Nifty trades below 17,500; PSU banks slide for 4th day

The key equity barometers traded with minor losses in the early afternoon trade. Domestic sentiment was dented amid negative global cues. The Nifty traded below the 17,500 level after hitting day's high at 17,588.55 in the morning trade. PSU bank stocks declined for the fourth day in a row.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was down 158.87 points or 0.27% to 58,615. The Nifty 50 index declined 33.55 points or 0.19% to 17,457.15.

In the broader market, the S&P BSE Mid-Cap index gained 0.25% while the S&P BSE Small-Cap index rose 0.10%.

The market breadth was positive. On the BSE, 1,782 shares rose and 1,469 shares fell. A total of 161 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.38% to 19.11. The Nifty 25 August 2022 futures were trading at 17,462.50, at a premium of 5.35 points as compared with the spot at 17,457.15.

The Nifty option chain for the 25 August 2022 expiry showed maximum Call OI of 139.4 lakh contracts at the 18,000 strike price. Maximum Put OI of 76.9 lakh contracts were seen at 17,400 strike price.

Buzzing Index:

The Nifty Media index fell 0.86% to 2,040.95, continuing its losing streak to the fourth day. The index has lost 1.25% in four trading sessions.

Among the components of the Nifty Media index, Sun TV Network (down 2.48%), Zee Entertainment Enterprises (down 2.3%), Network 18 Media & Investments (down 2.15%), TV18 Broadcast (down 0.37%) and Hathway Cable & Datacom (down 0.29%) were the top losers.

On the other hand, Saregama India (up 1.33%) ,Inox Leisure (up 1.14%) and PVR (up 0.94%) edged higher.

Stocks in Spotlight:

Unichem Laboratories advanced 3.02% after the company announced that it has received abbreviated new drug application (ANDA) approval for Carbamazepine tablets from USFDA. The United States Food and Drug Administration (USFDA) approved the company to market a generic version of Carbamazepine (Tegretol) tablet of Novartis Pharmaceuticals Corp.

Dredging Corporation of India fell 0.34%. The company said that the Visakhapatnam Port Authority (VPA) had awarded the company with an Annual Maintenance Dredging contract with the project cost of about Rs 57crore for three years. The contract includes dredging at new sand trap (NST), its approaches and other areas of VPA and to pump the dredged material to the shore for Beach Nourishment for three years 2022-23, 2023-24 and 2024-25.

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