Market at day's low, Nifty below 18,550 mark

The domestic equity barometers traded with deep cuts and hit a fresh intraday low in the early afternoon trade. The Nifty traded below the 18,550 mark. Oil & gas and realty shares advanced while IT, media and consumer durables shares witnessed a bit of a selling pressure. Trading was volatile due to expiry of weekly index options on the NSE.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 493.88 points or 0.79% to 62,184.03 . The Nifty 50 index lost 137.65 points or 0.74% to 18,522.65.

In the broader market, the S&P BSE Mid-Cap index slipped 0.42% while the S&P BSE Small-Cap index gained 0.05%.

The market breadth was negative. On the BSE, 1,650 shares rose and 1,761 shares fell. A total of 159 shares were unchanged.

Investor sentiments were dented after the US Federal Reserve raised its benchmark interest rates by 50 basis points to the highest level in 15 years, continuing its fight against inflation. The Fed said it expected rates would be higher over the coming few years than it had previously anticipated.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.72% to 13.11. The Nifty 29 December 2022 futures were trading at 18,622.90, at a premium of 100.25 points as compared with the spot at 18,522.65.

The Nifty option chain for the 29 December 2022 expiry showed maximum Call OI of 39 lakh contracts at the 19,000 strike price. Maximum Put OI of 38.5 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Media index fell 0.91% to 2,145.15. The index added 1.05% in the past trading session.

PVR (down 2.44%), Network 18 Media & Investments (down 2.12%), Inox Leisure (down 1.97%), Hathway Cable & Datacom (down 1.83%), Dish TV India (down 1.57%), TV18 Broadcast (down 1.43%), Saregama India (down 1.08%), Zee Entertainment Enterprises (down 0.17%) edged lower.

Stocks in Spotlight:

Indian Railway Catering and Tourism Corporation (IRCTC) dropped 5.53% after the offer for sale (OFS) opened for non-retail investors today, 15 December 2022. Through the OFS, the Government of India proposes to sell up to 2 crore equity shares (representing 2.5% stake), with an option to sell an additional 2.5% stake or 2 crore equity shares in case of oversubscription. The floor price for the sale has been set at Rs 680, a 7.45% discount to the stock's closing price of Rs 734.70 on Wednesday.

Ramkrishna Forgings rose 0.99% after the company's board approved acquiring upto 51% voting rights of TSUYO Manufacturing (TSUYO), a start-up company engaged in powertrain solutions for electric vehicles. The company plans to invest around Rs 100 crore over the next 5 (five) years, which is expected to generate a turnover of around Rs 500 crore by the end of the fifth year.

JB Chemicals & Pharmaceuticals added 1.41% after the company said that it has entered into an agreement with Glenmark Pharmaceuticals to acquire the cardiac brand, Razel (Rousvastatin) franchise for the India and Nepal region for a cash consideration of Rs 313.7 crore. The pharma company said that the acquisition will be funded through long term debt and internal accruals (primarily debt). The transaction is expected to be closed by the end of this calendar year, subject to customary closing formalities.

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