Nifty slides below 21,300; consumer durables decline

The frontline indices traded with moderate losses in early afternoon trade. The Nifty slipped below the 21,300 level. Consumer durables shares witnessed profit booking after advancing in the past two trading sessions. Trading could be volatile due to January F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 596.28 points or 0.84% to 70,464.03. The Nifty 50 index lost 170.30 points or 0.79% to 21,283.65.

In the broader market, the S&P BSE Mid-Cap index declined 0.62% and the S&P BSE Small-Cap index rose 0.36%.

The market breadth was positive. On the BSE, 2,041 shares rose and 1,656 shares fell. A total of 132 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 3.39% to 14.86. The Nifty 25 January 2024 futures were trading at 21,288.90, at a premium of 5.25 points as compared with the spot at 21,283.65.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 167.4 lakh contracts at the 21,500 strike price. Maximum Put OI of 132.3 lakh contracts were seen at 21,200 strike price.

Buzzing Index:

The Nifty Consumer Durables index fell 1.15% to 30,850. The index added 0.96% in the past trading session.

Blue Star (down 3.06%), Voltas (down 2.86%), Dixon Technologies (India) (down 1.9%), Crompton Greaves Consumer Electricals (down 1.71%) and Havells India (down 1.35%), Bata India (down 0.99%), Whirlpool of India (down 0.87%), Rajesh Exports (down 0.82%), Titan Company (down 0.8%) and V-Guard Industries (down 0.55%) edged lower.

Stocks in Spotlight:

CARE Ratings rallied 4.58% after the company�s standalone net profit increased 4% to Rs 22.23 crore in Q3 FY24 as compared with Rs 21.40 crore in Q3 FY23. Revenue from operations jumped 22% YoY to Rs 66.68 crore in Q3 FY24.

Laurus Labs tumbled 7.56% after the company�s consolidated net profit dropped 88.6% to Rs 23.14 crore in Q3 FY24 as against Rs 203.04 crore recorded in Q3 FY23. Revenue from operations stood at Rs 1,194.92 crore in Q3 FY24, down 22.65% from Rs 1544.82 crore posted in Q3 FY23. The revenue was impacted particularly from strong CDMO and API revenues in base year offset by favorable FDF and Bio.

Borosil shed 0.58%. The firm announced that its board has approved raising of funds by way of qualified institutions placement (QIP) of equity shares for an aggregate amount not exceeding Rs 250 crore.

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