Market Commentary     31-May-24
Mid-Session
Barometers trade with decent gains; VIX slides 5.38%; media shares decline
The domestic equity indices traded with limited gains in early afternoon trade. The Nifty hovered above the 22,500 level. Media shares witnessed profit booking after advancing in the past three consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 164.53 points or 0.22% to 74,049.34. The Nifty 50 index rose 38.60 points or 0.17% to 22,527.25.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.41% and the S&P BSE Small-Cap index rose 0.17%.

The market breadth was negative. On the BSE, 1,576 shares rose and 2,119 shares fell. A total of 129 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 5.38% to 22.87. The Nifty 27 June 2024 futures were trading at 22,629.55, at a premium of 102.3 points as compared with the spot at 22,527.25.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 50.5 lakh contracts at the 24,000 strike price. Maximum Put OI of 45.1 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Media index slipped 1.25% to 1,873.15. The index rose 0.97% in past three consecutive trading sessions.

Zee Entertainment Enterprises (down 2.3%), Dish TV India (down 2.26%), Network 18 Media & Investments (down 2.1%), Saregama India (down 1.41%), TV18 Broadcast (down 0.94%), Sun TV Network (down 0.91%), Hathway Cable & Datacom (down 0.73%), Nazara Technologies (down 0.5%) and PVR Inox (down 0.2%) declined.

Stocks in Spotlight :

Apollo Hospitals Enterprise added 0.07%. The company’s consoloidated net profit surged 75.64% to Rs 253.8 crore as compared to Rs 144.5 crore reported in Q4 FY23. Revenue from operations jumped 14.92% year on year to Rs 4,943.9 crore in the quarter ended 31 March 2024.

Swan Energy was locked in 5% lower circuit after the company reported a 10.55% decline in consolidated net profit to Rs 55.58 crore as compared to Rs 62.14 crore posted in Q4 FY23. Revenue from operations climbed 49.79% to Rs 1,397.90 crore in Q4 FY24 over Q4 FY23.

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