Benchmarks under pressure; metal shares slip; VIX climbs 6.37%

The benchmark indices traded with moderate losses in early-afternoon trade. The Nifty traded below 22,150 mark. Metal shares declined for the second consecutive trading session.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 353.66 points or 0.48% to 72,789.14. The Nifty 50 index lost 103.25 points or 0.46% to 22,109.45.

In the broader market, the S&P BSE Mid-Cap index slipped 0.58% and the S&P BSE Small-Cap index shed 0.02%.

The market breadth was negative. On the BSE, 1,715 shares rose and 2,161 shares fell. A total of 162 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 6.37% to 15.93. The Nifty 29 February 2024 futures were trading at 22,103.25, at a discount of 6.2 points as compared with the spot at 22,109.45.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 156.5 lakh contracts at the 23,000 strike price. Maximum Put OI of 73.5 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Metal index shed 1.06% to 7,962.45. The index declined 1.33% in two trading sessions.

Steel Authority of India (down 3.16%), Hindalco Industries (down 2.52%), National Aluminium Company (down 2.14%), NMDC (down 1.74%), Tata Steel (down 1.65%), JSW Steel (down 1.55%), Vedanta (down 1.43%), Jindal Steel & Power (down 1.28%), Hindustan Copper (down 1.18%) declined.

On the other hand, Jindal Stainless (up 1.59%), Adani Enterprises (up 0.99%) and Ratnamani Metals & Tubes (up 0.95%) advanced.

Stocks in Spotlight:

Larsen & Toubro advanced 2.37% after the civil construction firm�s construction arm secured a �significant order� for its Railways Strategic Business Group, to construct the Jakarta Mass Rapid Transit (MRT) project (phase 2A).

Transformers and Rectifiers (India) was locked in an upper circuit of 5% after the company said that it has received an order worth Rs 232 crore from Power Grid Corporation of India.

SBEC Sugar was locked in 10% upper circuit after the company announced that it has repaid its entire loan of Rs 201 crore along with interest thereon taken from the U.P. Co-operative Bank.

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