Sensex, Nifty turn negative; VIX above 24 mark

The benchmark indices reversed trend and slipped into the negative territory during early afternoon trade. Auto and financial service stocks dragged. The Nifty was hovering above 17,200 after hitting a high of 17,442.40 in early trade.

At 12:30 IST, the barometer index, the S&P BSE Sensex dropped 319.70 points or 0.55% at 57,669.60. The Nifty 50 index lost 85.20 points or 0.49% at 17,230.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.30%. The S&P BSE Small-Cap index gained 0.16%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,607 rose and 1,700 shares fell. A total of 118 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, rose 1.40% to 24.4075. The Nifty 31 March 2022 futures were trading at 17,311.20, at a premium of 80.9 points as compared with the spot at 17,230.30.

The Nifty option chain for 31 March 2022 expiry showed maximum Call OI of 66.24 lakh contracts at the 18,000 strike price. Maximum Put OI of 95.92 lakh contracts was seen at 16,000 strike price.

Buzzing Index:

The Nifty Financial Services index fell 0.39% to 17,020.05. The index rose 0.89% in the previous session.

Muthoot Finance (down 1.94%), Kotak Mahindra Bank (down 1.64%), Housing Development Finance Corporation (HDFC) (down 1.62%), Mahindra & Mahindra (M&M) Financial Services (down 1.47%) and SBI Life Insurance Company (down 0.86%) were the losers in the Financial Services segment.

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