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Selling pressure intensifies; telecom shares decline

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Key barometers continued their descend in early afternoon trade. Heavy selling across all segments dragged the Nifty near 10,900 mark. NSE India VIX rose over 3%.

At 12:22 IST, the barometer index, the S&P BSE Sensex, was down 323.56 points or 0.87% at 36,799.75. The Nifty 50 index was down 91.85 points or 0.83% at 10,911.65.

The S&P BSE Mid-Cap index was down 0.54%. The S&P BSE Small-Cap index was down 0.42%.

The market breadth was negative. On the BSE, 948 shares rose and 1227 shares fell. A total of 136 shares were unchanged.

On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.72% to 15.51. The Nifty September 2019 futures were trading at 10,928, a premium of 9.45 points compared with the spot at 10,918.55.

On the options front, the Nifty option chain for 26 September 2019 expiry showed maximum call open interest (OI) of 32.82 lakh contracts at the 11,200 strike price. Maximum put OI of 33.72 lakh contracts was seen at 10,800 strike price. The option chain indicated that Nifty will stay between 10,800 and 11,200 in September expiry.

TRF fell 4.06% to Rs 105.2 after Canyon Point Investment Holdings terminated a share purchase agreement. On 17 May 2019, the company had informed the sale/divestment of the entire shareholding in step down subsidiary Dutch Lanka Trailer Manufacturers (DLT), including its subsidiary Dutch Lanka Engineering and 50% stake in Tata International DLT (TIDLT), a joint venture company between DLT and Tata International to Canyon Point Investment Holdings (Canyon) vide share purchase agreement (SPA) dated 17 May 2019. The firm said that Canyon has vide its letter dated 16 September 2019, expressed its inability to complete the transactions as per SPA dated 17 May 2019 citing occurrence of material adverse changes and has terminated the said SPA with immediate effect. TRF further added that it has noted and is evaluating Canyon's letter. The company reserves all its rights and remedies under the SPA/contract, law and equity against Canyon, including its right to respond and deal with Canyon's letter.

IndiaMART InterMESH was up 1.87% to Rs 1683.1. The stock hit an intraday high of Rs 1725 which is also a 52-week high for the counter. Shares of IndiaMART have advanced 46.2% in just one month.

Telecom firm Vodafone Idea was down 3.05%

Telecom major Bharti Airtel was down 2.34% after a media report indicated that talks to sell stake in merged tower company has begun. The telecom operator has begun talks to sell stake in merged company of Bharti Infratel and Indus Towers. ATC and Brookfield are interested parties to acquire the stake in the merged entity, reports suggested.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 17 2019. 12:25 IST