Barometers trade flat; pharma stocks advance; VIX slides 1.83%

The benchmark indices traded near the flat line in mid-morning trade. The Nifty traded above the 24,050 mark. Pharma shares advanced after declining in the previous trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 11.56 points or 0.01% to 79,254.40. The Nifty 50 index rose 17.30 points or 0.07% to 24,061.80.

The Sensex and Nifty clocked an all-time high of 79,671.58 and 24,174, respectively in morning trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.30% and the S&P BSE Small-Cap index added 0.47%.

The market breadth was positive. On the BSE, 2,063 shares rose and 1,708 shares fell. A total of 133 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 1.83% to 13.89. The Nifty 27 June 2024 futures were trading at 24,148.25, at a premium of 86.45 points as compared with the spot at 24,061.80.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 30.2 lakh contracts at the 24,000 strike price. Maximum Put OI of 37.3 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Pharma index rose 0.99% to 19,707.65. The index shed 0.16% in the past trading session.

J B Chemicals & Pharmaceuticals (up 4.23%), Ipca Laboratories (up 3.61%), Dr Reddys Laboratories (up 2.59%), Lupin (up 2.54%), Zydus Lifesciences (up 1.94%), Divis Laboratories (up 1.63%), Natco Pharma (up 1.28%), Abbott India (up 1.15%), Aurobindo Pharma (up 0.98%) and Torrent Pharmaceuticals (up 0.80%) advanced.

On the other hand, Sanofi India (down 0.86%), Mankind Pharma (down 0.56%) and Granules India (down 0.29%) edged lower.

Stocks in Spotlight :

JSW Infrastructure added 1.54% after the company�s wholly owned subsidiary, JSW Port Logistics (JSW Port) has entered into a share purchase agreement with Navkar Corporation (NCL) to acquire 70.37% stake from the promoters of NCL.

Meanwhile, the company has received Letter of Acceptance (LoA) from Southern Railway, Chennai Division for construction & operation of Gati Shakti Multi-Modal Cargo Terminal (GCT) at Arakkonam, Chennai, Tamil Nadu.

Aether Industries rallied 3.89% after the company announced the signing of a strategic supply agreement with Baker Hughes for an initial term is 5 years, extendable by 3 additional one year terms and thereafter extendable on yearly basis.

Krishna Institute of Medical Sciences (KIMS) shed 0.34%. The company said that its board has approved the proposal for the sub-division of one equity share of the company having a face value of Rs 10 each into five equity shares having a face value of Rs 2 each.

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