Indices turn rangebound; auto shares under pressure; VIX spurts 5.01%

The frontline indices traded in a narrow range with steep losses in early afternoon trade. The Nifty traded below the 22,100 level. Auto shares declined after rising in the past trading session.

At 12:27 IST, the barometer index, the S&P BSE Sensex was down 561.32 points or 0.75% to 72,547.94. The Nifty 50 index declined 201.80 points or 0.91% to 21,944.85.

The broader market underperformed the key indices. The S&P BSE Mid-Cap index lost 1.75% and the S&P BSE Small-Cap index fell 1.19%.

The market breadth was weak. On the BSE, 1,220 shares rose and 2,506 shares fell. A total of 113 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 5.01% to 14.31. The Nifty 28 March 2024 futures were trading at 22,012.70, at a premium of 67.85 points as compared with the spot at 21,944.85.

The Nifty option chain for the 28 March 2024 expiry showed maximum Call OI of 34.3 lakh contracts at the 23,000 strike price. Maximum Put OI of 44.7 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Auto index declined 2.01% to 20,101.15. The index rose 0.87% in the past trading sessions.

TVS Motor Company (down 3.81%), Hero MotoCorp (down 3.59%), Mahindra & Mahindra (down 3.13%), Bajaj Auto (down 2.97%), Samvardhana Motherson International (down 2.58%), Tata Motors (down 2.49%), Ashok Leyland (down 1.89%), MRF (down 1.58%), Sona BLW Precision Forgings (down 1.57%) and Eicher Motors (down 1.56%) edged lower.

On the other hand, Tube Investments of India (up 0.77%) advanced.

Stocks in Spotlight:

Biocon tumbled 5.99% after the company said that its chief financial officer (CFO), Indranil Sen has resigned with effect from 15 March 2024.

Krishna Institute of Medical Sciences rose 0.48% after the company announced the signing of definitive agreement for the acquisition of land on 99-year lease and purchase of the building thereon for setting up a new hospital at Thane.

KPI Green Energy declined 3.91%. The power generation company announced that it has emerged as the successful winner in the Gujarat Urja Vikas Nigam (GUVNL) tender for development of 50 MW wind-solar hybrid power project.

Innova Captab fell 1.95% after the firm informed that its chief financial officer (CFO), Gaurav Srivastava has resigned from his position with effect from 29 March 2024 due to personal reasons.

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