The benchmark indices bounced back in early afternoon trade, supported by banks and financial services stocks. The Nifty re-claimed 17,300 mark.
However, the ongoing Russia-Ukraine conflict, rising crude oil prices and relentless selling by foreign portfolio investors (FPIs) continued to put pressure on domestic shares. In the commodities market, Brent crude for April 2022 settlement fell 35 cents at $93.19 a barrel.
At 12:30 IST, the barometer index, the S&P BSE Sensex, rose 133.28 points or 0.23% at 57,966.25. The Nifty 50 index gained 24.35 points or 0.14% at 17,300.65.
In the broader market, the S&P BSE Mid-Cap index fell 0.06% while the S&P BSE Small-Cap index slipped 1.01%.
The market breadth was weak. On the BSE, 904 shares rose and 2,449 shares fell. A total of 152 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.13% to 22.4175. The Nifty 24 February 2022 futures were trading at 17,311.95, at a premium of 11.30 points as compared with the spot at 17,300.65.
The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 82 lakh contracts at the 18,000 strike price. Maximum Put OI of 72.8 lakh contracts was seen at 17,000 strike price.
Buzzing Index:
The Nifty Media index fell 1.01% to 2,141.55. The index lost 3% in four sessions.
Saregama India (down 4.65%), Nazara Technologies (down 2.84%), TV18 Broadcast (down 2.65%), Dish TV India (down 0.92%) and Sun TV Network (down 0.42%) were the top losers in the Media segment.
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