NIFTY AROUND 22,550 MARK; VIX SPURTS 6.32%

The benchmark indices traded with minor gains in early afternoon trade. The Nifty traded near the 22,550 mark after hitting the day`s low of 22,404.55 in early trade. Media shares rallied for the fourth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 22.86 points or 0.03% to 74,022.54. The Nifty 50 index added 47 points or 0.21% to 22,549.

In the broader market, the S&P BSE Mid-Cap index rose 0.15% and the S&P BSE Small-Cap index shed 0.16%.

The market breadth was negative. On the BSE, 1,588 shares rose and 2,198 shares fell. A total of 189 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 6.32% to 21.82. The Nifty 30 May 2024 futures were trading at 22,613.10, at a premium of 64.1 points as compared with the spot at 22,549.

The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 33.1 lakh contracts at the 22,500 strike price. Maximum Put OI of 33.9 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Media index added 1.28% to 1,857.90. The index advanced 4.82% in the four consecutive trading sessions.

Zee Entertainment Enterprises (up 2.91%), PVR Inox (up 1.95%) and Dish TV India (up 0.3%) advanced.

On the other hand, Tips Industries (down 1.94%), Saregama India (down 1.4%) and Hathway Cable & Datacom (down 0.94%) turned lower.

Stocks in Spotlight :

Shriram Properties added 1.99% after the company announced the signing of joint development agreement (JDA) for development of a prime 4-acre land parcel nestled in the coveted micro market of Yelahanka, Bengaluru.

Indian Railway Finance Corporation (IRFC) rallied 3.72% after the company`s net profit jumped 33.62% to Rs ,1717.32 crore in Q4 FY24 as against Rs 1,285.24 crore posted in Q4 FY23. Total revenue from operations grew by 4.51% year on year (YoY) to Rs 6,473.12 crore in the quarter ended 31 March 2024.

Oil and Natural Gas Corporation (ONGC) rose0.14%. The company reported standalone net profit of Rs 9,869.37 crore in Q4 FY24, steeply higher than Rs 527.86 crore recorded in Q4 FY23. Revenue from operations slipped 4.56% year on year to Rs 34,636.69 crore during the quarter.

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