Nifty slips below 17,800; breadth positive

Equity indices further pared gains in early afternoon trade. The Nifty slipped below the crucial 17,800 mark. Auto and realty shares declined while banks and IT stocks advanced.

At 12:30 IST, the barometer index, the S&P BSE Sensex, rose 111.37 points or 0.19% at 59,713.22. The Nifty 50 index added 52.2 points or 0.29% at 17,798.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.29%.

The market breadth was strong. On the BSE, 2,091 shares rose and 1,217 shares fell. A total of 86 shares were unchanged.

COVID-19 Update:

In the last 24 hours, India records 1,17,100 new cases taking the country's active caseload to 3,71,363. The daily positivity rate stood at 7.74%). Meanwhile, omicron tally in the country stood at 3,007.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.08% to 17.7825. The Nifty 27 January 2022 futures were trading at 17,829 at a premium of 29 points as compared with the spot at 17,800.

The Nifty option chain for 27 January 2022 expiry showed maximum Call OI of 20.5 lakh contracts at the 18,000 strike price. Maximum Put OI of 34.7 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty IT index rose 0.52% to 38,204, snapping its two day falling streak. The IT index declined 3.4% in two days.

Wipro (up 1.15%), Tech Mahindra (up 1.14%), Larsen & Toubro Infotech (up 0.92%), TCS (up 0.85%) and LTTS (up 0.78%) were top gainers in IT space.

Stocks in Spotlight:

G.M. Breweries slumped 10.32% to Rs 761.15 after the company recorded 6.3% fall in net profit to Rs 19.79 crore in Q3 FY22 from Rs 21.11 crore in Q3 FY21. Net income from operations rose 16.9% YoY to Rs 130.88 crore during the quarter. Cost of materials consumed increased by 33.8% YoY to Rs 95.35 crore in Q3 FY22.

Easy Trip Planners jumped 4% to Rs 558 after the board of directors of the company, on 12 January 2022, decided to consider the proposal for issue of bonus shares.

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