Market Commentary - Mid-Session
17-Sep-2024 12:35
Nifty above 25,400 level; metal shares lacklustre
At 12:25 IST, the barometer index, the S&P BSE Sensex advanced 75.84 points or 0.09% to 83,064.62. The Nifty 50 index rose 30.20 points or 0.12% to 25,413.95.
In the broader market, the S&P BSE Mid-Cap index fell 0.07% and the S&P BSE Small-Cap index shed 0.41%.
The market breadth was positive. On the BSE, 1,546 shares rose and 2,278 shares fell. A total of 128 shares were unchanged.
Economy:
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 1.31% (Provisional) for the month of August, 2024 (over August, 2023). Positive rate of inflation in August, 2024 is primarily due to increase in prices of food articles, processed food products, other manufacturing, manufacture of textiles and manufacture of machinery & equipment etc. However, this is the lowest WPI inflation in last four months.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.58% to 12.39. The Nifty 26 September 2024 futures were trading at 25,442, at a premium of 28.05 points as compared with the spot at 25,413.95.
The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 49.6 lakh contracts at the 25,000 strike price. Maximum Put OI of 113.9 lakh contracts were seen at 25,000 strike price.
Buzzing Index:
The Nifty Metal index fell 0.50% to 9,380.20. The index rallied 4.43% in three consecutive trading sessions.
NMDC (down 2.22%), National Aluminium Company (down 1.46%), Steel Authority of India (down 1.17%), Hindustan Zinc (down 1.11%), Tata Steel (down 1.09%), Adani Enterprises (down 0.79%), APL Apollo Tubes (down 0.63%), JSW Steel (down 0.58%), Hindustan Copper (down 0.42%) and Jindal Stainless (down 0.15%) advanced.
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