Market at day's low, breadth turns negative

The benchmark indices further extended losses and hit the day's low in the early afternoon trade. The Nifty slipped below the 16,100 mark. Auto stocks snap four-day rising streak. Negative global cues dented investors sentiment.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 371.13 points or 0.68% to 54,024.10. The Nifty 50 index fell 122.95 points or 0.76% to 16,093.05.

In the broader market, the S&P BSE Mid-Cap index shed 0.45% while the S&P BSE Small-Cap index fell 0.28%.

The market breadth was negative. On the BSE, 1,524 shares rose and 1,611 shares fell. A total of 165 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.72% to 18.50. The Nifty 28 July 2022 futures were trading at 16,081.65, at a discount of 11.4 points compared with the spot at 16,093.05.

The Nifty option chain for the 28 July 2022 expiry showed maximum Call OI of 23.9 lakh contracts at the 17,000 strike prices. Maximum Put OI of 32.8 lakh contracts was seen at 15,000 strike price.

Buzzing Index:

The Nifty Auto index fell 0.95% to 12,135.65, snapping its 4-days rising streak. The index rose 5.17% in four days.

Among the components of the Nifty Auto index, Tube Investments of India (down 2.67%), Sona BLW Precision Forgings (down 1.94%), Bharat Forge (down 1.92%), Eicher Motors (down 1.58%) and Ashok Leyland (down 1.34%) were the top losers.

Among the other losers were Tata Motors (down 1.06%), Maruti Suzuki India (down 0.97%), Mahindra & Mahindra (down 0.75%), Bosch (down 0.5%) and TVS Motor Company (down 0.23%).

On the other hand, Balkrishna Industries (up 1.41%),MRF (up 0.56%) and Escorts Kubota (up 0.46%) moved up.

Stocks in Spotlight:

Techno Electric & Engineering Company slumped 4.72%. The company's board approved a share buyback of upto Rs 130 crore at a price not exceeding Rs 325 per share through open market route. The maximum buyback price of Rs 325 per equity share represents a 2.6% premium to Monday's closing price of Rs 316.75 on the BSE. The indicative maximum number of equity shares bought back would be 40,00,000 equity shares, comprising approximately 3.64% of the total paid-up equity share capital of the company as of 11 July 2022.

Trident declined 2.20% after the firm announced production update for June 2022. In the home textile division, production of bath linen slumped 23.6% to 3,333 metric tonnes (MT) in June 2022 as against 4,363 MT posted in June 2021. Production of bed linen tumbled 30.35% to 1.95 million metres (MM) in June 2022 from 2.8 MM recorded in June 2021. Production of yarn slipped 14.61% to 8,186 MT in June 2022 over 9,587 MT reported in June 2021.

Ramco Systems rose 0.66%. The global aviation software provider said that it had gone live at Air Asia Company (AACL) with its Aviation M&E MRO Suite V5.9, thereby automating and digitally transforming AACL's business processes. Air Asia Company is Taiwan's first privately-owned aircraft maintenance company catering to aircraft maintenance of commercial aircraft, helicopters, military and a designated 'Government owned contractor operated facility' (GOCO).

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