Indices hit day's low; VIX rises

Key benchmark indices further extended losses and hit fresh intraday low in early afternoon trade. The Nifty traded below 10,750. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 331.67 points or 0.91% at 36,232.21. The Nifty 50 index was down 97.3 points or 0.9% at 10,743.35.

The market breadth was weak. On the BSE, 652 shares rose and 1513 shares fell. A total of 118 shares were unchanged. The S&P BSE Mid-Cap index was down 0.76%. The S&P BSE Small-Cap index was down 0.86%.

On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.48% to 15.58. The Nifty September 2019 futures were trading at 10,752.85, a premium of 18.2 points compared with the spot at 10,734.65.

On the options front, the Nifty option chain for 26 September 2019 expiry showed maximum call open interest (OI) of 41.58 lakh contracts at the 11,000 strike price. Maximum put OI of 36.52 lakh contracts was seen at 10,800 strike price. The option chain indicates that Nifty will stay between 10,800 and 11,000 in September expiry.

Gruh Finance was down 0.27% while Bandhan Bank was up 0.46%.

Gruh Finance announced that National Company Law Tribunal, Ahmedabad bench passed and sanctioned the amalgamation of Gruh Finance with Bandhan Bank. The company further stated that the approval of scheme is now pending with National Company Law Tribunal, Kolkata Bench. The Scheme will become effective upon the filing of the orders passed by both Benches.

Madhav Infra Projects rose 1.42% to Rs 182.5 after the company said it received award for road projects and solar project. Madhav Infra Projects said it received letter of acceptance from the Office of the Chief Engineer (Konkan) & Project Director (EAP) Konkan, Mumbai (Government of Maharashtra) for road project worth Rs 161.26 crore. The construction period is 24 months. Further, the company received letter of award from Energy Efficiency Services (EESL) (a joint venture of PSUs under the Ministry of Power) for a solar power generation project worth Rs 96.39 crore. The operations and maintenance (O&M) contract period is for 25 years. The announcement was made after market hours yesterday, 18 September 2019. The stock hit an intraday high of Rs 183, which is also a record high for the counter.

Drug maker Alembic was up 6.41% to Rs 51.45. The stock hit an intraday high of Rs 52.2 which is also a 52-week high for the counter. The stock has surged 27.51% compared to a 3.17% fall in Sensex.

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