Sensex down 422 pts, Nifty below 17,700; VIX spurts 5% to 18.58

The benchmark indices extended losses during early afternoon trade, dragged by IT scrips. Index heavyweight Tata Consultancy Services (TCS) (up 0.11%) will announce its Q4 results today. The Nifty hovered below 17,700 level.

At 12:30 IST, the barometer index, S&P BSE Sensex shed 422.99 points or 0.71% at 59,024.19. The Nifty 50 index fell 96.40 points or 0.54% at 17,687.95.

In the broader market, the S&P BSE Mid-Cap index added 0.42%. The S&P BSE Small-Cap index rose 0.54%.

The market breadth was strong. On the BSE, shares 2,122 rose and 1,328 shares fell. A total of 142 shares were unchanged.

Buzzing Index:

The Nifty Media index rose 0.61% to 2,427.10. The index added 1.27% in two trading sessions.

TV18 Broadcast (up 1.65%), Hathway Cable & Datacom (up 1.47%), Sun TV Network (up 1.23%), Dish TV India (up 0.84%) and Network18 Media & Investments (up 0.77%) were the top gainers in the Media segment.

Stocks in Spotlight:

Sandur Manganese & Iron Ores hit an upper circuit limit of 20% at Rs 4,522.80 after the company said its board has approved a rights issue of equity shares. The board of Sandur Manganese & Iron Ores has approved issuing upto 1,80,03,882 equity shares of face value Rs 10 each under the proposed rights issue. The entitlement ratio is set at 2:1 (two rights equity shares for each equity share held). Post rights issue, the company's outstanding equity shares will increase to 2,70,05,823 from 90,01,941 currently. The promoter and promoter group of the company will subscribe to all the unsubscribed shares in the issue, if any.

Time Technoplast advanced 3.20%. The company said that its board approved restructuring overseas business. The company's board on Saturday (9 April 2022) approved a proposal for restructuring overseas business to capture the growth in Asian Countries, Middle East and USA through joint venture/special purpose vehicle by onboarding strategic partner/investor partner by way of sale/transfer/disposal of part of assets/investments of subsidiaries/material subsidiaries/step down subsidiaries.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 5.07% to 18.5850. The Nifty 28 April 2022 futures were trading at 17,735, at a premium of 47.05 points as compared with the spot at 17,687.95.

The Nifty option chain for 28 April 2022 expiry showed maximum Call OI of 24 lakh contracts at the 18,000 strike price. Maximum Put OI of 29.5 lakh contracts was seen at 17,500 strike price.

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