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The domestic equity indices continued to trade with significant losses in early afternoon trade. The Nifty slipped below the 24,450 mark. Private bank shares extended losses for the two consecutive trading sessions.
At 12:30 IST, the barometer index, the S&P BSE Sensex, dropped 809.53 points or 0.98% to 80,954.90. The Nifty 50 index slipped 241.60 points or 0.97% to 24,429.10.
In the broader market, the S&P BSE Mid-Cap index fell 0.19% and the S&P BSE Small-Cap index shed 0.09%.
The market breadth was negative. On the BSE, 1,686 shares rose and 2,203 shares fell. A total of 123 shares were unchanged.
Economy:
India's total exports (merchandise and services combined) for November 2024 are estimated at $67.79 billion, registering a positive growth of 9.59 percent vis-'-vis November 2023. Total imports (merchandise and services combined) for November 2024 are estimated at $87.63 billion, registering a positive growth of 27.47 percent vis-'-vis November 2023.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.74% to 14.83. The Nifty 26 December 2024 futures were trading at 24,454.15, at a premium of 197.9 points as compared with the spot at 24,429.10.
The Nifty option chain for the 26 December 2024 expiry showed a maximum call OI of 63.5 lakh contracts at the 25,000 strike price. Maximum put OI of 67.2 lakh contracts was seen at 24,500 strike price.
Buzzing Index:
The Nifty Private Bank index declined 1.40% to 25,587.40. The index slipped 1.41% in two consecutive trading sessions.
Bandhan Bank (down 2.34%), RBL Bank (down 2.31%), City Union Bank (down 1.96%), Axis Bank (down 1.59%), Kotak Mahindra Bank (down 1.47%), HDFC Bank (down 1.41%), ICICI Bank (down 1.39%), IndusInd Bank (down 1.17%), IDFC First Bank (down 1.15%) and Federal Bank (down 1.02%) slipped.
Stocks in Spotlight:
RMC Switchgears hit an upper circuit of 5% after the firm received a letter of acceptance (LOA) from a reputed system integrator for the supply, installation and commissioning of 5,000 solar pumps in Maharashtra valued at Rs 90 crore.
Texmaco Rail & Engineering added 2.07% after the company secured an order worth Rs 187.41 crore from Chhattisgarh State Power Transmission for the construction of nine No.132 KV transmission lines on a turnkey basis.
Indoco Remedies slipped 2.33% after the firm received official action indicated (OAI) status from the USFDA for plant II & plant III facilities located at Verna Industrial Estate Area, Goa, India.
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