Benchmark indices hit fresh intraday low in early afternoon trade amid rising COVID-19 case and negative global cues. The Nifty slipped below 14,800 level. The selling was broad based, however, metal shares bucked trend on firm copper prices.
At 12:20 IST, the barometer index, the S&P BSE Sensex, slumped 789.42 points or 1.55% at 50,100.34. The Nifty 50 index tanked 205.05 points or 1.37% at 14,776.70.
In the broader market, the S&P BSE Mid-Cap index fell 0.92% while the S&P BSE Small-Cap index lost 0.63%. Both the indices outperformed the benchmark indices.
The market breadth was weak. On the BSE, 1,030 shares rose and 1,800 shares fell. A total of 158 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, spurted 8.13% to 24.06. The Nifty 25 February 2021 futures were trading at 14,803.65, at a premium of 26.95 points as compared with the spot at 14,776.70.
The Nifty option chain for 25 February 2021 expiry showed maximum Call OI of 45.3 lakh contracts at the 16,000 strike price. Maximum Put OI of 48.3 lakh contracts was seen at 14,000 strike price.
Coronavirus Update:
Amid a spurt in COVID-19 cases, Maharashtra Chief Minister Uddhav Thackeray on Sunday held a televised conference to address the COVID-19 situation in the state. "If the (COVID-19) situation deteriorates, then we have to impose lockdown. Those who want lockdown can roam around without mask while those who don't want it must wear mask and follow all the rules," he said.
Total COVID-19 confirmed cases worldwide stood at 11,13,65,522 with 24,66,241 deaths.
India reported 1,50,055 active cases of COVID-19 infection and 1,56,385 deaths while 1,06,99,410 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Meanwhile, a total of over one crore 11 lakh people have been administered COVID-19 vaccines in the country so far. Union Health Ministry said that 31 thousand 681 people have been inoculated with COVID-19 doses in the last 24 hours. The country's COVID-19 recovery rate reached 97.22% with the total recovery of more than nine thousand patients in the last 24 hours.
Buzzing Index:
The Nifty Media index slipped 2.58% to 1,634.45. The index lost 4.15% in the past three sessions.
PVR (down 5.81%), Inox Leisure (down 4.74%), Dish TV India (down 2.95%), Zee Entertainment Enterprises (down 2.73%) and TV18 Broadcast (down 1.67%) declined.
Stocks in Spotlight:
Jubilant Foodworks rallied 3.64% after the fast-food chain operator said will fully acquire Fides Food Systems Cooperatief UA Netherlands (Fides) for an agreed investment of 24.8 million pounds, through its wholly-owned subsidiary, Jubilant FoodWorks Netherlands BV. Fides is the beneficial owner of 32.81% of equity shares of DP Eurasia N.V. (DP Eurasia). DP Eurasia is a public company listed with London Stock Exchange and is the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia. DP Eurasia (together with its subsidiaries) offers pizza delivery and takeaway/ eat-in facilities at 771 stores (568 in Turkey, 190 in Russia, 9 in Azerbaijan and 4 in Georgia as on 31 December 2020).
Glenmark Pharmaceuticals fell 1.70%. The drug maker announced that its Swiss subsidiary, Glenmark Specialty S.A., received marketing approval from the Ministry of Health of the Russian Federation for Ryaltris nasal spray. Ryaltris (olopatadine hydrochloride 665 mcg and mometasone furoate 25 mcg), is indicated for symptomatic treatment of seasonal and perennial allergic rhinitis in adults and children over 12 years of age. Ryaltris relieves symptoms of allergic rhinitis, including stuffy nose, runny nose, nasal itching, sneezing, as well as itchy, red and watery eyes. This approval paves the way for commercialization of Ryaltris in Russia, which is expected to be made available to patients in the country in Q1 FY2021-22.
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