INDICES TRADE WITH MINOR CUTS, NIFTY BELOW 18,200 LEVEL

The benchmark indices sharply pared gains and traded with minor cuts in early afternoon trade. The Nifty slipped below the 18,200 level after hitting the day`s high of 18,240.40 in the mid-morning trade. IT, consumer durables and PSU bank stocks advanced while media, auto and FMCG shares declined.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 101.94 points or 0.17% to 61,065.85. The Nifty 50 index lost 24.65 points or 0.14% to 18,172.80.

In the broader market, the S&P BSE Mid-Cap index shed 0.06% while the S&P BSE Small-Cap index rose 0.01%.

The market breadth was positive. On the BSE, 1,847 shares rose and 1,563 shares fell. A total of 133 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.01% to 14.69.The Nifty 25 January 2022 futures were trading at 18,239.90, at a premium of 67.1points as compared with the spot at 18,172.80.

The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 26.6 lakh contracts at the 19,000 strike price. Maximum Put OI of 36.4 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Media index shed 0.75% to 2,000.25.The index added 1.73% in the past two trading sessions.

Zee Entertainment Enterprises (down 1.36%), Nazara Technologies (down 0.86%), Network 18 Media & Investments (down 0.67%), Sun TV Network (down 0.37%), TV18 Broadcast (down 0.13%), PVR (down 0.01%) edged lower.

On the other hand, Dish TV India (up 0.8%) ,Hathway Cable & Datacom (up 0.28%) and Navneet Education (up 0.21%) advanced.

Zee Entertainment Enterprises (ZEEL) fell 1.36% after an operational creditor filed Rs 211.41 crore insolvency case against the company. An operational creditor has filed a petition against ZEEL under Section 9 of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal (NCLT), Mumbai Bench. The creditor has claimed a debt and default of Rs 211,41,82,521, towards royalty payable for utilization of �literary and musical work�.

IPO Updates:

The initial public offer (IPO) of Sah Polymers received bids for 1,82,05,880 shares as against 56,10,000 shares on offer, according to stock exchange data at 12:21 IST on Tuesday (3 January 2023). The issue was subscribed 3.25 times.

The issue opened for bidding on Friday (30 December 2022) and it will close on Wednesday (4 January 2023). The price band of the IPO is fixed at Rs 61-65per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof.

Stocks in Spotlight:

Hindustan Zinc gained 2.12% after the zinc miner said its mined metal production registered a marginal rise of 1% to 254,000 tonnes in Q3 FY23 as against 252,000 tonnes in Q3 FY22. The growth was mainly driven by higher ore production. Sequentially, it was lower by 1%, due to overall mined metal grades.

Bank of Maharashtra rallied 2.95% after the bank`s total deposits stood at Rs 2,08,436 crore as of 31 December 2022, recording a growth of 11.69% as against Rs 1,86,614 crore as of 31 December 2021. On sequential basis, the deposits rose 6.43% in quarter ended December 2022 from Rs 1,95,849 crore as of 30 September 2022.

Welspun India shed 0.46%. The company said that it has prepaid term loans of Rs 45.80 crore as on 31 December 2022, along with other instalments which were due as the quarter end on standalone basis. The weighted average interest rate of the loans prepaid by the company was 8.30% per annum.

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