Market breadth turns negative

Key benchmark indices were trading in a narrow range near the day's low in early afternoon trade. The Nifty hovered around 12,250 level. At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 66.29 points or 0.16% at 41,576.37. The Nifty 50 index was down 13.55 points or 0.11% at 12,249.20

The broader market traded flat. The S&P BSE Mid-Cap index was up 0.05% and the S&P BSE Small-Cap index was up 0.04%.

The market breadth turned negative. On the BSE, 1020 shares rose and 1101 shares fell. A total of 155 shares were unchanged. In Nifty 50 index, 29 stocks advanced while 21 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 3.24% to 11.57. The Nifty December 2019 futures were trading at 12,265.35, a premium of 16.9 points compared with the spot at 12,248.45.

On the options front, the Nifty option chain for 26 December 2019 expiry showed maximum call open interest (OI) of 40.03 lakh contracts at the 12,300 strike price. Significant call writing was witnessed at 12,300 strike price, which added 11.14 lakh contracts. Call unwinding was observed at 12,000 strike price which shed 1.22 lakh contracts.

Maximum put OI of 41.29 lakh contracts was seen at 12,200 strike price. Significant put writing was seen at the 12,250 strike price, which added 12.99 lakh contracts. Maximum Put unwinding was witnessed at 11,800 strike price, which shed 3.18 lakh contracts.

The option chain indicates that Nifty will stay between 12,200 and 12,300 in December expiry. The December contracts expire on Thursday, 26 December 2019.

Stocks in Spotlight:

Chalet Hotels rose 0.59%. The hotel chain signed a franchise agreement with Hyatt India Consultancy (Hyatt) and its affiliates for Hyatt Regency Navi Mumbai Airoli. The company's upcoming around 260 keys hotel at Airoli, Navi Mumbai will be the first Hyatt Regency branded hotel for Chalet.

Avantel surged 3.36% after the company announced that it has received an order of Rs 34.18 crore from Satish Dhawan Space Centre SHAR, ISRO for supply of Subsystems of Wind Profiler Radar. The company also won an order from Ministry of Defence, Government of India for supplying satellite communication equipment. The order is worth Rs 8.8 crore.

Dishman Carbogen Amcis was locked in 20% lower circuit at Rs 72.10, as the scrip extended losses for sixth straight session. The scrip hit a 52-week low of Rs 72.10 during intraday trade today. The Income Tax Department conducted a day-long 'search and survey operation' at the properties of the company. In an exchange filing made after market hours on 20 December 2019, the company had informed that the officials of Income-Tax Department visited the company's head offices and manufacturing sites in connection with search under Section 142 of the Income-Tax Act on 19 December 2019 and search enquiry is continuing. The company said it is extending all co-operations in this regard.

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