Benchmarks trade with deep cuts; realty shares decline

The domestic equity barometers continued to trade with deep cuts in early afternoon trade. The Nifty traded below the 17,600 level. Realty shares witnessed selling pressure for second consecutive session.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 576.41 points or 0.97% to 59,069.74. The Nifty 50 index lost 178.10 points or 1% to 17,580.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.95% while the S&P BSE Small-Cap index shed 0.49%.

The market breadth was weak. On the BSE, 1,293 shares rose and 2,112 shares fell. A total of 166 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 4.58% to 18.15. The Nifty 25 August 2022 futures were trading at 17,790.25, at a premium of 33.6 points as compared with the spot at 17,756.65.

The Nifty option chain for the 25 August 2022 expiry showed maximum Call OI of 136.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 72.5 lakh contracts were seen at 17,600 strike price.

Buzzing Index:

The Nifty Realty index fell 1.40% to 444.10. The index has lost 3.32% in two sessions.

Godrej Properties (down 2.47%), Sobha (down 2.31%), Oberoi Realty (down 1.86%), Prestige Estates Projects (down 1.73%) and Macrotech Developers (down 1.23%) were the top losers.

Among the other losers were Brigade Enterprises (down 1.17%), DLF (down 1.03%), Indiabulls Real Estate (down 0.81%) and Sunteck Realty (down 0.19%).

Stocks in Spotlight :

Goa Carbon slipped 1.57%. The company announced the temporary shut-down of its Bilaspur unit and Paradeep unit for maintenance work.

AstraZeneca Pharma India rose 0.08%. The company has received import and market permission in form CT-20 (subsequent new drug approval) from the Drugs Controller General of India (DCGI) for Olaparib film-coated tablets.

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