The benchmark indices tumbled during early afternoon trade, as banks stocks dragged. The Nifty slipped below the 17,250 level.
At 12:30 IST, the barometer index, the S&P BSE Sensex, fell 269.07 points or 0.47% at 57,594.86. The Nifty 50 index shed 67 points or 0.39% at 17,220.05.
In the broader market, the S&P BSE Mid-Cap index lost 0.02% while the S&P BSE Small-Cap index gained 0.74%.
The market breadth was positive. On the BSE, 1,706 shares rose and 1,689 shares fell. A total of 142 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 6.31% to 24.0375. The Nifty 31 March 2022 futures were trading at 17,251, at a premium of 30.95 points as compared with the spot at 17,220.05.
The Nifty option chain for 31 March 2022 expiry showed maximum Call OI of 28 lakh contracts at the 18,000 strike price. Maximum Put OI of 46.9 lakh contracts was seen at 16,000 strike price.
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Buzzing Index:
The Nifty Media index rose 1.05% to 2,194.60. The index added 2.86% in three sessions.
Inox Leisure (up 5.26%), PVR (up 2.74%), TV18 Broadcast (up 2.05%), Network18 Media & Investments (up 1.33%) and Hathway Cable & Datacom (up 0.79%) were the gainers in the Media segment.
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