (down 0.53%) and Bosch (down 0.42%) slipped.

On the other hand, Bharat Forge (up 0.49%) ,Maruti Suzuki India (up 0.29%) and Hero MotoCorp (up 0.16%) edged higher.

Stocks in Spotlight:

Larsen & Toubro (L&T) shed 0.69%. The company announced that its Hydrocarbon Business arm (L&T Energy Hydrocarbon) has secured mega offshore order from a prestigious client in the Middle East. As per Larsen & Toubro`s (L&T) classification, the value of the mega project lies between Rs 10,000 crore to Rs 15,000 crore.

Jubilant FoodWorks declined 1.28% after Ashish Goenka tendered his resignation from the position of chief financial officer (CFO) and key managerial personnel (KMP) of the company to take up an external opportunity.

Union Bank of India rose 0.09%. The public sector bank informed that it has appointed CA Avinash Vasant Prabhu as the chief financial officer (CFO) of the bank effective from 20 November 2023. The appointment is for a period of three years on contractual basis extendable by one year at a time subject to maximum term of five years upon satisfactory performance.

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