The headline equity indices declined further and hit the day's low in early afternoon trade. The Nifty slipped below the 17,900 level after hitting the day's high of 18,049.65 in early trade. PSU bank and IT stocks were in demand while metal, media and auto shares witnessed a bit of a selling pressure.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 136.16 points or 0.23% to 60,125.02. The Nifty 50 index shed 58.15 points or 0.32% to 17,898.45.
In the broader market, the S&P BSE Mid-Cap index fell 0.21% while the S&P BSE Small-Cap index rose 0.04%.
The market breadth was negative. On the BSE, 1,698 shares rose, and 1,782 shares fell. A total of 188 shares were unchanged.
Economy:
India's annual wholesale price index (WPI) inflation for the month of December 2022 eased to 4.95%, at a 22-month low, mainly due to fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85% in November 2022 and 14.27% in December 2021.
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"Decline in the rate of inflation in December 2022 is primarily contributed by fall in prices of food articles, mineral oils, crude petroleum & natural gas, food products, textiles and chemicals & chemical products", the Ministry of Commerce & Industry said in a statement today.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 4.92% to 15.17. The Nifty 25 January 2022 futures were trading at 17,952, at a premium of 53.55 points as compared with the spot at 17,898.45.
The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 35.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 35 lakh contracts were seen at 18,000 strike price.
Buzzing Index:
The Nifty Metal index declined 1.42% to 6,772.40. The index added 1.27% in the past trading session.
Jindal Steel & Power (down 3.69%), Adani Enterprises (down 2.42%), JSW Steel (down 1.27%), APL Apollo Tubes (down 1.14%), Vedanta (down 0.89%), Hindalco Industries (down 0.88%), Steel Authority of India (down 0.79%), MOIL (down 0.61%), Tata Steel (down 0.42%) edged lower.
On the other hand, Jindal Stainless (up 2.41%) ,Hindustan Copper (up 1.34%) and Welspun Corp (up 0.93%) advanced.
Stocks in Spotlight:
Maruti Suzuki India shed 0.50%. The car major on Monday announced increase in prices across models from 16 January 2023. An estimated weighted average of increase across models stood at around 1.1%. This indicative figure is calculated using ex showroom prices of models in Delhi and will come into effect from 16 January 2023, the company stated.
Sula Vineyards surged 12.34% after the company said that it has recorded its highest ever quarterly gross billings overall, both for its own brands as well as the wine tourism business.
The company's own brands sales stood at Rs 187.2 crore in Q3 FY23, recording a growth of 13% from Rs 165.7 crore posted in the same quarter a year ago. The growth in firm's own brands revenues was mainly driven by strong growth in volumes as well as realisations. Wine tourism business jumped 13% to Rs 23 crore in quarter ended 31 December 2022 as against Rs 20.3 crore reported in Q3 FY22.
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