Key barometers came continued trading with modest losses in early afternoon trade. The Nifty hovered around the 12,200 mark. At 12:27 IST, the S&P BSE Sensex, declined 116.61 points or 0.28% at 41,412.30. The Nifty 50 index was down 33.85 points or 0.28% at 12,190.70.
In the broader market, the S&P BSE Mid-Cap index was down 0.07% while the S&P BSE Small-Cap index inched 0.13% higher.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 959 shares rose and 1252 shares fell. A total of 169 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, spurted 2.38% to 15.7775. The Nifty January 2020 futures were trading at 12,218.25, a premium of 19.9 points compared with the spot at 12,198.35.
On the options front, the Nifty option chain for 30 January 2020 expiry showed maximum call open interest (OI) of 35.25 lakh contracts at the 12,500 strike price. Maximum call writing was witnessed at 12,300 strike price, which added 3.96 lakh contracts.
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Maximum put OI of 36.17 lakh contracts was seen at 12,000 strike price. Maximum put unwinding was seen at 12,300 strike price which shed 1.25 lakh contracts.
The option chain indicates that the Nifty will hover between 12,000 and 12,500 level in January.
Buzzing Index:
Shares of three telecom firms were in action after the Supreme Court on Tuesday agreed to hear the modification plea filed by telecom operators on giving them more time to pay off adjusted gross revenue (AGR) related dues.
Vodafone Idea (up 15.43%) and Bharti Infratel (up 6.92%) advanced. Telecom major Bharti Airtel slipped 0.19%.
The telecom operators had filed the modification plea in the Supreme Court on Monday (20 January), seeking more time to pay AGR dues to the government. The deadline to pay off AGR dues is 23 January.
The media reported that the development will allow telecom operators to negotiate a sustainable payment schedule for AGR dues. The Cellular Operators Association of India had earlier sought a 14-year period to pay off these dues.
The apex court last week dismissed pleas of these operators to review its earlier judgement that had asked telecom operators to pay more than Rs 1 lakh crore in AGR dues.
According to reports, Bharti Airtel has to pay Rs 35,586 crore to the government while Vodafone Idea owes Rs 50,000 crore
Stocks in Spotlight:
Balrampur Chini Mills fell 0.56% after the company informed about an explosion at its distillery unit in Balrampur, Uttar Pradesh. The accident damaged the pipelines/pumps/some electrical and mechanical installations of two incineration boilers. There has been no loss or injury to human life whatsoever. The company is in the process of ascertaining the loss and intimate the same to the insurance company.
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