Sensex, Nifty skids into negative terrain again; Nifty below 17,200 level

24 Mar 2022 , 12:40 PM

The benchmark indices traded amidst major volatility during the early afternoon trade. Bank stocks dragged the market while metal and pharma scrips supported the indices. The Nifty slipped below its 17,200 mark.

At 12:30 IST, the barometer index, the S&P BSE Sensex dropped 279.94 points or 0.49% at 57,404.88. The Nifty 50 index lost 71.90 points or 0.42% at 17,173.75.

The S&P BSE Mid-Cap index rose 0.23%. The S&P BSE Small-Cap index gained 0.10%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,467 rose and 1,788 shares fell. A total of 137 shares were unchanged.

Derivatives:

The NSEs India VIX, a gauge of markets expectation of volatility over the near term, fell 0.07% to 24.73. The Nifty 31 March 2022 futures were trading at 17,189.85, at a premium of 16.10 points as compared with the spot at 17,173.75.

The Nifty option chain for 31 March 2022 expiry showed maximum Call OI of 82.61 lakh contracts at the 18,000 strike price. Maximum Put OI of 103.32 lakh contracts was seen at 16,000 strike price.

Buzzing Index:

The Nifty Pharma index rose 1.13% to 13,722.35. The index gained 1.54% in two trading sessions.

Dr Reddys Laboratories (up 3.96%), Lupin (up 3.38%), Aurobindo Pharma (up 3.31%), Glenmark Pharmaceuticals (up 2.15%) and Granules India (up 1.99%) were the gainers in the Pharma segment.

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