Shares trim losses; breadth remains weak

The benchmark indices further trimmed losses in early afternoon trade. Metals and IT scrips were under pressure. The Nifty hovered above the 17,650 mark.

At 12:30 IST, the barometer index, the S&P BSE Sensex, dropped 307.43 points or 0.52% at 59,157.19. The Nifty 50 index skid 99.25 points or 0.56% at 17,657.75.

In the broader market, the S&P BSE Mid-Cap index lost 0.93% while the S&P BSE Small-Cap index fell 0.55%.

The market breadth was weak. On the BSE, 1,261 shares rose and 2,004 shares fell. A total of 106 shares were unchanged.

COVID-19 Update:

In last 24 hours, India registered 3,47,254 new COVID-19 infections in a day, according to the Union Health Ministry data on Friday. The country reported 703 new deaths taking the death toll to 4,88,396. The country recorded 2,51,777 recoveries, taking the total number of recoveries to 3,60,58,806. The active cases comprise 5.23% of the total infections, while the national COVID-19 recovery rate has decreased to 93.50%, the ministry said.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 5.48% to 18.7650. The Nifty 27 January 2022 futures were trading at 17,669.70, at a premium of 11.95 points as compared with the spot at 17,657.75.

The Nifty option chain for 27 January 2022 expiry showed maximum Call OI of 98.3 lakh contracts at the 18,000 strike price. Maximum Put OI of 55.3 lakh contracts was seen at 17,500 strike price.

Buzzing Index:

The Nifty Metal index fell 1.56% to 5,740.05. The index added 1.32% in the past two sessions.

Coal India (down 3.42%), Jindal Steel & Power (JSPL) (down 3.01%), Tata Steel (down 2.74%), JSW Steel (down 1.89%) and NMDC (down 1.71%) were the top losers in the Metal segment.

IPO Updates:

The initial public offer (IPO) of AGS Transact Technologies received bids for over 4.86 crore shares as against 2.86 crore shares on offer, according to stock exchange data at 12:24 IST on Friday, (21 January 2022). The issue was subscribed 1.70 times.

The issue opened for bidding on 19 January 2022 and it will close on 21 January 2022. The price band of the IPO is fixed at Rs 166-175. An investor can bid for a minimum of 85 equity shares and in multiples thereof. The IPO comprises an offer for sale aggregating up to Rs 680 crore.

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