Indices trade with deep cuts; PSU banks slide; VIX jumps nearly 6%

The key equity indices traded with major losses in early afternoon trade as investors considered the likely consequences of Donald Trump's second term, focusing on US-China trade tensions, US Fed rate cuts, and global economic growth. The Nifty slipped below the 23,200 level after hitting the days high of 23,426.30 in early trade. PSU bank shares declined after advancing in the past trading session.Trading was volatile due to the weekly F&O series expiry of the Sensex today.

At 12:28 IST, the barometer index, the S&P BSE Sensex, dropped 821.72 points or 1.07% to 76,251.72. The Nifty 50 index lost 193.05 points or 0.83% to 23,151.70.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.45% and the S&P BSE Small-Cap index declined 1.33%.

The market breadth was weak. On the BSE, 1,338 shares rose and 2,448 shares fell. A total of 163 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 5.87% to 17.38. The Nifty 30 January 2025 futures were trading at 23,334.75, at a premium of 183.05 points as compared with the spot at 23,151.70.

The Nifty option chain for the 30 January 2025 expiry showed a maximum call OI of 83.8 lakh contracts at the 24,000 strike price. Maximum put OI of 99.6 lakh contracts was seen at 22,000 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 1.07% to 6,350.50. The index rose 0.91% in the past trading session.

Punjab & Sind Bank (down 1.75%), Indian Overseas Bank (down 1.45%), State Bank of India (down 1.09%), Bank of Maharashtra (down 1.07%), UCO Bank (down 1.05%), Indian Bank (down 0.92%), Central Bank of India (down 0.81%), Canara Bank (down 0.57%), Union Bank of India (down 0.56%) and Bank of India (down 0.54%) declined.

Stocks in Spotlight:

Venues remedies rallied 5.33% after the company successfully renewed its European good manufacturing practices (GMP) certification by Infarm, the national health authority of medicines and health products in Portugal.

International Travel House (ITHL) tanked 8.22% after the companys standalone net profit tumbled 27.49% to Rs 5.38 crore in Q3 FY25 as against Rs 7.42 crore posted in Q3 FY24. Revenue from operations slipped 4.36% year on year (YoY) to Rs 58.27 crore in the quarter ended 31 December 2024.

Sunteck Realty surged 3.12% after the company reported consolidated net profit of Rs 42.52 crore in Q3 FY25 as against net loss of Rs 9.73 crore in Q3 FY24. Revenue from operations stood at Rs 161.76 crore in the December 2024 quarter, registering a growth of 281.06% YoY.

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