Nifty trades above 23,200; metal shares shine

The domestic equity benchmarks traded with decent gains in early afternoon trade. The Nifty traded above the 23,200 level after hitting the day's low of 23,165.30 in morning trade. Metal shares extended gains for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, added 226.42 points or 0.30% to 76,727.19. The Nifty 50 index rose 47.05 points or 0.20% to 23,223.10.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.48% and the S&P BSE Small-Cap index rallied 0.69%.

The market breadth was strong. On the BSE, 2,369 shares rose and 1,412 shares fell. A total of 140 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.14% to 15.29. The Nifty 30 January 2025 futures were trading at 23,275.75, at a premium of 52.65 points as compared with the spot at 23,223.10.

The Nifty option chain for the 30 January 2025 expiry showed maximum Call OI of 54.3 lakh contracts at the 24,000 strike price. Maximum Put OI of 41.2 lakh contracts was seen at 23,000 strike price.

Buzzing Index:

The Nifty Metal index gained 0.80% to 8,333.25. The index rallied 4.80% in two consecutive trading sessions.

Welspun Corp (up 4.27%), APL Apollo Tubes (up 2.91%), Hindustan Zinc (up 2.34%), NMDC (up 2.04%), Vedanta (up 1.95%), Steel Authority of India (up 1.06%), Ratnamani Metals & Tubes (up 0.85%), Adani Enterprises (up 0.78%), Jindal Steel & Power (up 0.46%) and JSW Steel (up 0.32%) advanced.

On the other hand, National Aluminium Company (down 1.13%) and Jindal Stainless (down 0.44%), edged lower.

Stocks in Spotlight:

Minda Corporation jumped 4.47% after the company said that it has entered into a partnership agreement with Flash Electronics to create the fastest growing EV platform in the country.

Allcargo Gati advanced 2.64% after the company's total volume, including surface and air express, stood at 113 kiloton (kt) in December 2024, up 7.62% from 105 kt in December 2023.

Benares Hotels surged 10.88% after the company's net profit jumped 20% to Rs 13.56 crore in Q3 FY25 as against Rs 11.30 crore posted in Q3 FY24. Revenue from operations rose 15.7% year on year (YoY) to Rs 38.87 crore in the quarter ended 31 December 2024.

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