The benchmark indices marched higher and hit a fresh intraday high in early afternoon trade. The Nifty scaled above the 22,550 level. Private bank shares advanced after declining in the past trading session. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 672.86 points or 0.91% to 74,403.02. The Nifty 50 index added 144.30 points or 0.64% to 22,564.25.
In the broader market, the S&P BSE Mid-Cap index gained 0.51% and the S&P BSE Small-Cap index rose 0.16%.
The market breadth was positive. On the BSE, 2,117 shares rose and 1,657 shares fell. A total of 195 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 12.05% to 12.24. The Nifty 30 May 2024 futures were trading at 22,678.30, at a premium of 114.05 points as compared with the spot at 22,564.25.
The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 25 lakh contracts at the 22,500 strike price. Maximum Put OI of 37 lakh contracts were seen at 22,000 strike price.
Buzzing Index:
The Nifty Private Bank index advanced 1.32% to 24,348.40. The index declined 0.45% in the past trading session.
ICICI Bank (up 3.11%), IndusInd Bank (up 2.55%), Axis Bank (up 1.85%), Kotak Mahindra Bank (up 1.66%), Federal Bank (up 0.76%) and HDFC Bank (up 0.73%) edged higher.
On the other hand, IDFC First Bank (down 4.25%), RBL Bank (down 1.47%) and City Union Bank (down 0.53%) slipped.
IDFC First Bank dropped 4.25% after the private bank's standalone net profit declined 9.75% to Rs 724.35 crore in Q4 FY24 as compared to Rs 802.62 crore recorded in Q4 FY23. Total income jumped 26.07% to Rs 9,861.21 crore in Q4 FY24 as against to Rs 7,821.83 crore posted in the corresponding quarter previous year.
Stocks in Spotlight:
Shares of BSE tumbled 12.54% after market regulator Securities and Exchanges Board of India (SEBI) asked the exchange to pay the regulatory fee based on the notional value of its options contracts.
The market regulatory had introduced the 'regulatory fee' on recognized stock exchanges vide the Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges) Regulations, 2006. As per the regulations, the stock exchanges would have to pay a regulatory fee to SEBI within a period of thirty days of conclusion of the relevant financial year.
Indian Renewable Energy Development Agency (IREDA) surged 7.76% after the company was given 'Navratna status' by the government of India.
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