Nifty hovers below 21,550; oil & gas stocks slide; VIX rises 2.39%

The key equity benchmarks traded with minor cuts in early afternoon trade. The Nifty hovered below 21,550 level. Oil & gas shares fell after rising in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 83.29 points or 0.12% to 71,302.92. The Nifty 50 index lost 32.75 points or 0.15% to 21,512.10.

In the broader market, the S&P BSE Mid-Cap index decreased 0.46% and the S&P BSE Small-Cap index shed 0.15%.

The market breadth was positive. On the BSE, 1,867 shares rose and 1,853 shares fell. A total of 138 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 2.39% to 13.58. The Nifty 25 January 2024 futures were trading at 21,567.15, at a premium of 55.05 points as compared with the spot at 21,512.10.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 29.4 lakh contracts at the 22,000 strike price. Maximum Put OI of 42.5 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Oil & Gas declined 1.06% to 9,627.65. The index rose 0.11% in the past trading session.

Indraprastha Gas (down 3.15%), Gujarat State Petronet (down 2.95%), Oil & Natural Gas Corpn (down 2.68%), Oil India (down 2.62%) and Bharat Petroleum Corporation (down 2.42%), Hindustan Petroleum Corporation (down 2.29%), Mahanagar Gas (down 2.02%), Indian Oil Corporation (down 2.01%), GAIL (India) (down 1.18%) and Gujarat Gas (down 0.94%).

On the other hand, Aegis Logistics (up 1.11%) ,Adani Total Gas (up 0.58%) and Reliance Industries (up 0.52%) edge up.

Stocks in Spotlight:

KIOCL slipped 3.62% after the firm informed that the operations of pellet plant unit at Mangalore have been temporarily suspended with effect from 9 January 2024 due to non-availability of iron-ore fines.

Marathon Nextgen Realty jumped 5.19% after the company said that its area sold in Q3 FY24 aggrgaged to 2,21,862 square feet, which is higher by 24% as compared with the same period last year.

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