Indices trade with minor cuts; IT shares decline; VIX jumps 3.81%

The key equity benchmarks traded with limited losses in the early afternoon trade. The Nifty slipped below the 23,650 mark. IT shares declined after advancing in the previous two trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, dropped 184.57 points or 0.24% to 78,063.56. The Nifty 50 index fell 30.75 points or 0.13% to 23,614.15.

In the broader market, the S&P BSE Mid-Cap index fell 0.32% and the S&P BSE Small-Cap index shed 0.02%.

The market breadth was negative. On the BSE, 1,739 shares rose and 2,070 shares fell. A total of 150 shares were unchanged.

 

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.81% to 14.51. The Nifty 30 January 2025 futures were trading at 23,773.95, at a premium of 159.8 points as compared with the spot at 23,614.15.

The Nifty option chain for the 30 January 2025 expiry showed maximum Call OI of 107.9 lakh contracts at the 24,500 strike price. Maximum Put OI of 84.1 lakh contracts was seen at 23,500 strike price.

Buzzing Index:

The Nifty IT index fell 1.85% to 43,158.20. The index rose 0.7% in the past two trading sessions.

Persistent Systems (down 3.29%), Tech Mahindra (down 2.6%), Tata Consultancy Services (down 2.19%), Mphasis (down 1.92%), LTIMindtree (down 1.75%), Coforge (down 1.65%), Infosys (down 1.56%), Wipro (down 1.33%), HCL Technologies (down 0.95%) and L&T Technology Services (down 0.2%) declined.

Stocks in Spotlight:

Jubilant Ingrevia advanced 1.94% after the companys wholly owned subsidiary, Jubilant Infrastructure (JIL) was approved to purchase a 6.67% stake in Forum I Aviation Private (FAPL) from Hero Fincorp & Sunil Kant Munjal.

Rail Vikas Nigam (RVNL) rallied 3.54% after the company said that it has emerged as the lowest bidder (L1) from Central Railway for designing and supplying traction systems in Bhusaval-Khandawa sections of Central Railway.

Hindalco Industries rose 0.30%. The company said that it has received the allocation of the Meenakshi Coal Mine in Odisha through a vesting order by the Ministry of Coal.

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