Benchmarks trade with significant cuts, VIX drops 4.6%

The frontline indices traded with moderate losses in early afternoon trade. The Nifty hovered near the 19,450 mark. Media shares extended losses for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 215.58 points or 0.33% to 65,182.04. The Nifty 50 index lost 88.10 points or 0.45% to 19,454.55.

The broader market underperformed the key indices. The S&P BSE Mid-Cap index fell 1.24% while the S&P BSE Small-Cap index slipped 2.38%.

The market breadth was weak. On the BSE, 805 shares rose, and 2759 shares fell. A total of 171 shares were unchanged.

As the earnings season intensifies, it will have a significant influence on the direction of the market. Investors will closely follow the financial performance of companies, which will provide insights into the overall health and outlook of various sectors. Additionally, global cues and developments in international markets will also impact the market trend.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, dropped 4.62% to 10.32. The Nifty 26 October 2023 futures were trading at 19,443.95 , at a discount of 10.6 points as compared with the spot at 19,454.55.

The Nifty option chain for the 26 October 2023 expiry showed maximum Call OI of 145.7 lakh contracts at the 19,500 strike price. Maximum Put OI of 98.6 lakh contracts were seen at 19,500 strike price.

Buzzing Index:

The Nifty Media index fell 3.17% to 2,231. The index has dropped 4.1% in two trading sessions.

Network 18 Media & Investments (down 6.18%), Hathway Cable & Datacom (down 5.67%), TV18 Broadcast (down 5.41%), D B Corp (down 4.53%), Dish TV India (down 3.99%), Nazara Technologies (down 3.56%), PVR Inox (down 3.39%), Saregama India (down 3.37%), Zee Entertainment Enterprises (down 2.03%) and Sun TV Network (down 0.98%) slipped.

Stocks in Spotlight:

Balkrishna Industries added 0.84%. The company reported 16.94% decline in standalone net profit to Rs 335.39 crore in Q2 FY24 as compared with 403.80 crore in Q2 FY23. Revenue from operations slipped 17.69% to Rs 2,225.84 crore in Q2 FY24 as compared with Rs 2,704.29 crore in Q2 FY23.

IDBI Bank slipped 2.69%. The bank`s standalone net profit surged 59.8% to Rs 1323.27 crore on 14.2% rise in total income to Rs 6,924.18 crore in Q2 FY24 over Q2 FY23.

Oberoi Realty declined 0.83%. The realtor said its sales booking value declined 16.52% to Rs 965 crore in Q2 FY24 as against Rs 1,156 crore in the year-ago period. The Mumbai-based realty developer said its booking value zoomed 102.73% from Rs 476 crore in Q1 FY24.

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