Barometers trade with steep losses

The benchmark indices continued to trade with steep losses in the early afternoon trade amid negative Asian cues. The Nifty hovered below the 15,500 level. Barring the Nifty PSU bank index, all the other sectoral indices on the NSE traded in the red.

At 12:24 IST, the barometer index, the S&P BSE Sensex, was down 478.55 points or 0.91% to 52,053.52. The Nifty 50 index declined 166.85 points or 1.07% to 15,471.95.

In the broader market, the S&P BSE Mid-Cap index lost 1.14% while the S&P BSE Small-Cap index declined 0.58%.

The market breadth was negative. On the BSE, 1,267 shares rose and 1,870 shares fell. A total of 121 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.01% to 21.3575. The Nifty 30 June 2022 futures were trading at 15,453.25, at a discount of 18.7 points as compared with the spot at 15,471.95.

The Nifty option chain for 30 June 2022 expiry showed maximum Call OI of 120.1 lakh contracts at the 16,000 strike price. Maximum Put OI of 84.9 lakh contracts was seen at 15,000 strike price.

Buzzing Index:

The Nifty Pharma index fell 1.44% to 11,924.20, snapping its two days gaining streak. The index rose 2.5% in the past two sessions.

Granules India (down 2.98%), Lupin (down 2.79%), Aurobindo Pharma (down 2.75%), Biocon (down 2.66%) and Strides Pharma Science (down 2.45%) were the top losers.

Among the other losers were Glenmark Pharmaceuticals (down 2.32%), Alkem Laboratories (down 2.09%), Cipla (down 1.97%), Sun Pharmaceuticals Industries (down 1.52%) and Dr Reddys Laboratories (down 1.51%).

Stocks in Spotlight:

Jain Irrigation Systems jumped 14.13% to Rs 42.80 after the Jain International Trading B.V., a subsidiary of the company, and Temasek-owned Rivulis entered into share purchase agreements on Tuesday. Jain Irrigation's international irrigation business will be merged with Rivulis in a cash and stock transaction and the combined entity will have $750 million revenues. As it will have unparalleled market coverage spread across 6 continents and 35 countries driven by innovation, digital and sustainability.

Matrimony.com surged 7.55% to Rs 828.85 after the company's board fixed 4 July 2022 as the record date for the proposed share buyback. The company's board approved buyback of equity shares worth upto Rs 75 crore at final buyback price of Rs 1,150 per share.

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