Benchmarks hit fresh intraday low; Nifty slides below 18,650

The key equity barometers declined further and hit a fresh intraday low in early afternoon trade. Negative global cues dented the investor sentiments. The Nifty slipped below the 18,650 level. Media, metal and PSU bank advanced while auto, financial services and bank stocks declined.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 593.16 points or 0.94% to 62,691.03. The Nifty 50 index shed 163.45 points or 0.87% to 18,649.05.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index added 0.37%.

The market breadth was positive. On the BSE, 1,807 shares rose and 1,528 shares fell. A total of 169 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.97% to 13.49. The Nifty 29 December 2022 futures were trading at 18,771.95, at a premium of 122.9 points as compared with the spot at 18,649.05.

The Nifty option chain for the 29 December 2022 expiry showed maximum Call OI of 34.8 lakh contracts at the 19,000 strike price. Maximum Put OI of 34.4 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Financial Services index fell 0.88% to 19,199.30. The index rose 0.87% in past three trading sessions.

SBI Life Insurance Company (down 1.47%), ICICI Bank (down 1.37%), HDFC Life Insurance Company (down 1.2%), Bajaj Finance (down 1.1%), Housing Development Finance Corporation (down 1.08%), (down 0.88%), HDFC Bank (down 0.68%), Kotak Mahindra Bank (down 0.56%), Shriram Transport Finance Company (down 0.54%) and Cholamandalam Investment & Finance Company (down 0.32%) declined.

On the other hand, Indian Energy Exchange (up 1.49%) ,Muthoot Finance (up 1.27%) and ICICI Lombard General Insurance Company (up 0.96%) advanced.

Stocks in Spotlight:

Zydus Lifesciences was down 0.01%. The drug maker on Friday (2 December 2022) announced that it has received a final approval from the United States Food and Drug Administration (USFDA) to market Estradiol Transdermal system USP. Estradiol Transdermal system is a generic equivalent of Vivelle-Dot Transdermal system.

Punjab National Bank (PNB) rose 0.85% after the public sector lender said it raised Rs 4,000 crore by issuing bonds at a coupon of 7.89% per annum on a private placement basis.

Spandana Sphoorty Financial rose 2.36% after its board approved issue of non-convertible debentures (NCDs) Upto Rs 100 crore only including green-shoe option of Rs 50 crore only on private placement basis.

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