Key benchmark indices extended losses and hit fresh intraday low in early afternoon trade. Market sentiment remained negative amid higher crude oil prices and weak Asian shares. The Nifty descended towards 12,200 level.
At 12:17 IST, the barometer index, the S&P BSE Sensex, was down 192.76 points or 0.46% at 41,433.88. The Nifty 50 index was down 63.25 points or 0.51% at 12,218.95.
The S&P BSE Mid-Cap index was down 0.38%. The S&P BSE Small-Cap index was up 0.19%.
The market breadth was positive. On the BSE, 1125 shares rose and 1099 shares fell. A total of 158 shares were unchanged. In Nifty 50 index, 10 stocks advanced while 40 stocks declined.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 7.98% to 12.4075. The Nifty January 2020 futures were trading at 12,247.05, a premium of 23.55 points compared with the spot at 12,223.50.
On the options front, the Nifty option chain for 30 January 2020 expiry showed maximum call open interest (OI) of 23.32 lakh contracts at the 12,500 strike price. Significant call writing was witnessed at 12,300 strike price, which added 1.97 lakh contracts.
Maximum put OI of 40.21 lakh contracts was seen at 12,000 strike price. Significant put writing was seen at the 11,500 strike price, which added 1.58 lakh contracts.
Stocks in Spotlight:
ONGC rose 1.88% to Rs 130.40 after the company on Thursday won seven oilfields offered under the fourth round of Open Acreage Licensing Programme (OALP) auctions. ONGC signed revenue sharing contracts for all 7 blocks.
Natco Pharma was down 1.53% at Rs 611.20. The company after market hours on Thursday announced submission of an Abbreviated New Drug Application (ANDA) containing a paragraph IV certification with the U.S. Food and Drug Administration (USFDA) for the generic version of Lonsurf (Trifluridine/ Tipiracil) tablets (15mg/6.14mg and 20mg/8.19mg). Natco believes that it is one of the first ANDA filers for the product and could be eligible for 180 days exclusivity under certain circumstances. The drug is currently indicated for certain forms of Colorectal and Gastric Cancers.
VIP Industries rose 1.85% after credit rating agency Crisil upgraded its rating on company's long term facility to CRISIL AA from CRISIL AA-. The credit rating agency also reaffirmed its rating on short term facility at CRISIL A1+.
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