Nifty 50 trading near day’s high, Nifty Auto races 2%, Nifty Realty records 16-year high

During the mid-afternoon session on Tuesday, the benchmark indices were trading with solid gains. The 30-share index S&P BSE Sensex was trading at 74,966.59 signifying a gain of 165.70 or 0.22% from its opening level. Nifty 50 index was at 22,738.65 level, rising by 59 points or 0.26%. Further, Bank Nifty was up by 158 points or 0.32% to 49,582.05 from its previous closing.

On the index option front, the highest open interest is seen at a strike price of 22,500 PE, while maximum addition has been seen at a strike price of 22,700 PE. This suggests writers are actively writing the 22,700 PE strike. Hence, the level of 22,700 is likely to act as immediate support.

The market breadth was titled in favour of advances with 1,321 stocks advancing, 1,128 stocks declining and 136 stocks remaining unchanged.

On Wall Street, Dow Jones futures declined by 66 points or 0.17% to 38,493.

The frontline indices were seen outperforming the broader markets. Nifty Midcap was trading higher by 0.34%, while the Nifty Smallcap index was trading with a marginal gain of 0.05%.

Sector-wise, the top-performing sectoral indices during the mid-day were Nifty Auto (+2.03%), Nifty Realty (+1.37%) reached their highest level since June 2008 and Nifty Oil & Gas (+0.70%). On the other hand, Nifty IT, Nifty Metal and Nifty PSU Bank were seen trading in red.

Some of the trending stocks of the mid-afternoon session on the Nifty 500 index were Schaeffler India Ltd, JM Financial Ltd and Trent Ltd.

Shares of Schaeffler India Ltd zoomed 10.71% in Tuesday's session to trade at ₹3,850.40 over its previous close of ₹3,477.90. Today, the intraday high and low of Schaeffler was ₹3,879 and ₹3,485, respectively. The stock rallied on the back of strong financial performance for the quarter ending on March 31, 2024, with revenue rising 6% YoY and margins remaining steady despite seasonality in some of the company’s sectors.

Trent Ltd rallied by 4.80% and was trading at ₹4,521 over its previous close of ₹4,314.10. Today, the intraday high and low of Trent was ₹4,670 and ₹4,425, respectively. The stock hit a fresh 52-week high on the back of robust financial performance for the quarter ended March 31, 2024. During the period, a multi-fold increase in net profit to ₹712.09 crore compared to ₹44.95 crore from the previous year’s corresponding quarter was recorded.

Shares of Jana Small Finance Bank locked in upper circuit of 20% after company reported robust Q4 results. Net profits for the bank rose by 297% to ₹321 crore. In addition, the bank might opt to become universal bank after RBI released new guidelines for small finance bank to convert into universal banks.