Barometers at day's low; NSE VIX drops over 5%

The benchmark indices hit fresh intraday low in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, dropped 376.94 points or 0.73% at 51,557.94. The Nifty 50 index declined 80.30 points or 0.52% at 15,494.55.

The broader market rallied. The S&P BSE Mid-Cap index rose 1.11% while the S&P BSE Small-Cap index gained 1.02%.

Buyers outpaced sellers. On the BSE, 1,909 shares rose and 1,050 shares fell. A total of 145 shares were unchanged.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 17,11,84,420 with 35,65,104 deaths. India reported 17,93,645 active cases of COVID-19 infection and 3,35,102 deaths while 2,61,79,085 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

After reporting its lowest daily rise in new COVID-19 cases since 8 April 2021, India reported a slight increase in cases on Wednesday. The country reported 1,32,788 new COVID-19 cases and 3,207 deaths in the last 24 hours.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 5.31% to 16.4625. The Nifty 24 June 2021 futures were trading at 15,528.70, at a premium of 34.15 points as compared with the spot at 15,494.55.

The Nifty option chain for 24 June 2021 expiry showed maximum Call OI of 24.5 lakh contracts at the 16,000 strike price. Maximum Put OI of 29.4 lakh contracts was seen at 15,000 strike price.

Buzzing Index:

The Nifty Realty index was up 1.15% to 338.25. Sunteck Realty (up 3.59%), Brigade Enterprises (up 2.08%), IndiaBulls Real Estate (up 1.82%) and Godrej Properties (up 1.07%) advanced.

The Phoenix Mills advanced 2.30% after the company tied up with Singapore's GIC to form a strategic investment platform in India. The Phoenix Mills (PML) and GIC, Singapore's sovereign wealth fund, announced the execution of definitive documents to form a strategic investment platform to develop, own and operate retail-led, mixed-use developments in India.

Stocks in Spotlight:

NMDC gained 0.41%. The state-owned miner's iron ore production climbed 21.83% to 2.79 million tonnes (MT) in May 2021 from 2.29 MT in May 2020. On a provisional basis, NMDC's iron ore sales jumped 29.41% to 3.30 million tonnes (MT) in May 2021 from 2.55 MT in May 2020.

National Aluminium Company (NALCO) slipped 0.55%. Life Insurance Corporation of India (LIC) sold 3.76 crore equity shares or 2.05% stake of NALCO between 19 September 2018 to 31 May 2021. Following the transaction, LIC has decreased its stake in NALCO to 4.61% from 6.66% held in the company. The deal was executed as a market sale.

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