Barometers trade with minor losses; VIX slides 3%; PSU banks advance

The frontline indices continued to pare losses in early afternoon trade. The Nifty traded above the 21,500 level after hitting the day`s low of 21,285.55 in morning trade. PSU bank shares advanced after declining in the past trading session.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was down 64.70 points or 0.09% to 71,436.06. The Nifty 50 index lost 42.90 points or 0.20% to 21,529.05.

In the broader market, the S&P BSE Mid-Cap index added 0.09% and the S&P BSE Small-Cap index rose 0.23%.

The market breadth was negative. On the BSE, 1,802 shares rose and 1,887 shares fell. A total of 132 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 3% to 14.63. The Nifty 25 January 2024 futures were trading at 21,544.30, at a premium of 31.5 points as compared with the spot at 21,512.80.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 56.6 lakh contracts at the 22,000 strike price. Maximum Put OI of 45.6 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty PSU Bank index gained 1.03% to 5,889.80. The index advanced 1.02% in the past trading sessions.

Punjab National Bank (up 1.44%), Bank of Baroda (up 1.37%), State Bank of India (up 1.07%), Bank of Maharashtra (up 0.8%), Canara Bank (up 0.44%), Bank of India (up 0.15%), Indian Bank (up 0.07%) edged higher.

Stocks in Spotlight:

ICICI Prudential Life Insurance Company tumbled 5.75%. The life insurer`s net profit jumped 3.10% to Rs 227.47 crore in Q3 FY24 as against Rs 220.63 crore posted in Q3 FY23. Total income jumped 51.97% YoY to Rs 26,647.77 crore in Q3 FY24.

Aarti Industries surged 5.79% after the company secured a four-year supply contract worth over Rs 6000 crore with a multinational conglomerate company.

Natco Pharma advanced 1.28% after the firm said that it has invested around US$ 2 million in Cellogen Therapeutics, a Delhi based biotech startup primarily involved in two R&D programs involving cell and gene therapy solutions.

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