The benchmark indices traded with minor gains in early afternoon trade. The Nifty traded above the 22,700 level. Private bank shares extended gains for the fourth consecutive trading session.

At 12:27 IST, the barometer index, the S&P BSE Sensex, gained 186.11 points or 0.24% to 74,929.50. The Nifty 50 index rose 47 points or 0.21% to 22,713.30.

The Nifty 50 and Nifty Bank clocked an all-time high of 22,768.40 and 48,960.75, respectively in morning trade. Further, the S&P BSE Sensex index also registered a fresh record high at 75,124.28 in early trade.

In the broader market, The S&P BSE Mid-Cap index rose 0.04% and the S&P BSE Small-Cap index added 0.28%.

The market breadth was positive. On the BSE, 1,867 shares rose and 1,812 shares fell. A total of 135 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 1.09% to 11.48. The Nifty 25 April 2024 futures were trading at 22,794.70, at a premium of 81.4 points as compared with the spot at 22,713.30.

The Nifty option chain for the 25 April 2024 expiry showed maximum Call OI of 30.5 lakh contracts at the 23,000 strike price. Maximum Put OI of 44.9 lakh contracts were seen at 22,500 strike price.

Buzzing Index:

The Nifty Private Bank rose 0.78% to 24,476.75. The index rallied 3.07% in the four trading sessions.

Federal Bank (up 2.27%), ICICI Bank (up 2.16%), RBL Bank (up 1.57%), City Union Bank (up 1.52%) and Axis Bank (up 0.94%), IDFC First Bank (up 0.42%), Bandhan Bank (up 0.24%), HDFC Bank (up 0.12%) advanced.

On the other hand, Kotak Mahindra Bank (down 0.35%), IndusInd Bank (down 0.02%) edged lower.

Stocks in Spotlight:

Premier Explosives zoomed 14.99% after the company announced that its board will meet on Friday, 19 April 2024, to consider a proposal of sub-division/split in the face value of equity shares of the company.

Sterlite Technologies surged 11.74% after the company’s board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 119 per share.

JTL Industries gained 1.66% after the company said that it has acquired a controlling stake of 67% in Nabha Steels and Metals, situated in Mandi Gobindgarh, Punjab.

Ajmera Realty & Infra rallied 3.49% after the company’s sales value stood at Rs 287 crore in Q4 FY24, registering a growth of 104% as compared with Rs 140 crore posted in Q4 FY23.