Nifty trades near 23,650 mark; private bank shares rally for 4th day

The key equity indices traded with significant gains in early afternoon trade, as investors awaited the Q4 results of ICICI Bank and HDFC Bank, which are scheduled to be announced later this week. The Nifty traded near the 23,650 mark. Private bank shares surged for the fourth consecutive trading session. The weekly Nifty50 F&O contracts are set to expire today.

At 12:25 IST, the barometer index, the S&P BSE Sensex, advanced 767.50 points or 1% to 77,824.58. The Nifty 50 index added 208.75 points or 0.89% to 23,645.95.

In the broader market, the S&P BSE Mid-Cap index advanced 0.30% and the S&P BSE Small-Cap index rose 0.61%.

The market breadth was strong. On the BSE, 2,447 shares rose and 1,304 shares fell. A total of 193 shares were unchanged.

Derivatives :

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.23% to 16.22. The Nifty 24 April 2025 futures were trading at 23,663.70, at a permium of 17.75 points as compared with the spot at 23,645.95.

The Nifty option chain for the 30 April 2025 expiry showed a maximum call OI of 8.2 lakh contracts at the 23,500 strike price. A maximum put OI of 7.8 lakh contracts was seen at a 23,000 strike price.

Buzzing Index:

The Nifty Private Bank index rose 1.12% to 26,852.75. The index jumped 7.4% in the four trading sessions.

ICICI Bank (up 2.43%), HDFC Bank (up 1.06%), Axis Bank (up 1.04%), IndusInd Bank (up 0.9%), Yes Bank (up 0.9%), Kotak Mahindra Bank (up 0.47%), Bandhan Bank (up 0.15%) and IDFC First Bank (up 0.11%) surged.

Stocks in Spotlight:

RMC Switchgears hit a lower circuit of 2% after the company informed that Anand Chaturvedi has tendered his resignation from the post of chief financial officer (CFO), effective from 16 April 2025.

Reliance Industrial Infrastructure rose 0.96%. The company's consolidated net profit gained 16.78% to Rs 32 crore in Q4 FY25 as against Rs 27.40 crore in Q3 FY25. Total income rose 1.82% to Rs 189.40 crore in Q4 FY25 over Q3 FY25. PBT rose 0.93% to Rs 32.50 crore in Q4 FY25 over Q3 FY25.

Waaree Renewable Technologies soared 9.43% after the company's consolidated net profit surged 82.72% to Rs 93.81 crore in Q4 FY25 as against Rs 51.34 crore posted in Q4 FY24. Revenue from operations jumped 74.37% year-on-year (YoY) to Rs 476.58 crore in the quarter ended 31 March 2025.

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