Market breadth turns negative

The market pared gains in early afternoon trade. At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 103.03 points or 0.32% at 31,818.38. The Nifty 50 index was up 13.15 points or 0.14% at 9,306.65.

In the broader market, the S&P BSE Mid-Cap index added 0.15% while the S&P BSE Small-Cap index lost 0.05%. Both these indices trailed the Sensex.

The market breadth turned negative. On the BSE, 980 shares rose and 1132 shares fell. A total of 164 shares were unchanged. In Nifty 50 index, 23 stocks advanced while 27 stocks declined.

Total Covid-19 confirmed cases worldwide stood at 35,84,322 so far with 2,51,580 deaths. India reported 32,138 active cases of COVID-19 infection and 1,568 deaths, 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, fell 2.20% to 42.705. The Nifty April 2020 futures were trading at 9,318, a premium of 11.35 points compared with the spot at 9,863.85.

On the options front, the Nifty option chain for 28 May 2020 expiry showed maximum call open interest (OI) of 12.75 lakh contracts at the 10,000 strike price. Maximum put OI of 24.89 lakh contracts was seen at 9,000 strike price.

Buzzing Index:

The Nifty PSU Bank index fell 1.85% to 1,223.10, extending decline for second day. The index has fallen 7.76% in two sessions.

Bank of India (down 3.11%), State Bank of India (down 2.46%), Bank of Baroda (down 2.4%), Union Bank of India (down 1.92%), Andhra Bank (down 1.42%), Punjab & Sind Bank (down 1.35%), Canara Bank (down 1.04%), Punjab National Bank (down 0.66%) and Central Bank of India (down 0.33%) declined.

Stocks in Spotlight:

NTPC rose 2.79% to Rs 93.95. As per media reports, construction activities of the Telangana Super Thermal Power Project in Telangana resumed on Monday after the Peddapalli District Administration, following the guidelines issued by the Centre, gave permission to NTPC to restart the construction work.

Shares of liquor makers fell after Delhi Government has reportedly imposed a 'Special Corona Fees' of 70% tax on maximum retail price (MRP) of the liquor. As per reports, Haryana is mulling the imposition of "Coronavirus Levy" on liquor amid declining state revenues.

Radico Khaitan (down 4.90%), United Breweries (down 4.49%) and United Spirits (down 3.77%) declined. Meanwhile, G.M.Breweries was up 0.64%.

Automotive Axles gained 1.2% to Rs 494. The company said that it has resumed offices and manufacturing locations at Rudrapur (Uttarakhand) from 23 April 2020 and at Mysore (Karnataka) from 4 May 2020 with all precautionary measures including the safe distancing and criteria's as per the government norms.

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