Nifty above 18,000 level; India NSE VIX jumps 5%

The headline equity indices further pared losses in the early afternoon trade. The Nifty marched above the 18,000 mark after hitting the day's low of 17,771.15 in the early trade. Realty shares declined for the second day. Domestic sentiment was dented amid negative global cues. The market selloff came amidst hotter than expected inflation report solidifying the chances of aggressive rate hikes from the US Federal Reserve.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 187.62 points or 0.31% to 60,383.46. The Nifty 50 index declined 47.05 points or 0.26% to 18,023.

In the broader market, the S&P BSE Mid-Cap index fell 0.03% while the S&P BSE Small-Cap index added 0.13%.

The market breadth was negative. On the BSE, 1,666 shares rose and 1,677 shares fell. A total of 152 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5% to 18.3450. The Nifty 29 September 2022 futures were trading at 18,045, at a premium of 22 points as compared with the spot at 18,023.

The Nifty option chain for the 29 September 2022 expiry showed maximum Call OI of 72.5 lakh contracts at the 18,000 strike price. Maximum Put OI of 93.7 lakh contracts were seen at 17,900 strike price.

Buzzing Index:

The Nifty Realty index fell 1.25% to 473.55, extending its falling streak to the second day. The index declined 1.43% in two trading sessions.

Among the components of the Nifty Realty index, Godrej Properties (down 2.62%), Macrotech Developers (down 2.51%), Indiabulls Real Estate (down 1.65%), DLF (down 1.52%), Prestige Estates Projects (down 0.72%), Sobha (down 0.59%), Brigade Enterprises (down 0.54%) and Phoenix Mills (down 0.51%) were the losers.

On the other hand, Oberoi Realty (up 1.29%) ,Sunteck Realty (up 0.01%) advanced.

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