Indices turn range bound; VIX jumps over 6%

Key benchmark indices traded in a narrow range with modest losses in early-afternoon trade. The Nifty struggled to break 11,050 mark. The Nifty's volatility index jumped 6.51% to 15.04.

At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 163.02 points or 0.44% at 37,221.97. The Nifty 50 index was down 53.15 points or 0.48% at 11,022.75.

The S&P BSE Small-Cap index up 0.42%. The S&P BSE Mid-Cap index was down 0.11%.

The market breadth was tilted towards buyers. On the BSE, 1226 shares rose and 959 shares fell. A total of 159 shares were unchanged.

On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 6.51% to 15.04. The Nifty September 2019 futures were trading at 11,053, a premium of 25.95 points compared with the spot at 11,027.05.

On the options front, the Nifty option chain for 26 September 2019 expiry showed maximum call open interest (OI) of 30.1 lakh contracts at the 11,200 strike price. Maximum put OI of 32.11 lakh contracts was seen at 11,000 strike price. The option chain indicated that Nifty will stay between 11,000 and 11,200 in September expiry.

TVS Motor Company was down 0.46% at Rs 388.45. The firm announced that it has launched a bebek (baby scooter), TVS NEO NX, in Mali Africa. The bebek, manufactured in Jakarta, boasts of a reliable fuel-efficient engine, strong suspension, disc brake, front and rear carriers. The bebek, which is engineered for Africa, boasts of stylish graphics and thoughtful features such as USB mobile port for long distance riding. TVS NEO NX is an 110cc motor bebek producing 8.5 BHP of power and 8.5 Nm of torque mated to a semi-automatic 4-speed gearbox.

Dr. Reddy's Laboratories announced the launch of OTC (over the counter) Lansoprazole Delayed-Release Capsules USP, 15 mg. Lansoprazole capsules are approved by the U.S. Food and Drug Administration (USFDA) and are brand equivalent of Prevacid 24HR Capsules. The company's OTC Lansoprazole Delayed-Release Capsules USP, 15 mg, are available in 14, 28 and 42 count sizes. The stock was trading 0.1% lower at Rs 2729.15.

J. Kumar Infraprojects announced that it has won an order to design and construct elevated viaducts and two elevated stations viz Gowniwada and Gaimukh from Mumbai Metro Rail Project of MMRDA. The order is worth Rs 342.13 crore. The stock was trading 1.1% lower at Rs 130.5.

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