Benchmark indices were trading near the day's low in early afternoon trade. Select FMCG and metal shares bucked broader selling pressure.
At 12:20 IST, the barometer index, the S&P BSE Sensex, dropped 324.92 points or 0.70% at 45,778.58. The Nifty 50 index skid 106.60 points or 0.79% at 13,422.50.
In the broader market, the S&P BSE Mid-Cap index slipped 0.81% while the S&P BSE Small-Cap index lost 0.77%.
The market breadth was weak. On the BSE, 931 shares rose and 1,779 shares fell. A total of 150 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.98% to 19.2950. The Nifty December 2020 futures were trading at 13,453.90, at a premium of 26.70 points compared with the spot at 13,427.20.
The Nifty option chain for 31 December 2020 expiry showed maximum Call OI of 24.74 lakh contracts at the 13,000 strike price. Maximum Put OI of 36.85 lakh contracts was seen at 13,000 strike price.
Coronavirus Update:
The expert committee of the Central Drugs Standard Control Organisation (CDSCO) on Wednesday sought additional safety and efficacy data from the Serum Institute of India and Bharat Biotech for their coronavirus disease (COVID-19) vaccine, after deliberating upon their applications seeking authorisation for the shots.
Total COVID-19 confirmed cases worldwide stood at 6,88,94,596 with 15,69,374 deaths. India reported 3,72,293 active cases of COVID-19 infection and 1,41,772 deaths while 92,53,306 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty FMCG index gained 1.39% to 33,587.55. The index added 5.93% in seven sessions.
Jubilant Foodworks (up 2.66%), Nestle India (up 2.33%), Godrej Consumer Products (up 2.04%), Dabur (up 1.96%) and Britannia Industries (up 1.80%) advanced.
Stocks in Spotlight:
Maruti Suzuki India rose 0.39%. The car manufacturer announced price hike for different models due to increase in various input costs. Maruti Suzuki India said that over the past year, the cost of company's vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the additional cost to customers through a price increase in January 2021. This price increase shall vary for different models.
Agrochemical firm UPL tumbled 12.57% after a whistleblower reportedly alleged that the promoters have siphoned off money.
According to the media report, the whistleblower alleged that UPL entered into rent deals with the shell company owned by its employees and paid crores of rupees in rent for properties held by the latter, which was earlier owned by UPL chief Jaidev Shroff himself. The whistle-blower also claimed that shell entities were used to carry out other illegal transactions, reports added.
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