Market at day`s low, Sensex slides 285 pts
Published on Mar 09, 2023 12:36
The key equity indices traded with modest losses and hit a fresh intraday low in early afternoon trade. The Nifty traded below the 17,700 level after hitting the day`s high of 17,772.35 in early trade. Barring the Nifty metal index, all the sectoral indices on the NSE were in the red. Trading was volatile due to expiry of weekly index options on the NSE.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 285.37 or 0.47% to 60,062.72. The Nifty 50 index lost 91.35 points or 0.51% to 17,663.05.
In the broader market, the S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index gained 0.12%.
The market breadth was positive. On the BSE, 1,721 shares rose and 1,614 shares fell. A total of 151 shares were unchanged.
The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.10% to 12.59. The Nifty 29 March 2023 futures were trading at 17,712, at a premium of 48.95points as compared with the spot at 17,663.05.
The Nifty option chain for the 9 March 2023 expiry showed maximum Call OI of 31.5 lakh contracts at the 18,000 strike price. Maximum Put OI of 52.8 lakh contracts were seen at 17,000 strike price.
The Nifty IT index shed 0.62% to 29,880.10. The index declined 0.99% in two trading sessions.
Tata Consultancy Services (down 0.96%), Tech Mahindra (down 0.85%), Infosys (down 0.57%), Mphasis (down 0.49%), Wipro (down 0.45%), Persistent Systems (down 0.41%), Coforge (down 0.33%), LTI Mindtree (down 0.33%), HCL Technologies (down 0.33%) edged lower.
Stocks in Spotlight:
Reliance Industries fell 1.60%. Radisys Corporation, a wholly owned subsidiary of Reliance`s Jio Platforms has signed definitive aggreements to acquire Mimosa Networks from Airspan Networks Holdings for $60 million on a debt free, cash free basis.
Muthoot Finance rose 1.29% after the NBFC`s board approved raising upto Rs 6,500 crore in one or more tranches by issuing redeemable non convertible debentures (NCDs) on private placement basis.
Ugro Capital added 0.73%. The investment and borrowing committee of the company`s board allotted 5,000 non-convertible debentures (NCDs) aggregating to Rs 50 crore including a green shoe option of 2,500 NCDs for Rs 25 crore through private placement basis.
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