Benchmarks hit day's low; breadth negative

The benchmark indices hit fresh intraday low in early afternoon trade. Metal stocks advanced while FMCG and pharma scrips declined. The Nifty was trading above 17,100 mark.

At 12:30 IST, the barometer index, the S&P BSE Sensex dropped 295.36 points or 0.51% at 57,300.32. The Nifty 50 index lost 90.15 points or 0.52% at 17,132.60.

The S&P BSE Mid-Cap index fell 0.13%. The S&P BSE Small-Cap index slipped 0.10%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,442 rose and 1,821 shares fell. A total of 128 shares were unchanged.

Economy:

India's projected economic growth for 2022 has been downgraded by over 2% to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday.

The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6% from 3.6% due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.42% to 23.8275. The Nifty 31 March 2022 futures were trading at 17,158.30, at a premium of 25.70 points as compared with the spot at 17,132.60.

The Nifty option chain for 31 March 2022 expiry showed maximum Call OI of 143.57 lakh contracts at the 18,000 strike price. Maximum Put OI of 149.40 lakh contracts was seen at 16,000 strike price.

Buzzing Index:

The Nifty Media index rose 1.10% to 2,347.30. The index jumped 10.02% in seven trading sessions.

Inox Leisure (up 7.36%), PVR (up 4.17%), Network18 Media & Investments (up 1.40%), D B Corp (up 1.33%) and Sun TV Network (up 0.47%) were the gainers in the Media segment.

Zee Entertainment Enterprises fell 0.38%. Recently, Zee Entertainment Enterprises was in the news after the company's largest minority shareholder, Invesco Developing Markets Fund said that it decided not to pursue an extraordinary general meeting (EGM) to add six independent directors as Zee's merger with Sony will achieve the fund's aim of strengthening board oversight.

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