Nifty slips below 21,900 level; media shares slide

The key equity indices traded with deep cuts in early afternoon trade. The Nifty traded below the 21,900 level. Media shares declined after advancing in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 603.17 points or 0.83% to 72,145.25. The Nifty 50 index lost 196.90 points or 0.89% to 21,858.80.

In the broader market, the S&P BSE Mid-Cap index slipped 1.15% and the S&P BSE Small-Cap index shed 0.90%.

The market breadth was weak. On the BSE, 1,209 shares rose and 2,462 shares fell. A total of 137 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, added 1.49% to 14.10. The Nifty 28 March 2024 futures were trading at 21,938.20, at a premium of 79.4 points as compared with the spot at 21,858.80.

The Nifty option chain for the 28 March 2024 expiry showed maximum Call OI of 40.8 lakh contracts at the 22,000 strike price. Maximum Put OI of 43.4 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Media index declined 1.70% to 1,812.25. The index rose 1.15% in the previous trading session.

TV18 Broadcast (down 4%), Network 18 Media & Investments (down 3.99%), Dish TV India (down 2.31%), Sun TV Network (down 2.12%), PVR Inox (down 1.81%), Hathway Cable & Datacom (down 1.49%), Zee Entertainment Enterprises (down 0.59%), D B Corp (down 0.53%), Saregama India (down 0.34%) and Nazara Technologies (down 0.15%) edged lower.

Stocks in Spotlight:

JBM Auto rallied 6.58% after the company announced that its subsidiary, JBM Ecolife Mobility received an order worth Rs 7,500 crore for procurement, supply, operation and maintenance of 1,390 electric buses.

H.G. Infra Engineering advanced 2.30% after its consortium Stockwell Solar Services joint venture (JV) received four solar projects worth Rs 1,026 crore from Jodhpur Vidyut Vitran Nigam.

IOL Chemical & Pharmaceuticals surged 12.86% after Brazilian Health Regulatory Agency (ANVISA) has successfully completed the GMP audit of the company�s 10 APIs manufacturing units situated at Barnala, Punjab. The inspection was conducted from 11th March 2024 to 15th March 2024. At the end of the inspection (ANVISA) gave zero observations.

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