Sensex jumps 565 pts, VIX drops 5.83%, media shares rally

The key equity indices marched higher and hit the day`s high in early afternoon trade. The Nifty scaled above the 19,000 level. Media shares witnessed bargain buying after sliding in the past four trading sessions.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 564.61 points or 0.89% to 63,712.76. The Nifty 50 index added 158.60 points or 0.84% to 19,015.85.

Tthe broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 1.72% while the S&P BSE Small-Cap index gained 1.83%.

The market breadth was strong. On the BSE, 2,818 shares rose and 708 shares fell. A total of 146 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, tumbled 5.83% to 11.05. The Nifty 30 November 2023 futures were trading at 19,113, at a premium of 97.15 points as compared with the spot at 19,015.85.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 26 lakh contracts at the 19,000 strike price. Maximum Put OI of 51.1 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Media index advanced 2.62% to 2,181.40. The index slumped 8.62% in the past four trading sessions.

Dish TV India (up 4.89%), Zee Entertainment Enterprises (up 4%), Saregama India (up 3.44%), Hathway Cable & Datacom (up 3.1%), TV18 Broadcast (up 2.47%), PVR Inox (up 1.81%), Network 18 Media & Investments (up 1.76%), Nazara Technologies (up 1.06%), Sun TV Network (up 1.04%) edged higher.

Stocks in Spotlight:

Prudent Corporate Advisory Services gained 1.20% after the company`s consolidated net profit jumped 10.26% to Rs 30.42 crore on 29.76% rise in total revenue from operations to Rs 190.03 crore in Q2 FY24 over Q2 FY23.

Aditya Birla Sun Life AMC (ABSL AMC) fell 1.64%. The company reported 7.09% decline in consolidated net profit to Rs 178.09 crore in Q2 FY4 as against Rs 191.69 crore posted in Q2 FY23. Revenue from operations grew by 7.68% year on year to Rs 334.99 crore in the quarter ended 30 September 2023.

Laxmi Organic Industries rose 1.35% after specialty chemical maker`s consolidated net profit increased 24.5% to Rs 10.71 crore in Q2 FY24 as against Rs 8.60 crore in Q2 FY23. Revenue from operations rose marginally to Rs 652.27 crore in the September 2023 quarter from Rs 652.20 crore reported in Q2 FY23.

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