The benchmarks indices traded with deep cuts, near the day's low, in early afternoon trade. Negative Asian stocks dented the investors sentiment. Realty shares witnessed some bit of profit booking after advancing in the past three sessions.
At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 520.58 points or 0.84% to 61,142.90. The Nifty 50 index lost 152 points or 0.83% to 18,155.65.
In the broader market, the S&P BSE Mid-Cap index shed 0.23% while the S&P BSE Small-Cap index rose 0.18%.
The market breadth was negative. On the BSE, 1,436 shares rose, and 2,010 shares fell. A total of 177 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 3.40% to 14.88. The Nifty 24 November 2022 futures were trading at 18,180, at a premium of 24.35 points as compared with the spot at 18,155.65.
The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 144.7 lakh contracts at the 18,300 strike price. Maximum Put OI of 79.8 lakh contracts were seen at 18,000 strike price.
Buzzing Index:
The Nifty Realty index slipped 0.71% to 445.6. The index had advanced 0.88% in the past three sessions.
Macrotech Developers (down 3.49%), Phoenix Mills (down 1.16%), Indiabulls Real Estate (down 1.09%), DLF (down 1%), Godrej Properties (down 0.7%), Sunteck Realty (down 0.66%) and Oberoi Realty (down 0.46%) declined.
Concurrently, Prestige Estates Projects (up 2.67%), Brigade Enterprises (up 1.22%) and Sobha (up 0.63%) turned up.
Stocks in Spotlight:
Kabra Extrusiontechnik spurted 13.47%. The company said its battery division has partnered with Hero Electric to develop Lithium-ion batteries in India. These battery packs will power Hero Electric Scooters. The target is to supply 300,000 battery packs and chargers in the next financial year based on Hero Electric's projections.
RHI Magnesita India surged 4.01%. The company announced the acquisition of the Indian refractory business of Dalmia Bharat Refractories in a share-swap deal approximately worth Rs 1,708 crore.
The acquisition will significantly increase RHI Magnesita's presence in the fast-growing Indian refractory market, with forecast steel production growth in India of 12% in 2022 and a 7-8% compound annual growth rate until 2030. It will also add production capacities in important industrial regions in the south and west of India where RHI Magnesita currently has no assets.
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