Benchmarks trade with modest losses

Key barometers were trading with modest losses in early afternoon trade. The Nifty held above 9000 mark. At 12:27 ST, the barometer index, the S&P BSE Sensex, was down 345.48 points or 1.11% at 30,814.14. The Nifty 50 index was down 83.25 points or 0.91% at 9,028.65.

In the broader market, the S&P BSE Mid-Cap index was down 0.51% while the S&P BSE Small-Cap index was down 0.37%.

The market breadth was negative. On the BSE, 1052 shares rose and 1110 shares fell. A total of 175 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.57% to 51.52. The Nifty April 2020 futures were trading at 9,040, a discount of 10.45 points compared with the spot at 9,050.45.

On the options front, the Nifty option chain for 30 April 2020 expiry showed maximum call open interest (OI) of 16.25 lakh contracts at the 9,000 strike price. Maximum put OI of 25.49 lakh contracts was seen at 8,000 strike price.

Buzzing Index:

The Nifty Metal index was up 0.4% to 1,712.35, rising for second day in a row.

MOIL (up 5.7%), Welspun Corp (up 3.89%), Coal India (up 2.52%), Hindustan Copper (up 1.82%), Hindalco Inds (up 2.19%), Hindustan Copper (up 1.01%), NMDC (up 0.63%) and JSW Steel (up 0.39%), Vedanta (up 0.2%) were top gainers in metal segment.

Stocks in Spotlight:

ITI was locked in an upper circuit of 20% at Rs 87.35 after the company informed that it will team up with the Defence Research and Development Organisation (DRDO) to manufacture portable ventilators to combat the Covid-19 outbreak.

Cadila Healthcare rose 2.39% to Rs 359.35 after Zydus Cadila received tentative approval from the US drug regulator to market Empagliflozin tablets, in the strengths of 10 mg and 25 mg. The medication is used together with diet and exercise to improve blood sugar control in adults with Type 2 diabetes mellitus. It is also used to reduce the risk of cardiovascular death in adult patients with Type 2 diabetes mellitus and established cardiovascular disease.

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