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The key equity barometers continued to trade in a volatile manner in early afternoon trade. The Nifty traded tad above the 16,950 mark. Metal shares declined for third consecutive session.
The barometer index, the S&P BSE Sensex, was down 42.63 points or 0.07% to 57,611.23. The Nifty 50 index lost 30.40 points or 0.18% to 16,955.30.
In the broader market, the S&P BSE Mid-Cap index fell 0.72% while the S&P BSE Small-Cap index was declined 0.89%.
The market breadth was weak. On the BSE, 952 shares rose and 2,410 shares fell. A total of 130 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.21% to 15.26. The Nifty 29 March 2023 futures were trading at 17,001.15, at a premium of 45.85 points as compared with the spot at 16,955.30.
The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 183.5 lakh contracts at the 17,000 strike price. Maximum Put OI of 142.6 lakh contracts were seen at 17,000 strike price.
Buzzing Index:
The Nifty Metal index slipped 0.77% to 5,331.30. The index has fallen 3.03% in three sessions.
Adani Enterprises (down 6.89%), Jindal Stainless (down 4.08%), Welspun Corp (down 2.13%), MOIL (down 1.51%) and Hindustan Copper (down 1.25%) were the top losers.
Among the other losers were Vedanta (down 0.79%), Hindustan Zinc (down 0.73%), JSW Steel (down 0.4%), Jindal Steel & Power (down 0.28%) and National Aluminium Company (down 0.26%).
On the other hand, Hindalco Industries (up 0.85%), Ratnamani Metals & Tubes (up 0.67%) and APL Apollo Tubes (up 0.45%) turned up.
Buzzing Index:
The Nifty Realty index declined 0.40% to 375.05. The index has fallen 5.05% in seven sessions.
Sunteck Realty (down 3.38%), Indiabulls Real Estate (down 2.43%), Phoenix Mills (down 2.14%), Sobha (down 1.43%) and Prestige Estates Projects (down 1.37%) were the top losers.
Further, Brigade Enterprises (down 0.57%), DLF (down 0.4%), Oberoi Realty (down 0.33%) and Godrej Properties (down 0.03%) edged lower.
Buzzing Index:
The Nifty Oil & Gas index slipped 0.84% to 7,005.15. The index has lost 2.42% in four sessions.
Adani Total Gas (down 5%), Bharat Petroleum Corporation (down 2.13%), Hindustan Petroleum Corporation (down 2.01%), Oil & Natural Gas Corporation (down 1.66%) and Gujarat Gas (down 1.21%) were the top losers.
Among the other losers were Indian Oil Corporation (down 1.17%), Aegis Logistics (down 0.79%), Indraprastha Gas (down 0.58%), Oil India (down 0.42%) and Gujarat State Petronet (down 0.2%).
On the other hand, Castrol India (up 1.48%), Mahanagar Gas (up 0.7%) and Reliance Industries (up 0.2%) turned up.
Stocks in Spotlight:
Sterlite Technologies fell 2.43%. The company announced that it has signed an amended and restated agreement to transfer its Telecom Products and Software business as an asset sale to Skyvera LLC.
Zydus Lifesciences was up 0.08%. The drug maker said that it has received final approval from US Food and Drug Administration (USFDA) for Levothyroxine Sodium injection and Doxepin Hydrochloride capsules.
Levothyroxine Sodium Injection is indicated for the treatment of myxedema coma. The drug will be manufactured at the group's injectable manufacturing facility at Jarod, near Vadodara (India).
Carysil rose 3.23%. The company renewed contract with US-based Karran Inc. for supplying quartz kitchen sink worth about $68 million over the period of five years.
Paras Defence and Space Technologies added 2.03%. The company said it has secured regulatory license for establishing an industrial undertaking to manufacture certain industrial items.
Gujarat Ambuja Exports (GAEL) advanced 1.32%. The company announced commissioning of 1200 tons per day Maize processing greenfield project at Malda in West Bengal.
Global Markets:
Asian stocks are largely advanced on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.
Overnight in the U.S., stocks on Wall Street ended higher - bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.
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