Market at day's low; realty shares under pressure; VIX climbs 5.64%

The frontline indices traded with extended losses in the early afternoon trade. The Nifty traded below the 22,100 level. Reality shares extended losses for the five consecutive trading sessions.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 705.95 points or 0.96% to 72,962.01. The Nifty 50 index declined 273.90 points or 1.23% to 22,061.80.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index slipped 3.48% and the S&P BSE Small-Cap index fell 4.28%.

Sellers outnumbered buyers. On the BSE, 360 shares rose and 3,434 shares fell. A total of 73 shares were unchanged.

Economy:

India's consumer price inflation softened marginally in February, data from the Ministry of Statistics and Programme Implementation showed Tuesday. The consumer price index posted an annual growth of 5.09% in February.

This was slightly slower than January's 5.1% increase and economists' forecast of 5.02% rise. In the same period last year, inflation was 6.44%.

Meanwhile, India's industrial production growth moderated in January after accelerating in the previous month, data from the Ministry of Statistics and Programme Implementation revealed on Tuesday.

Industrial output expanded 3.8% year-over-year in January, slower than the 4.2% in December.

Among the major three sectors, mining output grew the most, up by 5.9%. This was followed by a 5.6% rise in manufacturing output and a 3.2% increase in electricity production.

During April to January, industrial production grew 5.9% from the same period last year, data showed.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.64% to 14.41. The Nifty 28 March 2024 futures were trading at 22,167.35, at a premium of 105.55 points as compared with the spot at 22,061.80.

The Nifty option chain for the 28 March 2024 expiry showed maximum Call OI of 34.2 lakh contracts at the 23,000 strike price. Maximum Put OI of 45 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Reality index slipped 4.93% to 829.85. The index tumbled 10.80% in the five trading sessions.

Macrotech Developers (down 9.32%), Phoenix Mills (down 7.48%), Sobha (down 6.8%), Swan Energy (down 4.89%), Prestige Estates Projects (down 4.09%), Godrej Properties (down 2.68%), DLF (down 2.62%), Mahindra Lifespace Developers (down 1.68%), Oberoi Realty (down 1.6%) and Brigade Enterprises (down 0.49%) edged lower.

Stocks in Spotlight:

Lumax Industries shed 0.50%. The company said that its board has approved a proposal to set up new manufacturing facility at Sanand (Plant-3), Gujarat, and also the expansion of Chakan Plant (Phase-II) at Pune, Maharashtra.

Shakti Pumps (India) slipped 4.95%. The company announced that it has received work order worth Rs 73.32 crore from Haryana Renewable Energy Department (HAREDA) for supply of 2,130 pumps under KUSUM 3 scheme.

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