Nifty hovers below 18,400; Sensex down 107 pts; IT shares decline

17 Nov 2022 , 12:35 PM

The benchmark indices continued to trade with with decent losses in the early afternoon trade. The Nifty hovered below the 18,400 mark. IT shares snapped its four days rising streak. Trading was volatile due to the expiry of weekly index options on the NSE today. At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 107.29 points or 0.17% to 61,873.43. The Nifty 50 index lost 30.75 points or 0.17% to 18,378.90. In the broader market, the S&P BSE Mid-Cap index declined 0.26% while the S&P BSE Small-Cap index shed 0.23%. The market breadth was negative. On the BSE, 1,474 shares rose and 1,886 shares fell. A total of 130 shares were unchanged. Derivatives: The NSEs India VIX, a gauge of the markets expectation of volatility over the near term, slipped 0.39% to 15.04. The Nifty 24 November 2022 futures were trading at 18,436.10, at a premium of 57.2 points as compared with the spot at 18,378.90. The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 207.8 lakh contracts at the 18,400 strike price. Maximum Put OI of 174.8 lakh contracts were seen at 18,300 strike price. Buzzing Index: The Nifty IT index declined 0.94% to 29,670.75, snapping its four days gaining streak. The index advanced 5.07% in four trading sessions. Among the components of the Nifty IT index, Larsen & Toubro Infotech (down 2.87%), Mphasis (down 2.21%), Persistent Systems (down 1.59%), Tech Mahindra (down 1.57%) and Coforge (down 1.28%) were the top losers. Among the other losers were L&T Technology Services (down 1.24%), HCL Technologies (down 0.86%), Infosys (down 0.67%), Tata Consultancy Services (down 0.41%) and Wipro (down 0.35%). Stocks in Spotlight: Hindustan Zinc rose 1.46% after the companys board approved second dividend of Rs 15.50 per equity share on Wednesday, 16 November 2022 for the financial year ending 31 March 2023. The company has fixed 24 November 2022 as the record date for the same. Aurobindo Pharma declined 0.77%. The US Food and Drug Administration (USFDA) has concluded that the inspection classification of Aurobindo Pharmas API manufacturing facility is Voluntary Action Indicated (VAI). The drug maker announced the receipt of an Establishment Inspection Report (EIR) from the USFDA for its API non-antibiotic manufacturing facility in Pydibhimavaram, Srikakulam District, Andhra Pradesh. Powered by Capital Market – Live News