The benchmark indices traded with substantial gains in the early afternoon trade. The Nifty climbed above the 22,300 level. Realty shares gained after declining in the past three trading sessions. Trading was volatile due to the expiry of weekly index options on the NSE. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 487.57 points or 0.67% to 73,431.25. The Nifty 50 index jumped 162.90 points or 0.74% to 22,310.80.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 1.05% while the S&P BSE Small-Cap index gained 1.29%.
The market breadth was strong. On the BSE, 2,572 shares rose and 1,110 shares fell. A total of 136 shares were unchanged.
Economy:
The International Monetary Fund raised India?s FY25 GDP growth forecast by 30 bps to 6.8% from its January forecast of 6.5%, citing bullish domestic demand conditions and a rising working-age population. IMF sees India's FY26 GDP growth at 6.5%. The global financial agency sees India's retail inflation at 4.6% in FY25 and 4.2% in FY26.
Politics:
India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 3.96% to 12.12. The Nifty 25 April 2024 futures were trading at 22,325.25, at a premium of 14.45 points as compared with the spot at 22,310.80
The Nifty option chain for the 25 April 2024 expiry showed maximum Call OI of 57.5 lakh contracts at the 23,000 strike price. Maximum Put OI of 48.6 lakh contracts were seen at 22,000 strike price.
Buzzing Index:
The Nifty Realty index jumped 1.32% to 950.10. The index fell 2.40% in past three trading sessions.
Brigade Enterprises (up 5.99%), Prestige Estates Projects (up 3.2%), Phoenix Mills (up 3.02%), Macrotech Developers (up 2.57%), Sunteck Realty (up 2.24%), Sobha (up 1.24%), Mahindra Lifespace Developers (up 0.15%) and DLF (up 0.02%) advanced.
Stocks in Spotlight:
Power Grid Corporation of India rallied 3.55% after its board has approved the raising of bonds as POWERGRID bonds issue(s) upto Rs 12,000 crore during FY 2024-25.
Angel One advanced 1.16% after the brokerage company reported 27.34% rise in consolidated net profit (from continuing operations) to Rs 339.95 crore in Q4 FY24 as against Rs 266.97 crore recorded in Q4 FY23.Total income climbed 63.46% to Rs 1,358.54 crore in Q4 FY24 from Rs 831.09 crore recorded in the corresponding quarter previous year.
Biocon gained 2.58% after the company has signed a licensing and supply agreement with Biomm S.A., for the commercialization of Semaglutide (gOzempic), which is used to improve glycemic control in adults with type-2 diabetes.
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