Market Commentary     09-Dec-24
Mid-Session
Indices trade near flat line; Metal shares witnesses profit booking
The headline equity indices traded near flat line with negative bias in early afternoon trade. The Nifty traded below the 24,700 level after hitting day’s high of 24,705 in early trade. Metal shares declined after advancing in past two consecutive trading sessions.

At 12:26 IST, the barometer index, the S&P BSE Sensex was down 28.10 points or 0.03% to 81,681.02. The Nifty 50 index lost 11.15 points or 0.05% to 24,666.65.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.39% and the S&P BSE Small-Cap index rallied 0.54%.

The market breadth was strong. On the BSE, 2,416 shares rose and 1,555 shares fell. A total of 169 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.17% to 14.12. The Nifty 26 December 2024 futures were trading at 24,736, at a premium of 69.35 points as compared with the spot at 24,666.65.

The Nifty option chain for the 26 December 2024 expiry showed maximum Call OI of 49.6 lakh contracts at the 26,000 strike price. Maximum Put OI of 68.7 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty Metal index slipped 0.75% to 9,326.90. The index rallied 1.80% in past two consecutive trading sessions.

Vedanta (down 2.23%), Hindalco Industries (down 2.01%), National Aluminium Company (down 0.72%), NMDC (down 0.67%), JSW Steel (down 0.64%), Hindustan Zinc (down 0.51%), Tata Steel (down 0.5%), Jindal Stainless (down 0.15%), Ratnamani Metals & Tubes (down 0.13%) and Jindal Steel & Power (down 0.12%) declined.

On the other hand, Welspun Corp (up 1.67%), APL Apollo Tubes (up 1.23%) and Hindustan Copper (up 0.59%) edged higher.

Stocks in Spotlight:

Everest Organics hit an upper circuit of 20% after the after the company announced that its board of directors will meet on 10 December 2024 to consider and approve the proposal for fundraising and the appointment of an independent director.

Power Finance Corporation rose 0.61%. The company’s wholly owned subsidiary, PFC Consulting has incorporated a special purpose vehicle (SPV) company, NER Expansion Transmission the purpose of North-Eastern Region Expansion Scheme-XXV Part-A (NERES-XXV Part-A).

One 97 Communications (Paytm) added 0.70%. The company informed that its wholly-owned subsidiary, One97 Communications Singapore (Paytm Singapore), has approved sale of stock acquisition rights (SARs) held in PayPay Corporation, Japan (PayPay) for Rs 2,364 crore.

Previous News
  Power Finance Corporation
 ( Results - Analysis 13-Feb-25   08:04 )
  Power Finance Corporation consolidated net profit rises 23.30% in the December 2024 quarter
 ( Results - Announcements 12-Feb-25   17:15 )
  Nifty February futures trade at premium
 ( Market Commentary - Futures Market 12-Feb-25   16:50 )
  Power Finance Corporation fixes record date for interim dividend
 ( Market Beat - Reports 12-Feb-25   15:38 )
  Board of Power Finance Corporation recommends Third Interim Dividend
 ( Corporate News - 12-Feb-25   13:53 )
  Everest Organics standalone net profit rises 5600.00% in the December 2024 quarter
 ( Results - Announcements 12-Feb-25   07:31 )
  Paytm partners with Agoda
 ( Corporate News - 10-Feb-25   09:07 )
  Power Finance Corporation revises board meeting date
 ( Corporate News - 08-Feb-25   10:34 )
  Power Finance Corporation revises board meeting date
 ( Corporate News - 07-Feb-25   10:54 )
  Power Finance Corporation to declare Quarterly Results
 ( Corporate News - 07-Feb-25   10:53 )
  Everest Organics to conduct board meeting
 ( Corporate News - 06-Feb-25   13:41 )
Other Stories
  Sensex slides 408 pts; realty shares slumps
  14-Feb-25   14:38
  Market under pressure; European mrkt decline
  14-Feb-25   13:43
  Benchmarks trade with substantial cuts; media shares tumble
  14-Feb-25   12:35
  Barometers pare all gains; pharma shares tumbles
  14-Feb-25   11:36
  Nifty trades above 23,000; FMCG shares advance
  14-Feb-25   10:42
  Barometers trade near flatline; breadth weak
  14-Feb-25   09:38
  Barometers trade near flatline; media shares rise
  13-Feb-25   14:40
  Sensex, Nifty trade with modest gains; European mrkt advance
  13-Feb-25   13:37
  Indices trade higher; realty shares advance
  13-Feb-25   12:32
  Sensex gains 444 pts; metal shares shine
  13-Feb-25   11:32
Back Top