Key indices reversed early gains and hit fresh intraday low in early afternoon trade. The Nifty regained the crucial 11,900-mark after briefly slipping below that level. Pharma and IT stocks witnessed major selling. At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 101.83 points or 0.25% at 40,200.13. The Nifty 50 index was down 37.7 points or 0.32% at 11,903.60.
The broader market underperformed the benchmark index. The S&P BSE Mid-Cap index was down 0.72%. The S&P BSE Small-Cap index was down 0.58%.
The market breadth turned negative from positive. On the BSE, 960 shares rose and 1254 shares fell. A total of 136 shares were unchanged. In Nifty 50 index, 19 stocks advanced and 31 stocks declined.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.75% to 16.205. The Nifty November 2019 futures were trading at 11,931.00, a premium of 34.1 points compared with the spot at 11,896.90. The November 2019 F&O contracts expire on 28 November 2019.
On the options front, the Nifty option chain for 28 November 2019 expiry showed maximum call open interest (OI) of 19.10 lakh contracts at the 12,000 strike price. Maximum put OI of 19.09 lakh contracts was seen at 11,600 strike price. The option chain indicates that Nifty will stay between 11,600 and 12,000 in November expiry.
The Nifty Pharma index was down 1.04% at 7,883.80, snapping its three day winning streak.
Divi's Laboratories (down 2.88%), Sun Pharmaceuticals (down 2.3%), GlaxoSmithKline Pharmaceuticals (down 1.93%), Piramal Enterprises (down 1.22%), Wockhardt (down 0.87%), Lupin (down 0.8%) and Aurobindo Pharma (down 0.76%) edged lower.
Cadila Healthcare reported that it has received the final approval from the USFDA to market Cisatracurium Besylate Injection USP 10 mg and 200 mg (base)/20 mL (10 mg/mL) single-dose. The medication is used to relax the muscles and it's given before general anaesthesia in preparing for surgery. It works by blocking the signals between one's nerves and one's muscles. Shares of Cadila Healthcare were trading 0.31% higher at Rs 242.20.
Stocks in spotlight:
Mahindra Holidays & Resorts jumped 4.03%. The firm reported a decent Q2 numbers after market hours yesterday, 4 November 2019. On consolidated basis, the company reported a net profit of Rs 23.9 crore in Q2 September 2019 as against a net loss of Rs 1.63 crore in Q2 September 2018. The company's EBITDA jumped 57.1% to Rs 56.19 crore on YoY basis. Net sales rose 7.7% to Rs 555.67 crore in Q2 2019 as against Q2 2018.
Persistent Systems rose 1.03% to Rs 604.25 after consolidated net profit rose 4.36% to Rs 86.07 crore on 6.30% increase in net sales to Rs 884.60 crore in Q2 September 2019 over Q1 June 2019. Consolidated EBITDA grew 1.2% to Rs 121.64 crore in Q2 September 2019 as against Q1 June 2019. The result was announced after market hours yesterday, 4 November 2019. However, consolidated net profit fell 2.3% to Rs 86.07 crore on 5.9% rise in net sales to Rs 884.60 crore in Q2 September 2019 over Q2 September 2018.
Tata Steel rose 1.38% to Rs 414.80 after the company said that its step-down subsidiary NatSteel Holdings Pte has sold its entire stake in NatSteel Vina Company. Tata Steel on Monday said its subsidiary NatSteel Holdings (NSH) has agreed to sell its entire 56.5% stake in NatSteel Vina (NSV) for about Rs 36 crore to a Vietnam-based Thai Hung Trading Joint Stock Company.
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