Market extends intraday losses, media stocks decline

The headline equity indices declined further and hit a fresh intraday low in early afternoon trade. The Nifty traded around the 17,900 mark after hitting day's high of 18,047.40 in morning trade. FMCG and oil & gas stocks advanced while media, IT and private bank shares witnessed a bit of a selling pressure.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 286.32 points or 0.47% to 60,066.95. The Nifty 50 index lost 86.55 points or 0.48% to 17,905.60.

In the broader market, the S&P BSE Mid-Cap index shed 0.53% while the S&P BSE Small-Cap index declined 0.43%.

The market breadth was negative. On the BSE, 1,504 shares rose and 1,865 shares fell. A total of 143 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.26% to 14.79. The Nifty 25 January 2022 futures were trading at 17,995, at a premium of 89.4points as compared with the spot at 17,905.60.

The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 26.3 lakh contracts at the 19,000 strike price. Maximum Put OI of 34.3 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Media index rose 1.14% to 1,952.60.The index added 0.20% in the past trading session.

Dish TV India (down 2.13%), PVR (down 1.93%), Navneet Education (down 1.55%), Inox Leisure (down 1.25%), Network 18 Media & Investments (down 0.76%) TV18 Broadcast (down 0.4%), Sun TV Network (down 0.33%), Zee Entertainment Enterprises (down 0.31%), Hathway Cable & Datacom (down 0.29%) and Nazara Technologies (down 0.23%) edged lower.

Stocks in Spotlight:

Satin Creditcare Network declined 1.74%. The NBFC said that the working committee of the board of directors of the company has considered and approved the issuance of 2,500 secured, rated, listed, redeemable, transferable, non-convertible debentures, having a face value of Rs 1,00,000 each, with an aggregate value of Rs 25 crore on private placement basis.

Alembic Pharmaceuticals shed 0.52%. The drug maker has received final approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA), Fesoterodine Fumarate extended-release tablets, 4 mg and 8 mg. The drug is indicated for the treatment of overactive bladder (OAB) in adults with symptoms of urge urinary incontinence, urgency and frequency.

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