Barometers trade lower; Nifty holds 17,500 level

The benchmark indices were trading with modest losses during early afternoon trade, dragged by a selloff in metals, autos and IT scrips. The Nifty managed to hover above 17,500 mark.

At 12:30 IST, the barometer index, S&P BSE Sensex shed 495.25 points or 0.84% at 58,469.32. The Nifty 50 index dropped 172.30 points or 0.97% at 17,502.65.

The S&P BSE Mid-Cap index fell 1.41%. The S&P BSE Small-Cap index slipped 1.32%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,070 rose and 2,257 shares fell. A total of 102 shares were unchanged.

Buzzing Index:

The Nifty Auto index fell 1.04% to 10,768.60. The index lost 1.15% in two trading sessions.

Tata Motors (down 2.75%), Escorts (down 2.43%), Sona BLW Precision Forgings (down 1.93%), Bharat Forge (down 1.81%) and Bajaj Auto (down 1.71%) were the top losers in the Auto segment.

Tata Motors declined 2.75%. The Tata Motors Group global wholesales in Q4 FY22, including Jaguar Land Rover (JLR), were at 3,34,884, rising 2%, as compared to Q4 FY21. Global wholesales of all Tata Motors` commercial vehicles and Tata Daewoo range in Q4 FY22 stood at 1,22, 147, higher by 12%, over Q4 FY21. Global wholesales of all passenger vehicles in Q4 FY22 stood at 2, 12,737, falling 4% as compared to Q4 FY22. Global wholesales for Jaguar Land Rover were at 89,148 vehicles (JLR number for Q4 FY22 includes CJLR volumes of 12,622 units). Jaguar wholesales for the quarter stood at 19,570 vehicles, while Land Rover wholesales for the quarter were at 69,578 vehicles.

Stocks in Spotlight:

JSW Steel dropped 3.33%. The wholly-owned subsidiary of JSW Steel, JSW Utkal Steel, received the environmental clearance for setting up of Greenfield Integrated Steel Plant of 13.2 MTPA crude steel from the Union Ministry of Environment & Forest and Climate Change. The mega project will generate huge employment opportunities in the region, which in turn will boost the economy of Odisha. The capital expenditure for the modern, green and environment-friendly integrated steel plant (ISP) project is expected to be approx. Rs 65,000 crore including associated facilities. The phase-wise work for the project will start once the land is handed over to the company by the Government of Odisha.

Gufic Biosciences surged 9.28%. Gufic Biosciences received an approval from the Central Licensing Approving Authority, Central Drugs Standard Control Organisation (CDSCO), Ministry of Health and Family Welfare for the manufacture, sale and distribution of Isavuconazonium Sulfate API and finished formulation Isavuconazole for Injection 200 mg/vial. Isavuconazole for Injection 200 mg/vial is indicated for the treatment of patients having 18 years of age and older for the treatment of Invasive Aspergillosis and Invasive Mucormycosis Isavuconazole is a systemic antifungal drug of triazole class.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, fell 1.42% to 18.01. The Nifty 28 April 2022 futures were trading at 17,549, at a premium of 46.35 points as compared with the spot at 17,502.65.

The Nifty option chain for 28 April 2022 expiry showed maximum Call OI of 26.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 32.7 lakh contracts was seen at 17,500 strike price.

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