At 12:23 IST, the barometer index, the S&P BSE Sensex, was down 311.84 points or 0.57% to 54,170. The Nifty 50 index declined 87.55 points or 0.54% to 16,133.05.
In the broader market, the S&P BSE Mid-Cap index rose 0.08% while the S&P BSE Small-Cap index added 0.49%.
The market breadth was positive. On the BSE, 1,780 shares rose and 1,455 shares fell. A total of 180 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.66% to 18.8850. The Nifty 28 July 2022 futures were trading at 16,122.35, at a discount of 10.7 points compared with the spot at 16,133.05.
The Nifty option chain for the 28 July 2022 expiry showed maximum Call OI of 23.2 lakh contracts at the 16,500 & 17,000 strike prices. Maximum Put OI of 35.8 lakh contracts was seen at 15,000 strike price.
Buzzing Index:
The Nifty Oil & Gas index rose 1.05% to 7,393.85, extending its rising streak to the third day. The index rose 1.9% in three days.
Among the components of the Nifty Oil & Gas index, Adani Total Gas (up 6.65%), Oil & Natural Gas Corpn (up 2.92%), Aegis Logistics (up 1.54%), GAIL (India) (up 0.95%) and Castrol India (up 0.56%) were the top gainers.
On the other hand, Bharat Petroleum Corporation (down 2.81%), Petronet LNG (down 1.8%) and Gujarat Gas (down 1.65%) moved lower.
Stocks in Spotlight:
MMTC declined 1.85%. The company reported a consolidated net profit of Rs 118.38 crore in Q1 FY23 as against a net loss of Rs 597.17 crore in Q1 FY22. Net sales during the quarter declined 75.8% YoY to Rs 2,255.59 crore. Total expenditure in the first quarter dropped by 82.9% to Rs 1,743.07 crore Q1 FY23 over Q1 FY22. The company recorded a pre-tax profit of Rs 481.15 crore in Q1 FY23 as compared with a pre-tax loss of Rs 921.56 crore in Q1 FY22.
Zydus Lifesciences rose 0.52%. The drug maker announced that it has received final approval from the US-based drug regulator to market Empagliflozin and Metformin Hydrochloride tablets in multiple strengths. Empagliflozin and Metformin Hydrochloride tablets are used with proper diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. They are also used to lower the risk of cardiovascular death in patients with type 2 diabetes mellitus and established cardiovascular disease. The drug will be manufactured at the group's formulation facility at SEZ, Ahmedabad, India.
Separately, Zydus Lifesciences said that it has launched the molecule Sitagliptin in India under the brand names Sitaglyn and Siglyn to address Type 2 diabetes in India. Sitaglyn and Siglyn will add on to a comprehensive solution for the management of Type 2 diabetes by providing access to quality care to the patients at an affordable cost, approximately 60% lesser than the originator.
Power Grid Corporation of India fell 0.66%. The company said that it has been declared as the successful bidder for establishing an inter-state transmission system for evacuation of power from Neemuch SEZ. The company's bid has been declared successful under tariff-based competitive bidding (TBCB). The project has been awarded on a build, own, operate and transfer (BOOT) basis. The letter of intent (LoI) dated 07 July 2022 has been issued to Power Grid Corporation of India.
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