Barometers trade sideways; consumer durables shares surge for 8th day

The key equity indices traded sideways in early afternoon trade. The Nifty traded above the 24,700 level after hitting day's low of 24,654.50 in early trade. Consumer Durables shares witnessed buying demand for the eighth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, shed 15.10 points or 0.02% to 80,791.24. The Nifty 50 index added 30.20 points or 0.12% to 24,729.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.30% and the S&P BSE Small-Cap index rose 0.80%.

The market breadth was strong. On the BSE, 2,493 shares rose and 1,269 shares fell. A total of 126 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.70% to 13.59. The Nifty 29 August 2024 futures were trading at 24,760, at a premium of 30.95 points as compared with the spot at 24,729.05.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 42.4 lakh contracts at the 25,000 strike price. Maximum Put OI of 44.8 lakh contracts were seen at 24,500 strike price.

Buzzing Index:

The Nifty Consumer Durables index gained 1.25% to 40,511.95. The index rallied 6.43% in eight consecutive trading sessions.

Crompton Greaves Consumer Electricals (up 2.82%), Titan Company (up 2.31%), Cera Sanitaryware (up 0.85%), Whirlpool of India (up 0.77%), Rajesh Exports (up 0.73%), Voltas (up 0.65%), Dixon Technologies (India) (up 0.56%), V-Guard Industries (up 0.41%), Havells India (up 0.2%) and Kajaria Ceramics (up 0.17%) advanced.

On the other hand, Amber Enterprises India (down 1.29%), Blue Star (down 0.89%) and Kalyan Jewellers India (down 0.68%) edged lower.

Stocks in Spotlight :

Larsen & Toubro rose 0.86%. The EPC major announced that it has secured a large order for its Transportation Infrastructure Business for the integrated infrastructure development project in Navi Mumbai.

RateGain Travel Technologies added 0.59%. The company said that it has been selected by Thai International Public Company (Thai Airways) for a multi-year partnership with the company's dedicated platform for Airlines, AirGain.

Hindustan Zinc rose 0.24%, The company announced that it has received a GST demand notice amounting to Rs 26.12 crore from the Office of the Commissioner of Central Excise & CGST Commissionerate.