The domestics equity barometers traded with modest losses in the early afternoon trade. Domestic sentiment was dented amid negative global cues. The Nifty traded below the 17,150 mark after hitting the day's high of 17,261.80 in the early trade. All the sectoral indices on the NSE were in the red with realty, pharma and IT stocks falling the most.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 343.75 points or 0.59% to 57,647.36. The Nifty 50 index lost 111.80 points or 0.65% to 17,129.20.
In the broader market, the S&P BSE Mid-Cap index slipped 0.60% while the S&P BSE Small-Cap index declined 0.39%.
The market breadth was negative. On the BSE, 1,496 shares rose and 1,768 shares fell. A total of 171 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.12% to 19.84. The Nifty 27 October 2022 futures were trading at 17,133, at a premium of 3.8 points as compared with the spot at 17,129.20.
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The Nifty option chain for the 27 October 2022 expiry showed maximum Call OI of 35.8 lakh contracts at the 18,000 strike price. Maximum Put OI of 41.5 lakh contracts were seen at 17,000 strike price.
Buzzing Index:
The Nifty Realty index declined 1.32% to 428.50.The index slipped 2.29% in two trading sessions.
Brigade Enterprises (down 2.62%), Oberoi Realty (down 2.29%), Sobha (down 1.97%), Godrej Properties (down 1.55%), Sunteck Realty (down 1.46%), Prestige Estates Projects (down 1.39%), DLF (down 1.37%), Indiabulls Real Estate (down 0.66%), Phoenix Mills (down 0.61%) tumbled.
Sobha fell 1.97%. The company's total sales volume declined 0.89% to 1.34 million square feet in Q2 FY23 as compared with 1.35 million square feet recorded in the same period last year. As compared with Q1 FY23, the company's sales volume fell by 1.61%. The realtor said that it has achieved highest ever total sales value of Rs 1,164.2 crore in Q2 FY23, up 13.01% YoY and up 1.63% QoQ. The company further said that it has also recorded highest ever share of sales value, rising 12.5% to Rs 961 crore in Q2 FY23 from Rs 854.2 crore in Q2 FY22. It is higher by 0.98% as compared with 951.7 crore reported in Q1 FY23.
IPO Update:
The initial public offer (IPO) of Tracxn Technologies received bids for 77.34 lakh shares as against 2.12 crore shares on offer, according to stock exchange data 12:21 IST on Tuesday (11 October 2022). The issue was subscribed 36%.
The issue opened for bidding on Monday (10 October 2022) and it will close on Wednesday (12 October 2022). The price band of the IPO is fixed at Rs 75-80 per share. An investor can bid for a minimum of 185 equity shares and in multiples thereof.
Stocks in Spotlight:
Larsen & Toubro (L&T) shed 0.05%. The EPC major on Tuesday said that the water & effluent treatment business of L&T Construction has secured repeat orders from the Water Resources Department, Government of Odisha to execute Cluster XIX & Cluster XX Mega Lift Irrigation projects. As per L&T's classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore.
India Cements slipped 5.56%. The Tamil Nadu-based cement maker said that it has entered into a share purchase agreement with JSW Cement and divested the entire shareholdings held by it in Springway Mining for a total consideration of Rs 476.87 crore. The company has received an amount of Rs 373.87 crore for the said stake sale. The balance amount of Rs 103 crore will be released by the buyer upon completion of certain conditions of the share purchase agreement.
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