The equity benchmarks hit fresh intraday low in early afternoon trade, mirroring negative global cues. At 12:22 IST, the barometer index, the S&P BSE Sensex, fell 307.73 points or 0.84% at 36,429.96. The Nifty 50 index lost 95.65 points or 0.88% at 10,717.80.
In the broader market, the S&P BSE Mid-Cap index shed 0.79% while the S&P BSE Small-Cap index declined 0.69%.
The market breadth was weak. On the BSE, 760 shares rose and 1680 shares fell. A total of 120 shares were unchanged.
COVID-19 Update:
India reported 2,76,682 active cases of COVID-19 infection and 21,604 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 12,268,630 with 554,928 deaths so far, according to data from Johns Hopkins University.
Derivatives:
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The NSE's India VIX, a gauge of market's expectation of volatility over the near term, was up 1.89% to 25.385. The Nifty July 2020 futures were trading at 10,710.80, at a discount of 7 points compared with the spot at 10,717.80.
On the weekly index options front, the Nifty option chain for 16 July 2020 expiry showed maximum Call Open Interest (OI) of 29.75 lakh contracts at the 10,800 strike price. Maximum Put OI of 21.27 lakh contracts was seen at 10,700 strike price.
On the monthly index options front, the Nifty option chain for 30 July 2020 expiry showed maximum Call OI of 27.05 lakh contracts at the 11,500 strike price. Maximum Put OI of 35.01 lakh contracts was seen at 10,000 strike price.
Buzzing Index:
The Nifty Pharma index rose 0.95% to 10,081.95, outperforming other sectoral indices on the NSE. The index has gained 2.1% in three sessions.
Among the index constituents, Sun Pharma (up 2.67%), Biocon (up 1.74%), Divi's Labs (up 1.10%), Aurobindo Pharma (up 0.67%), Dr. Reddy's Labs (up 0.47%), Torrent Pharma (up 0.41%), Cipla (up 0.23%) and Cadila Healthcare 0.10%) advanced while Alkem Laboratories (down 0.39%) and Lupin (down 0.31%) declined.
Stocks in Spotlight :
FirstSource Solutions jumped 6.81% to Rs 43.51. In Q1 June 2020, Rakesh Jhunjhunwala bought 57 lakh equity shares, or 0.82% stake, in the BPM services provider. Post purchase, Jhunjhunwala's shareholding in the company stood at 2.88% from 2.06% held earlier.
Natco Pharma was down 0.20% to Rs 676.15. The company's Canadian subsidiary has entered into a settlement agreement with Celgene (now part of Bristol-Myers Squibb) to manufacture Lenalidomide capsules in Canada.
Gujarat Ambuja Exports rose 3.46% to Rs 142 after the company said its board will consider 2-for-1 stock split on 25 July 2020.
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