Benchmarks turn range bound; VIX spurts 7%

Benchmark indices traded in a narrow range with modest losses in early afternoon trade. Resurgent worries about rising US bond yields hit global shares. The Nifty continued to hover around the 15,000 mark.

At 12:22 IST, the barometer index, the S&P BSE Sensex, was down 196.97 points or 0.39% at 50,649.20. The Nifty 50 index fell 70.45 points or 0.47% at 15,010.60.

In broader market, the S&P BSE Mid-Cap index was down 1.27% while the S&P BSE Small-Cap index was down 0.76%.

The market breadth turned negative. On the BSE, 1151 shares rose and 1590 shares fell. A total of 145 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 115,597,805 with 25,69,011 deaths. India reported 176,319 active cases of COVID-19 infection and 157,548 deaths while 108,39,894 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 7.1% to 25.8650. The Nifty 25 March 2021 futures were trading at 15,008, at a premium of 2.5 point as compared with the spot at 15,005.50.

The Nifty option chain for 25 March 2021 expiry showed maximum Call OI of 23.4 lakh contracts at the 16,000 strike price. Maximum Put OI of 36.6 lakh contracts was seen at 14,000 strike price.

Buzzing Index:

The Nifty Bank index lost 556.75 points or 1.53% to 35,254.50, extending its losing run to second trading session. The index lost 3% in two days.

IndusInd Bank (down 5.2%), Bank of Baroda (down 3.6%), PNB (down 3.6%), SBI (down 3.4%), Federal Bank (down 3.2%), Bandhan Bank (down 2.5%) and RBL Bank (down 1.93%) were top losers in Bank Nifty.

Stocks in Spotlight:

Shilpa Medicare fell 0.68%. The drug company received United States Food and Drug Administration (USFDA)'s tentative approval for its abbreviated new drug application (ANDA), apremilast tablets, 10 mg, 20 mg, and 30 mg. Apremilast tablets, 10 mg, 20 mg, and 30 mg is a generic equivalent of reference listed drug (RLD) OTEZLA of Celgene, used in the treatment of 'psoriatic arthritis' as recommended in the label approved by FDA. According to IQVIA MAT Q2 2020 data, the US market for apremilast tablets, 10 mg, 20 mg, and 30 mg is approximately US $2.4 billion

PVR lost 1.4%. The multiplex chain operator announced the launch of its 6-screen property in Forum Centre City Mall, Mysuru on Friday, 5 March 2021. With this opening, PVR strengthens its growth momentum in FY 2020-2021 with 844 screens at 177 properties in 71 cities (India and Sri Lanka).

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