The domestic equity benchmarks declined further and hit a fresh intraday low in early afternoon trade. The Nifty traded below the 17,750 mark after hitting the day's high of 17,880.70 in early trade. All the sectoral indices on the NSE were in the red with PSU bank, media and IT stocks falling the most.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 395.09 points or 0.65% to 60,287.61. The Nifty 50 index lost 122.60 points or 0.69% to 17,733.90.
In the broader market, the S&P BSE Mid-Cap index fell 1.09% while the S&P BSE Small-Cap index declined 0.94%
The market breadth was weak. On the BSE, 1,266 shares rose and 2,199 shares fell. A 176 total of shares were unchanged.
Investors awaited the release of India's retail inflation data, which will be announced later today.
Meanwhile, Fed Fear weighed on investor sentiment as the market focus shifted to the US CPI Report and US Retail sales figures that could force the Fed into more aggressive policy moves, thereby raising the possibility of interest rates rising above 5%.
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Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 9.25% to 13.93. The Nifty 23 February 2023 futures were trading at 17,765.90, at a premium of 32 points as compared with the spot at 17,733.90.
The Nifty option chain for the 23 February 2023 expiry showed maximum Call OI of 42.1 lakh contracts at the 18,000 strike price. Maximum Put OI of 40 lakh contracts were seen at 17,500 strike price.
Buzzing Index:
The Nifty Media index fell 2.05% to 1,843.75. The index rose 1.56% in the past three trading sessions.
Dish TV India (down 6.84%), TV18 Broadcast (down 3.08%), Zee Entertainment Enterprises (down 2.83%), Sun TV Network (down 2.18%), Network 18 Media & Investments (down 1.15%), Navneet Education (down 0.86%), Hathway Cable & Datacom (down 0.63%), Inox Leisure (down 0.42%), Nazara Technologies (down 0.31%) slipped.
Earnings Impact:
Delhivery declined 1.65% after logistics solution provider's consolidated net loss widened to Rs 195.65 crore in Q3 FY23 as against a net loss of Rs 126.52 crore recorded in Q3 FY22. Revenue from contracts with customers fell by 8.6% YoY to Rs 1,823.84 crore during the quarter ended 31 December 2022.
Metropolis Healthcare gained 1.84%. The diagnostic company's consolidated net profit declined 12.8% to Rs 35.80 crore on 2.6% decrease in revenue from operations to Rs 285.46 crore in Q3 FY23 over Q3 FY22.
Archean Chemical Industries jumped 5.13% after the specialty chemical maker's standalone net profit zoomed 100.5% to Rs 98.28 crore in Q3 FY23 as compared to Rs 49.02 crore reported in Q3 FY22. Revenue from operations stood at Rs 364.92 crore in Q3 FY23, up 18.7% from Rs 307.32 crore posted in the corresponding quarter previous year.
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