Key indices were trading lower after hitting fresh intraday low in early afternoon trade. At 12:26 IST, the barometer index, the S&P BSE Sensex, was down 111.40 points or 0.28% at 39,475.01. The Nifty 50 index was down 31.65 points or 0.27% at 11,809.90.
The S&P BSE Mid-Cap index was down 0.7%. The S&P BSE Small-Cap index was down 0.09%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 993 shares rose and 1180 shares fell. A total of 148 shares were unchanged.
Metal stocks witnessed selling pressure. Jindal Steel & Power (down 2.97%), Vedanta (down 1.41%), Tata Steel (down 1.12%), National Aluminium Company (down 1.09%), Hindustan Zinc (down 0.59%), Steel Authority of India (down 0.57%), and NMDC (down 0.09%) declined. Hindustan Copper (up 0.37%) and Hindalco Industries (up 0.32%) edged higher.
Most IT stock gained. Tech Mahindra (up 1.66%), Persistent Systems (up 1.14%), HCL Technologies (up 0.78%), Hexaware Technologies (up 0.78%), Oracle Financial Services Software (up 0.67%), Infosys (up 0.51%) and Wipro (up 0.27%) edged higher. MindTree (down 1.67%), MphasiS (down 0.67%) and TCS (down 0.36%) declined.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 68.9225, compared with its close of 69.075 during the previous trading session.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1% at 14.7925.
On the options front, Nifty option chain for 25 July 2019 expiry showed a maximum call open interest (OI) of 14.23 lakh contracts at the 12,000 strike price. Maximum put OI of 15.03 lakh contracts was seen at 11,000 strike price. Options data suggested a trading range for Nifty will be between 11,000 and 12,000.
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