The key equity benchmarks traded with decent gains in the early afternoon trade. The Nifty traded above the 23,200 level after hitting the day's low of 23,090.65 in early trade. Media shares advanced after declining in the past two consecutive trading sessions. Trading could be volatile due to the weekly F&O series expiry today. At 12:30 IST, the barometer index, the S&P BSE Sensex rose 274.08 points or 0.36% to 76,677.01. The Nifty 50 index added 92.75 points or 0.40% to 23,248.10.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 1.75% and the S&P BSE Small-Cap index rallied 0.86%.
The market breadth was strong. On the BSE, 2,287 shares rose and 1,479 shares fell. A total of 155 shares were unchanged.
Politics:
The JD(U) on Wednesday sacked its Manipur unit president, Ksh. Biren Singh, in an effort to quell growing speculation about its ties with the BJP. Party's national spokesperson Rajiv Ranjan told the media Singh's removal was due to indiscipline and asserted that the party would continue to support the BJP-led government in the northeastern state. Ranjan affirmed that the JD(U) remains committed to supporting the BJP-led NDA, not just in Manipur but across the country. Ranjan's remark came shorty after Ksh Biren Singh claimed that the party had withdrawn support to the BJP-led Biren Singh government and informed its decision to governor Ajay Kumar Bhalla. The state unit chief had also claimed that the lone JDU MLA in the state, Md Abdul Nasir, will sit in the opposition benches.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.17% to 16.80. The Nifty 30 January 2025 futures were trading at 23,266.30, at a premium of 18.2 points as compared with the spot at 23,248.10.
The Nifty option chain for the 30 January 2025 expiry showed a maximum call OI of 239.8 lakh contracts at the 23,250 strike price. Maximum put OI of 478.4 lakh contracts was seen at 23,200 strike price.
Buzzing Index:
The Nifty Media index advanced 1.53% to 1,688.65. The index dropped 1.79% in the previous two consecutive trading sessions.
Tips Music (up 4.48%), Zee Entertainment Enterprises (up 3.34%), Sun TV Network (up 1.02%), Network 18 Media & Investments (up 0.98%), PVR Inox (up 0.86%), Dish TV India (up 0.35%) and Nazara Technologies (up 0.09%) advanced.
On the other hand, Saregama India (down 1.28%), Hathway Cable & Datacom (down 0.91%) and Den Networks (down 0.72%) declined.
Stocks in Spotlight:
Go Digit General Insurance rallied 10.53% after the company's net profit zoomed 176.46% to Rs 118.52 crore in Q3 FY25 as compared with Rs 42.87 crore in Q3 FY24. Total income increased 7.11% YoY to Rs 2,371.9 crore in Q3 FY25.
Coforge zoomed 12.60% after the company reported a 9.5% rise in net profit, excluding minority interest, to Rs 255.9 crore in Q3 FY25 from Rs 233.6 crore in Q2 FY25. The company's gross revenues increased by 8.4% quarter-on-quarter (QoQ) to Rs 3,318.2 crore in the December 2024 quarter. In constant currency terms, the revenue rose by 8.4% QoQ and 40.3% YoY in constant currency (CC) terms.
Biocon advanced 2.05% after its board is scheduled to meet on Monday, 27 January 2025, to consider and approve the raising of funds through the issuance of commercial papers (CPs) or through any other mode on a private placement basis.
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