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Shares trim losses; bank stocks decline

Published on Dec 24, 2021 12:26

The domestic equity benchmarks came off the day`s low in early afternoon trade. The Nifty traded above the 16,950 mark. Bank stocks witnessed some bit of profit taking after advancing the last three sessions.

At 12:24 IST, the barometer index, the S&P BSE Sensex, was down 287.81 points or 0.50% to 57,027.47. The Nifty 50 index fell 96.55 points or 0.57% to 16,976.05.

In the broader market, the S&P BSE Mid-Cap index fell 0.98% while the S&P BSE Small-Cap index declined 0.48%.

Sellers outpaced buyers. On the BSE, 1389 shares rose and 1812 shares fell. A total of 104 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, rose 2.2% to 16.18. The Nifty 30 December 2021 futures were trading at 16,976.35, at a premium of 0.30 points as compared with the spot at 16,976.05.

The Nifty option chain for 30 December 2021 expiry showed maximum Call OI of 83.4 lakh contracts at the 18,000 strike price. Maximum Put OI of 67.6 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Bank fell 1.11% to 34,801.95, amid some bit of profit booking. The index had advanced 2.18% in the past three sessions.

Punjab National Bank (down 3.42%), RBL Bank (down 2.75%), Kotak Mahindra Bank (down 2.30%), Federal Bank (down 1.77%), Axis Bank (down 1.66%), IndusInd Bank (down 1.52%), Bandhan Bank (down 1.51%), IDFC First Bank (down 1.47%), SBI (down 1.44%) and AU Small Finance Bank (down 1.02%) declined.

Stocks in Spotlight:

Glenmark Pharmaceuticals fell 1.45% to Rs 497.15. The company said that CRISIL Ratings has revised its outlook on the company`s long-term bank facilities to `Positive` from `Stable` while reaffirming the rating at `CRISIL AA-`. The rating on the short-term bank facilities has been reaffirmed at `CRISIL A1+`, the credit ratings agency said.

Apollo Micro Systems jumped 4.96% to Rs 125.80 after the company bagged supply order of Rs 5.72 crore from Defence Research and Development Organisation. The company further announced it installed CCTV based Security Surveillance and Animal Monitoring Systems at Nehru Zoological park, Hyderabad.

COVID-19 Update:

India reported 6,650 new COVID-19 cases and 374 deaths in the last 24 hours. The country`s active caseload currently stands at 77,516. Meanwhile, India`s Omicron tally jumped to 358 with 88 cases in Maharashtra and 67 in Delhi.

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