Market Commentary     29-May-24
Mid-Session
Indices turn rangebound; bank shares decline
The key equity benchmarks traded in narrow range with significant losses in early afternoon trade. The Nifty hovered below the 22,750 mark after hitting the day's high of 22,825.50 in early trade. Bank shares extended losses for the second consecutive trading sessions.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 548.73 points or 0.73% to 74,621.72. The Nifty 50 index lost 148.35 points or 0.65% to 22,739.80.

In the broader market, the S&P BSE Mid-Cap index declined 0.23% and the S&P BSE Small-Cap index rose 0.22%.

The market breadth was negative. On the BSE, 1,647 shares rose and 2,025 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, rose 0.92% to 24.42. The Nifty 30 May 2024 futures were trading at 22,763.85, at a premium of 24.05 points as compared with the spot at 22,739.80.

The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 131.6 lakh contracts at the 23,000 strike price. Maximum Put OI of 78.9 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Bank index fell 1.10% to 48,602.65. The index fell 1.39% in two trading sessions.

ICICI Bank (down 1.95%), HDFC Bank (down 1.59%), Axis Bank (down 1.39%), State Bank of India (down 0.66%), IDFC First Bank (down 0.51%), Kotak Mahindra Bank (down 0.31%), IndusInd Bank (down 0.21%), Bank of Baroda (down 0.17%) and Federal Bank (down 0.12%) declined.

On the other hand, Punjab National Bank (up 1.33%), AU Small Finance Bank (up 1.21%) and Bandhan Bank (up 0.81%) edged higher.

Stocks in Spotlight :

Vasundhara Rasayans zoomed 13.59% after the company’s net profit stood at Rs 2.13 crore in Q4 FY24, steeply higher than Rs 0.42 crore in Q4 FY23. Revenue from operations jumped 12.31% YoY to Rs 11.13 crore in the quarter ended 31 March 2024.

Amines & Plasticizers surged 11.37% after the company reported 51.34% jump in consolidated profit to Rs 12.94 crore on 6.26% rise in revenue from operations to Rs 177.33 core in Q4 FY24 over Q4 FY23.

Previous News
  Indices trim losses; European mkt declines
 ( Market Commentary - Mid-Session 29-May-24   13:41 )
  Indices turn rangebound; bank shares decline
 ( Market Commentary - Mid-Session 29-May-24   12:42 )
  Bal Pharma Ltd leads gainers in 'B' group
 ( Hot Pursuit - 29-May-24   12:15 )
  Vasundhara Rasayans sizzles after Q4 PAT soars to Rs 2 cr
 ( Hot Pursuit - 29-May-24   11:20 )
  Amines & Plasticizers zooms after Q4 PAT climbs 51% to Rs 12 cr
 ( Hot Pursuit - 29-May-24   11:17 )
  Board of Amines & Plasticizers recommends final dividend
 ( Corporate News - 29-May-24   09:36 )
  Vasundhara Rasayans standalone net profit rises 395.35% in the March 2024 quarter
 ( Results - Announcements 29-May-24   07:36 )
  Amines & Plasticizers consolidated net profit rises 51.35% in the March 2024 quarter
 ( Results - Announcements 29-May-24   07:33 )
  Vasundhara Rasayans to table results
 ( Corporate News - 23-May-24   15:42 )
  Amines & Plasticizers schedules board meeting
 ( Corporate News - 15-May-24   14:21 )
  Amines & Plasticizers consolidated net profit rises 100.81% in the December 2023 quarter
 ( Results - Announcements 13-Feb-24   07:40 )
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