INDICES TRADE SIDEWAYS; BANK NIFTY SLIDE 368 PTS

The main indices continued to trade in a narrow range with losses in early afternoon trade. The Nifty traded above the 17,650 level. Weak global sentiment and fears of rising bond yields raised concerns in investors.

At 12:31 IST, the barometer index, the S&P BSE Sensex, was at 59,262.87, down 493.88 points or 0.83%. The Nifty 50 index fell 85.5 points or 0.48% at 17,663.70.

The broader market outperformed front line indices. The S&P BSE Mid-Cap index was up 0.58% while the S&P BSE Small-Cap index rose 0.24%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1786 shares rose and 1360 shares fell. A total of 169 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 232,730,064 with 4,764,388 deaths. India reported 282,520 active cases of COVID-19 infection and 447,751 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, jumped 2.64% to 19.025. The Nifty 30 September 2021 futures were trading at 17,670, at a premium of 7 points as compared with the spot at 17,663.

The Nifty option chain for 30 September 2021 expiry showed maximum Call OI of 90.2 lakh contracts at the 18,000 strike price. Maximum Put OI of 59.4 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Bank index slipped 368 points or 0.97% to 37,576.40, slipping for second trading session. The Bank Nifty has corrected 1.56% in two days.

Kotak Mahindra Bank (down 2%), ICICI Bank (down 1.72%), HDFC Bank (down 1.49%), IndusInd Bank (down 1.19%) and Axis Bank (down 1.17%) were top losers in banking space.

Stocks in Spotlight:

BLS International Services added 3.05% to Rs 261.55 after the company won the contract with Embassy of Italy in Russia for visa processing for a period of 5 years in partnership. Under the contract, the company is expected to process approx. 1,40,000 applications every year with 20 centres across Russia.

Lupin rose 0.94% after the drug company said that the company has launched Droxidopa capsules in the United States, having received an approval from the United States Food and Drug Administration (US FDA). Droxidopa capsules is a generic equivalent of Northera Capsules of Lundbeck NA.

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