Benchmarks came off the day's high; Nifty trades below 24,500 mark

The domestic benchmark indices pared early gains and traded with modest advances in mid-morning trade amid profit booking at higher levels. Investors remained focused on stock-specific developments, while tracking the progress of the monsoon and movements in crude oil, gold and silver prices for further market direction. The Nifty traded below the 24,500 mark.

Private bank shares jumped for second consecutive trading sessions.

At 12:25 IST, the barometer index, the S&P BSE Sensex jumped 264.33 points or 0.34% to 78,551.41. The Nifty 50 index surged 66.15 points or 0.27% to 24,494.95.

In the broader market, the BSE 150 MidCap Index shed 0.26% and the BSE 250 SmallCap Index gained 0.67%.

The market breadth was weak. On the BSE, 1,513 shares rose and 2,432 shares fell. A total of 195 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.71% to 11.73. The Nifty 28 July 2026 futures were trading at 24,530.20, at a premium of 34.25 points as compared with the spot at 24,495.95 .

The Nifty option chain for the 28 July 2026 expiry showed a maximum call OI of 70.6 lakh contracts at the 25,000 strike price. A maximum put OI of 74.4 lakh contracts was seen at the 24,000 strike price.

Buzzing Index:

The Nifty Private Bank index rose 0.29% to 28,430.60. The index rose 0.76% in the two consecutive trading sessions.

IndusInd Bank (up 1.72%), RBL Bank (up 1.03%), HDFC Bank (up 0.9%), Axis Bank (up 0.52%) and ICICI Bank (up 0.08%) advanced.

Yes Bank (down 0.74%), Kotak Mahindra Bank (down 0.25%) and Federal Bank (down 0.23%) declined.

Stocks in Spotlight:

TARC surged 9.35% after the company reported a strong operational performance for the quarter ended 30 June 2026, driven by robust demand across its premium housing portfolio. The company reported quarterly pre-sales of Rs 602 crore in Q1 FY27, nearly three times the level recorded in the corresponding quarter last year

Varun Beverages (VBL) declined 2.70%. The company announced that its subsidiary, VBL Industries (Kenya), has entered into an agreement to acquire the value-added dairy beverages, juices and packaged drinking water business of Devyani Food Industries (Kenya) (DFIL Kenya).

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