Indices trim losses, Nifty above 17,200 level, NSE VIX climbs over 5%

The domestic equity benchmarks pared losses in the early afternoon trade. The Nifty traded above the 17,200 level after hitting the day's low of 17,064.70 in the early trade. Barring the Nifty IT index, all the sectoral indices on the NSE were in the red.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 277.03 points or 0.48% to 57,914.26. The Nifty 50 index lost 87.15 points or 0.50% to 17,227.50.

In the broader market, the S&P BSE Mid-Cap index slipped 0.81% while the S&P BSE Small-Cap index declined 0.39%.

The market breadth was weak. On the BSE, 1,329 shares rose and 2,098 shares fell. A total of 160 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.26% to 19.80. The Nifty 27 October 2022 futures were trading at 17,189, at a discount of 38.5 points as compared with the spot at 17,227.50.

The Nifty option chain for the 27 October 2022 expiry showed maximum Call OI of 33.2 lakh contracts at the 18,000 strike price. Maximum Put OI of 38.1 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Consumer Durables index fell 0.91% to 27,287.80. The index advanced 2.6% in the past three trading session.

Amber Enterprises India (down 1.44%), Dixon Technologies (India) (down 1.3%), Kajaria Ceramics (down 1.26%), TTK Prestige (down 1.18%), Voltas (down 1.16%), Bata India (down 1.09%), Relaxo Footwears (down 1.06%), Rajesh Exports (down 1.01%), Havells India (down 0.83%) and Whirlpool of India (down 0.82%) edged lower.

IPO Update:

The initial public offer (IPO) of Tracxn Technologies received bids for 21.14 lakh shares as against 2.12 crore shares on offer, according to stock exchange data 12:27 IST on Monday (10 October 2022). The issue was subscribed 0.10%.

The issue opened for bidding on Monday (10 October 2022) and it will close on Wednesday (12 October 2022). The price band of the IPO is fixed at Rs 75-80 per share. An investor can bid for a minimum of 185 equity shares and in multiples thereof.

Stocks in Spotlight:

Easy Trip Planners gained 1.48% after its board approved 2-for-1 stock split and 3:1 issue of bonus shares. Easy Trip Planners said that its board has approved sub-division of each existing equity share of face value of Rs 2 into 2 equity shares of face value of Rs 1 fully paid- up. Consequent to the subdivision, the company's authorised share capital will be increased to Rs 200 crore from Rs 75 crore. The company's board has also approved issuing of three bonus equity share for every one existing equity shares held as on a record date.

IDBI Bank spurted 9.84% after the government invited bids for privatising the bank. The Government of India (Gol) has kicked off the process for strategic disinvestment of IDBI Bank with the transfer of management control. The government has issued a preliminary information memorandum to invite expressions of interest from prospective buyers. GoI, acting through Department of Investment and Public Asset Management (DIPAM), has engaged KPMG India as the legal advisors for providing advisory services and managing the transaction.

The government is offering to sell 30.48% of its stake in the bank, and Life Insurance Corporation of India (LIC) will 30.24%, aggregating to 60.72% of IDBI Bank's share capital, along with transfer of management control in the lender. Currently, GoI holds 45.48% and LIC holds 49.24% of the total equity share capital of IDBI Bank.

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