Key equity benchmarks sharply pared gains in early afternoon trade. The market started the day on a strong note before profit selling emerged in mid-morning trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 99.14 points or 0.25% at 39,145.48. The Nifty 50 index was up 13.10 points or 0.11% at 11,704.60.
The S&P BSE Mid-Cap index was down 0.34%. The S&P BSE Small-Cap index was down 0.90%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 673 shares rose and 1596 shares fell. A total of 110 shares were unchanged.
Auto stocks witnessed selling pressure. Hero MotoCorp (down 1.48%), Escorts (down 0.88%), Ashok Leyland (down 0.66%), Bajaj Auto (down 0.57%) and TVS Motor Company (down 0.43%), edged lower. While, Eicher Motors (up 1.18%) and Maruti Suzuki India (up 0.52%), edged higher.
Mahindra & Mahindra was down 1.23% to Rs 618.85. The company announced that effective from 1 July 2019, the prices of its passenger vehicles will increase by up to Rs 36,000 across models. This price increase is due to the implementation of AIS 145 Safety Norms across all passenger vehicles in India. The implementation of AIS 145 Safety Norms mandates the fitment of several safety features including driver airbag, seat belt reminder for driver and co-driver, rear parking sensors and an over speed alert for the driver across all passenger vehicle models. The announcement was made today during the market hours.
Pharma stocks declined. Wockhardt (down 4.26%), Sun Pharmaceutical Industries (down 2.18%), Piramal Enterprises (down 2.16%), Glenmark Pharmaceuticals (down 2.01%), Aurobindo Pharma (down 1.59%), Dr. Reddy Laboratories (down 0.68%), Alkem Laboratories (down 0.68%), Lupin (down 0.53%) and Cipla (down 0.35%), declined. While, Cadila Healthcare (up 0.41%) and Divi's Laboratories (up 0.30%), edged higher.
IRB Infrastructure Developers dropped 11% to Rs 93. Media reports suggested that National Highways Authority of India (NHAI) was planning to find a new operator for the Mumbai-Pune Expressway after the company's agreement ends in August. The stock hit a 52-week low of Rs 89.60 today.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.04% at 14.7525.
On the options front, Nifty option chain for 27 June 2019 expiry showed maximum call open interest (OI) of 25.34 lakh contracts at the 12000 strike price. Maximum put OI of 26.19 lakh contracts was seen at 11500 strike price.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)