Benchmarks slip into red; Nifty below 18,000

The benchmark indices once again slipped into the negative terrain in early afternoon trade. The Nifty breached its 18,000 level.

At 12:20 IST, the barometer index, the S&P BSE Sensex, skid 130.52 points or 0.22% at 60,191.85. The Nifty 50 index lost 50.95 points or 0.28% at 17,948.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.08% while the S&P BSE Small-Cap index gained 0.44%.

The market breadth was positive. On the BSE, 1,610 shares rose and 1,580 shares fell. A total of 145 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.62% to 15.29. The Nifty 25 November 2021 futures were trading at 17,960.50, at a premium of 12.25 points as compared with the spot at 17,948.25.

The Nifty option chain for 25 November 2021 expiry showed maximum Call OI of 26.2 lakh contracts at the 18,000 strike price. Maximum Put OI of 25.4 lakh contracts was seen at 17,500 strike price.

Buzzing Index:

The Nifty Oil & Gas index fell 0.94% to 7,849.65. The index lost 2.29% in two trading sessions.

HPCL (down 2.59%), Gujarat Gas (down 1.48%), BPCL (down 1.44%), Reliance Industries (down 1.30%) and Indian Oil Corporation (down 1.22%) were the top losers in the Oil & Gas segment.

Stocks in Spotlight:

Spicejet slipped 0.96%. The company has intimated that it entered into a settlement agreement with Boeing wherein Boeing has agreed to provide certain accommodations and settle the outstanding claims related to the grounding of 737 MAX aircraft and its return to service. This settlement agreement would pave the way for the induction of efficient and younger MAX aircraft into Spicejet's fleet and ensure the resumption of new aircraft deliveries from an order of 155 MAX aircraft.

Alembic Pharmaceuticals rose 0.03%. The firm said that its joint venture (JV) Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its ANDA for Mupirocin Cream USP, 2%. The approved abbreviated new drug application (ANDA) is therapeutically equivalent to the reference listed drug product (RLD), Bactroban Cream, 2%, of SmithKline Beecham (Cork), Ireland. Mupirocin Cream USP, 2% is indicated for the treatment of secondarily infected traumatic skin lesions due to susceptible . strains of S. aureus and S. pyogenes.

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