Market at day`s low; Nifty below 21,450; VIX spurts 7.58%

The domestic equity indices extended losses and traded near the day�s low in early afternoon trade. The Nifty slipped below the 21,450 mark. PSU bank shares were under pressure after rising in the past three trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 530.52 points or 0.74% to 70,893.13. The Nifty 50 index lost 151.40 points or 0.70% to 21,420.40.

In the broader market, the S&P BSE Mid-Cap index decreased 1.73% and the S&P BSE Small-Cap index slipped 1.43%.

The market breadth was weak. On the BSE, 1,132 shares rose and 2,677 shares fell. A total of 155 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 7.58% to 14.85. The Nifty 25 January 2024 futures were trading at 21,406.85, at a discount of 13.55 points as compared with the spot at 21,420.40.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 109.2 lakh contracts at the 22,700 strike price. Maximum Put OI of 71 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 3.14% to 5,864.20. The index advanced 3.85% in past three trading sessions.

Punjab National Bank (down 4.62%), Central Bank of India (down 4.36%), Canara Bank (down 3.43%), Bank of Baroda (down 3.23%) and Indian Bank (down 2.99%), State Bank of India (down 2.91%), Bank of India (down 2.91%), Union Bank of India (down 2.47%), Punjab & Sind Bank (down 2.2%) and Bank of Maharashtra (down 1.51%) edged lower.

Stocks in Spotlight:

Vascon Engineers advanced 1.42% after the company announced that it has received letter of award (LoA) from Capgemini Technology Services India of Rs 416 crore on EPC basis.

Coforge shed 1.29%. The IT company`s consolidated net profit jumped 31.49% to Rs 238 crore on 2.07% increase in revenue from operations to Rs 2,323.3 crore in Q3 FY24 over Q2 FY24. As compared with Q3 FY23, the company`s net profit and revenue were higher by 4.29% and 13.01%, respectively.

Kolte-Patil Developers declined 2.30%. The Pune-based real estate developer has signed two new society re-development projects in the western suburbs of Mumbai with total saleable area of approximately 3.06 lakh square feet and a top-line potential of approximately Rs 545 crore.

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