Key benchmark indices registered fresh intraday low in early afternoon trade. Frontline stocks witnessed profit selling after recent rally, which propelled key barometers to record high levels. Metal and auto ancillary shares bucked trend.
At 12:21 IST, the barometer index, the S&P BSE Sensex, was down 108.15 points or 0.26% at 41,353.11. The Nifty 50 index was down 28.65 points or 0.23% at 12,185.90.
Shares in the broader market were in demand. The S&P BSE Mid-Cap index was up 0.13% while the S&P BSE Small-Cap index rose 0.51%.
The market breadth remained positive. On the BSE, 1251 shares rose and 897 shares fell. A total of 152 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.
Derivatives:
The December F&O contracts expire today, 26 December 2019. The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 1.93% to 11.40. The Nifty December 2019 futures were trading at 12,203, a premium of 14.40 points compared with the spot at 12,188.60.
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On the options front, the Nifty option chain for 26 December 2019 expiry showed maximum call open interest (OI) of 58.01 lakh contracts at the 12,300 strike price. Massive call writing was witnessed at 12,200 strike price, which added 36.22 lakh contracts.
Maximum put OI of 48.96 lakh contracts was seen at 12,200 strike price. Significant put writing was seen at the 12,200 strike price, which added 20.63 lakh contracts. Maximum Put unwinding was witnessed at 11,800 strike price, which shed 2.84 lakh contracts.
Buzzing Index:
The Nifty Metal index was up 1.09% at 2,752.75, extending its winning run to second day.
Hindustan Copper (up 3.79%), Steel Authority of India (up 3.41%), Vedanta (up 2.84%), Jindal Steel & Power (up 2.78%), National Aluminium Company (up 1.99%), JSW Steel (up 1.91%), NMDC (up 1.56%), Tata Steel (up 1.53%), Hindustan Zinc (up 1.11%) and Hindalco Industries (up 0.39%) rose.
Stocks in Spotlight:
Piramal Enterprises fell 0.65%. Piramal Enterprises said meeting of board of directors will be held on 28 December, 2019, to consider and approve the issue of secured nonconvertible debentures on private placement basis amounting up to Rs 2,750 crore. It also informed that its right issue will open on 7 January 2020 and closes on 21 January 2020.
Bharti Infratel fell 0.69%. Bharti Infratel said the Government approvals for amalgamation between Indus Towers and Bharti Infratel have not been received, and consequently, conditions precedent could not be completed within the extended timeline i.e. 24 December 2019. The board of directors have extended the long stop date till 24 February 2020. Completion of merger is contingent upon receipt of requisite regulatory approvals.
Yes Bank declined 1.17% after Brickwork Ratings downgraded the ratings of its Lower Tier II Bonds, from BWR AA- to BWR A, and of Upper Tier II Bonds, Hybrid Tier I Bonds and Innovative Perpetual Debt Instruments from BWR A+ to BWR A-. The outlook will continue as negative considering the risk of continuing weakness in asset quality and to monitor the capital raising plans of the bank to provide cushion to absorb any increase in risk weighted assets and assist credit growth.
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