The market declined further in early afternoon trade. The Sensex slipped below the 38,000 mark while the Nifty continued hovering below 11,000 level.
At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 440.86 points or 1.18% at 37,040.26. The Nifty 50 index was down 105.70 points or 1.24% at 10,979.70.
The S&P BSE Mid-Cap index was down 0.64%. The S&P BSE Small-Cap index was down 1.04%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 678 shares rose and 1460 shares fell. A total of 122 shares were unchanged.
Media stocks declined. Dish TV India (down 6.39%), Eros International Media (down 5%), Siti Networks (down 4.61%), Zee Entertainment Enterprises (down 4.33%), Prime Focus (down 1.91%), Zee Media Corporation (down 1.79%),Sun TV Network (down 1.54%), Network 18 Media & Investments (down 0.47%) and TV18 Broadcast (down 0.46%), declined.
Meanwhile, New Delhi Television (up 5.71%), Balaji Telefilms (up 1.10%) and TV Today Network (up 0.43%), advanced.
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Jagran Prakashan lost 6.13%. On a consolidated basis, the media company's net profit fell 24.6% to Rs 64.36 crore on a 3% fall in the net sales to Rs 584.28 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 31 July 2019.
UPL lost 3.11%. On a consolidated basis, the chemical manufacturer's net profit fell 63% to Rs 189.79 crore on a 91.2% rise in the net sales to Rs 7906 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 31 July 2019.
Container Corporation of India shed 0.33%. On a consolidated basis, the firm's net profit fell 5.7% to Rs 244.01 crore on a 3.6% rise in the net sales to Rs 1654.76 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 31 July 2019.
CreditAccess Grameen fell 6.81%. The firm's net profit rose 32.7% to Rs 95.83 crore on a 31.7% rise in the total income to Rs 376.70 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 31 July 2019.
Pharma stocks witnessed selling. Aurobindo Pharma (down 2.96%), Cadila Healthcare (down 2.15%), Lupin (down 2.08%), Cipla (down 1.99%), Piramal Enterprises (down 1.94%), Dr Reddy's Laboratories (down 1.41%), Sun Pharmaceutical Industries (down 1.37%), Wockhardt (down 1.35%), Divi's Laboratories (down 1.3%), GlaxoSmithKline Pharmaceuticals (down 1.14%), Glenmark Pharmaceuticals (down 0.67%) and Strides Shasun (down 0.21%) declined.
IPCA Laboratories (up 4.87%) and Alkem Laboratories (up 2.13%) advanced.
Hester Biosciences fell 4.05%. On a consolidated basis, the animal vaccine manufacturer's net profit fell 2.8% to Rs 8.39 crore on a 12.4% rise in the net sales to Rs 44.76 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 31 July 2019.
MAS Financial Services rose 3.29%. On a consolidated basis, the financial services company's net profit rose 33.4% to Rs 41.32 crore on a 33.4% rise in the total income to Rs 168.92 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 31 July 2019.
On derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 4.52% at 14.205.
On the options front, Nifty option chain for 29 August 2019 expiry showed a maximum call open interest (OI) of 21 lakh contracts at the 11500 strike price. Maximum put OI of 34.20 lakh contracts was seen at 11000 strike price. Options data suggested a trading range for Nifty will be between 11,000 and 11,500.
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