Benchmarks off the day's low; realty stocks decline

The domestic equity barometers managed to pare some losses as they came off the day's low in early afternoon trade. The Nifty traded above the 18,250 mark after hitting day's low of 18,202.65 in mid-morning trade. Realty stocks witnessed across the board selling.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 500.09 points or 0.81% to 61,306.10. The Nifty 50 index lost 157.20 points or 0.85% to 18,263.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.79% while the S&P BSE Small-Cap index declined 0.28%.

The market breadth was positive. On the BSE, 1376 shares rose and 2045 shares fell. A total of 146 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.47% to 14.43. The Nifty 29 December 2022 futures were trading at 18,308, at a premium of 83.4 points as compared with the spot at 18,374.35.

The Nifty option chain for the 29 December 2022 expiry showed maximum Call OI of 39.6 lakh contracts at the 18,500 strike price. Maximum Put OI of 42.8 lakh contracts were seen at 18,300 strike price.

Buzzing Index:

The Nifty Realty index slipped 1.68% to 435.60. The index had gained 0.74% to end at 443.05 yesterday.

Godrej Properties (down 3.59%), DLF (down 3.15%), Oberoi Realty (down 1.56%), Brigade Enterprises (down 1.38%) and Sobha (down 0.97%) were the top losers.

Among the other losers were Sunteck Realty (down 0.81%), Macrotech Developers (down 0.81%) and Indiabulls Real Estate (down 0.41%).

Stocks in Spotlight:

Balrampur Chini Mills rose 2.16%. The company said that on Monday (19 December 2022), the company has commenced commercial production of rectified spirit / industrial alcohol for the additional capacity of 170 kilo litre per day (KLPD) at Balrmapur Unit.

AXISCADES Technologies was locked in 5% upper circuit. The company said that it has again been selected by Airbus, a global leader in the aerospace industry, to provide engineering services for product design and development and plant engineering for all Airbus aircraft programs.

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