Market Commentary     19-Jun-24
Mid-Session
Market trades sideways; VIX rallies 3.56%
The key equity indices traded sideways in early afternoon trade. The Nifty traded below the 23,600 level. Private bank shares extended gains for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex was up 118.73 points or 0.17% to 77,423.67. The Nifty 50 index shed 5.65 points or 0.02% to 23,553.90.

The Sensex and Nifty clocked an all-time high of 77,581.46 and 23,630.85 respectively in early trade.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 0.50% and the S&P BSE Small-Cap index shed 0.24%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,442.90 and 51,968.25 respectively.

The market breadth was negative. On the BSE, 1,706 shares rose and 2,045 shares fell. A total of 119 shares were unchanged.

Economy:

The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as on 17.06.2024) show that Net collections are at Rs 4,62,664 crore, compared to Rs 3,82,414 crore in the corresponding period of the preceding Financial Year (i.e. FY 2023-24), representing an increase of 20.99%, data from Ministry of Finance showed.

The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2024-25 stand at Rs 5,15,986 crore compared to Rs 4,22,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19% over the collections of FY 2023-24.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 3.56% to 13.43. The Nifty 27 June 2024 futures were trading at 23,571.90, at a premium of 18 points as compared with the spot at 23,553.90.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 67.8 lakh contracts at the 24,000 strike price. Maximum Put OI of 69.7 lakh contracts were seen at 22,500 strike price.

Buzzing Index:

The Nifty Private Bank index rose 1.34% to 25,386. The index advanced 2.80% in the three consecutive trading sessions.

IndusInd Bank (up 1.89%), ICICI Bank (up 1.78%), HDFC Bank (up 1.47%), Kotak Mahindra Bank (up 1.41%) and Axis Bank (up 0.79%), City Union Bank (up 0.46%), Bandhan Bank (up 0.34%), IDFC First Bank (up 0.25%), Federal Bank (up 0.01%) edged higher.

On the other hand, RBL Bank (down 0.12%) slipped.

Stocks in Spotlight :

Tata Motors shed 0.24%. The auto major announced that it will increase the price of its commercial vehicles (CVs) up to 2% effective from 1 July 2024.

Separately, JLR and Chery Automobile Company, partners in the Chery Jaguar Land Rover (CJLR) joint venture, have signed a letter of intent to focus on electric vehicles (EVs) for the Chinese market.

Zee Entertainment Enterprises (ZEEL) declined 2.53% after the company informed that Rohit Kumar has resigned from the post of chief financial officer of the company, due to personal reasons.

Previous News
  Nifty February futures trade at premium
 ( Market Commentary - Futures Market 01-Feb-25   16:32 )
  Tata Motors records 7% decline in Jan'25 sales
 ( Corporate News - 01-Feb-25   12:17 )
  Sensex, Nifty surges ahead of Union Budget 2025; Nifty closes above 23,500 level
 ( Market Commentary - The Week That Was 31-Jan-25   17:28 )
  Nifty February futures trade at premium
 ( Market Commentary - Futures Market 31-Jan-25   16:48 )
  Tata Motors
 ( Results - Analysis 30-Jan-25   10:08 )
  Nifty January futures trade at discount
 ( Market Commentary - Futures Market 30-Jan-25   16:50 )
  Tata Motors drops after Q3 PAT slumps 22% YoY to Rs 5,451 crore
 ( Hot Pursuit - 30-Jan-25   10:31 )
  Tata Motors Ltd Slips 7.46%, BSE Auto index Shed 1.26%
 ( Hot Pursuit - 30-Jan-25   09:30 )
  Stock Alert: Tata Motors, Bajaj Finance, Allied Belnders & Distilleries, Aarti Drugs
 ( Market Commentary - Stock Alert 30-Jan-25   08:21 )
  Tata Motors consolidated net profit declines 22.41% in the December 2024 quarter
 ( Results - Announcements 29-Jan-25   17:16 )
  Tata Motors Q3 PAT slumps 22% YoY to Rs 5,451 crore
 ( Hot Pursuit - 29-Jan-25   17:14 )
Other Stories
  Benchmarks erase all gains; auto shares slide
  12-Feb-25   14:30
  Sensex, Nifty pare all losses; European mrkt advance
  12-Feb-25   13:39
  Indices trade with limited losses; PSU bank shares advance
  12-Feb-25   12:32
  Barometers trade with modest cuts; Oil & gas shares extent losses for 5th day
  12-Feb-25   11:35
  Sensex tanks 731 pts; realty shares tumble for the third day
  12-Feb-25   10:37
  Market opens lower; Nifty slides below 23,000
  12-Feb-25   09:39
  Sensex plummet 1,120 pts; consumer durables shares slump
  11-Feb-25   14:36
  Sensex, Nifty plunges over 1%; European mrkt advance
  11-Feb-25   13:39
  Indices trade lower; PSU bank shares slide for 4th day
  11-Feb-25   12:32
  Broader mrkt underperforms; media shares decline for 4th day
  11-Feb-25   11:33
Back Top