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The headline equity indices traded near flat line with negative bias in early afternoon trade. The Nifty traded below the 24,700 level after hitting day's high of 24,705 in early trade. Metal shares declined after advancing in past two consecutive trading sessions. At 12:26 IST, the barometer index, the S&P BSE Sensex was down 28.10 points or 0.03% to 81,681.02. The Nifty 50 index lost 11.15 points or 0.05% to 24,666.65. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.39% and the S&P BSE Small-Cap index rallied 0.54%. The market breadth was strong. On the BSE, 2,416 shares rose and 1,555 shares fell. A total of 169 shares were unchanged. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.17% to 14.12. The Nifty 26 December 2024 futures were trading at 24,736, at a premium of 69.35 points as compared with the spot at 24,666.65. The Nifty option chain for the 26 December 2024 expiry showed maximum Call OI of 49.6 lakh contracts at the 26,000 strike price. Maximum Put OI of 68.7 lakh contracts was seen at 24,000 strike price. Buzzing Index: The Nifty Metal index slipped 0.75% to 9,326.90. The index rallied 1.80% in past two consecutive trading sessions. Vedanta (down 2.23%), Hindalco Industries (down 2.01%), National Aluminium Company (down 0.72%), NMDC (down 0.67%), JSW Steel (down 0.64%), Hindustan Zinc (down 0.51%), Tata Steel (down 0.5%), Jindal Stainless (down 0.15%), Ratnamani Metals & Tubes (down 0.13%) and Jindal Steel & Power (down 0.12%) declined. On the other hand, Welspun Corp (up 1.67%), APL Apollo Tubes (up 1.23%) and Hindustan Copper (up 0.59%) edged higher. Stocks in Spotlight: Everest Organics hit an upper circuit of 20% after the after the company announced that its board of directors will meet on 10 December 2024 to consider and approve the proposal for fundraising and the appointment of an independent director. Power Finance Corporation rose 0.61%. The company's wholly owned subsidiary, PFC Consulting has incorporated a special purpose vehicle (SPV) company, NER Expansion Transmission the purpose of North-Eastern Region Expansion Scheme-XXV Part-A (NERES-XXV Part-A). One 97 Communications (Paytm) added 0.70%. The company informed that its wholly-owned subsidiary, One97 Communications Singapore (Paytm Singapore), has approved sale of stock acquisition rights (SARs) held in PayPay Corporation, Japan (PayPay) for Rs 2,364 crore. Powered by Capital Market - Live News
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