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The key equity benchmarks traded with substantial gains in early afternoon trade. The Nifty trade near the 23,100 mark after hitting the day's low of 22,932 in morning trade. Private bank shares witnessed buying demand for the third consecutive trading sessions.
At 12:30 IST, the barometer index, the S&P BSE Sensex jumped 539.84 points or 0.74% to 75,964.72. The Nifty 50 index gained 139.90 points or 0.61% to 23,097.
The Sensex and Nifty clocked an all-time high of 75,974.73 and 23,098.65 respectively in early afternoon trade.
In the broader market, the S&P BSE Mid-Cap index added 0.60% and the S&P BSE Small-Cap index rose 0.10%.
The market breadth was negative. On the BSE, 1,767 shares rose and 2,053 shares fell. A total of 166 shares were unchanged.
Economy:
India’s forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.
Gold reserves increased $1.244 billion to $57.195 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, the apex bank said.
India’s reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the apex bank data showed.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 5.13% to 22.83. The Nifty 30 May 2024 futures were trading at 23,166, at a premium of 69 points as compared with the spot at 23,097.
The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 112.5 lakh contracts at the 24,000 strike price. Maximum Put OI of 101.6 lakh contracts were seen at 23,000 strike price.
Buzzing Index:
The Nifty Private Bank index gained 1.14% to 24,580.75. The index rallied 3.58% in three consecutive trading sessions.
IndusInd Bank (up 1.74%), Bandhan Bank (up 1.69%), HDFC Bank (up 1.4%), ICICI Bank (up 0.96%), Kotak Mahindra Bank (up 0.85%), IDFC First Bank (up 0.51%), Axis Bank (up 0.46%) and Federal Bank (up 0.34%) advanced.
Stocks in Spotlight :
Dr.Reddy's Laboratories shed 0.61%. the pharm major said that its Russia-based subsidiary Dr. Reddy's Laboratories LLC has entered into a distribution agreement with Novartis Pharma LLC for sale and distribution of anti-diabetes products - Galvus and Galvus Met in Russia.
Glenmark Pharmaceuticals rallied 6.74%. The company reported net loss of Rs 1,238.64 crore in Q4 FY24 as compared with net loss of Rs 549.49 crore in Q4 FY23. Revenue from operations increased 1.94% to Rs 3,016.00 crore in Q4 FY24 as compared with Rs 2,958.36 crore in Q4 FY23.
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