At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 60.89 points or 0.08% to 78,638.18. The Nifty 50 index lost 36.20 points or 0.15% to 23,777.20.
In the broader market, the S&P BSE Mid-Cap index declined 0.11% and the S&P BSE Small-Cap index fell 0.44%.
The market breadth was weak. On the BSE, 1,561 shares rose and 2,427 shares fell. A total of 179 shares were unchanged.
Economy
The countrys forex reserves dropped by a further $8.478 billion to $644.391 billion for the week ended December 20, the RBI said on Friday.
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In the previous reporting week, the reserves had dropped by $1.988 billion to a six-month low of $652.869 billion.
Foreign currency assets decreased by $6.014 billion to $556.562 billion, the data released on Friday showed.
Gold reserves decreased by $2.33 billion to $65.726 billion during the week. The Special Drawing Rights (SDRs) were down by $112 million to $17.885 billion, the apex bank said.
Indias reserve position with the IMF was also down by $23 million to $4.217 billion in the reporting week, the central bank data showed.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 4.79% to 13.87. The Nifty 30 January 2024 futures were trading at 23,968.10, at a premium of 190.90 points as compared with the spot at 23,777.20.
The Nifty option chain for the 30 January 2024 expiry showed a maximum call OI of 40.9 lakh contracts at the 25,000 strike price. Maximum put OI of 50.7 lakh contracts was seen at 24,000 strike price.
Buzzing Index:
The Nifty Media index declined 1.13% to 1,832.80. The index rose 0.38% in the past trading session.
Network 18 Media & Investments (down 2.4%), Nazara Technologies (down 1.23%), PVR Inox (down 1.18%), Dish TV India (down 1.08%), Zee Entertainment Enterprises (down 0.57%), Sun TV Network (down 0.42%), Saregama India (down 0.4%), Hathway Cable & Datacom (down 0.26%) and Tips Music (down 0.23%) declined.
Stocks in Spotlight:
IOL Chemicals & Pharmaceuticals rallied 3% after the companys board approved the sub-division / split of each equity share into five equity shares.
KEC International advanced 2.56% after the company executed the business transfer agreement with its subsidiary, KEC Asian Cables (KACL), to transfer its Cables business on a going concern basis via slump sale.
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