At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 285.45 points or 0.39% to 73,586.84. The Nifty 50 index lost 89.05 points or 0.40% to 22,316.55.
In the broader market, the S&P BSE Mid-Cap index shed 0.39% and the S&P BSE Small-Cap index fell 0.60%.
The market breadth was weak. On the BSE, 1,233 shares rose and 2,491 shares fell. A total of 114 shares were unchanged.
Economy:
The seasonally adjusted HSBC India Services Business Activity Index registered 60.6 in February, down from 61.8 in January. Despite having slipped, the headline index was comfortably above the neutral mark of 50.0 and signalled a sharp rate of expansion that was well above the series history (since December 2005).
With both manufacturing production and services activity in India increasing during February, there was a further upturn in private sector output. The HSBC India Composite PMI Output Index slipped from a six-month high of 61.2 in January to 60.6, indicating a softer but sharp rate of expansion.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.50% to 14.70. The Nifty 28 March 2024 futures were trading at 22,396.10, at a premium of 79.55 points as compared with the spot at 22,316.55.
The Nifty option chain for the 28 March 2024 expiry showed maximum Call OI of 33.9 lakh contracts at the 23,000 strike price. Maximum Put OI of 46.1 lakh contracts were seen at 21,000 strike price.
Buzzing Index:
The Nifty Media index slipped 1.38% to 1,989.25. The index declined 3.27% in two trading session.
D B Corp (down 5%), Network 18 Media & Investments (down 4.99%), TV18 Broadcast (down 4.83%), Saregama India (down 2.87%), Nazara Technologies (down 2.51%), Dish TV India (down 1.68%) and Hathway Cable & Datacom (down 0.45%).
On the other hand, Sun TV Network (up 0.85%), PVR Inox (up 0.26%) and Zee Entertainment Enterprises (up 0.13%) edged higher.
Stocks in Spotlight:
Man Industries (India) fell 2.51%. The companys New ERW Plant at Anjar, Gujarat, has recently been certified by API to manufacture electric resistance welded (ERW) pipes.
IIFL Finance hit a lower limit of 20% after the RBI barred the company from sanctioning, disbursing new gold loans, citing "material supervisory concerns".
Godrej Properties added 0.69%. The company said that it has declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the NOIDA Authority.
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