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The domestic equity barometers again slipped into the negative terrain and traded with minor losses in early afternoon trade. The Nifty traded below the 16,950 mark after hitting the day's high of 17,046.70 in mid-morning trade. Private bank shares declined for the sixth straight day.
At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 141.13 points or 0.25% to 57,414.77. The Nifty 50 index lost 49.15 points or 0.29% to 16,923.
In the broader market, the S&P BSE Mid-Cap index fell 0.39% while the S&P BSE Small-Cap index slipped 0.80%.
The market breadth was weak. On the BSE, 1,089 shares rose and 2,276 shares fell. A total of 114 shares were unchanged.
Investors sentiment was dented amidst risks of contagion in the global financial sector, after fresh turbulence at Credit Suisse. Credit Suisse announced that it will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank in what it called "decisive action" to boost its liquidity.
The decision came shortly after shares of the lender fell sharply on Wednesday after its largest investor, Saudi National Bank said it could not provide more financial assistance because of regulatory constraints.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.30% to 16.67. The Nifty 29 March 2023 futures were trading at 16,990, at a premium of 67 points as compared with the spot at 16,923.
The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 34 lakh contracts at the 18,000 strike price. Maximum Put OI of 53 lakh contracts were seen at 17,000 strike price.
Buzzing Index:
The Nifty Private Bank index lost 0.79% to 19,695.50. The index declined 6.95% in six trading sessions.
IndusInd Bank (down 3.27%), Bandhan Bank (down 1.29%), RBL Bank (down 1.06%), ICICI Bank (down 0.97%), City Union Bank (down 0.79%), Kotak Mahindra Bank (down 0.39%), Federal Bank (down 0.2%).
On the other hand, IDFC First Bank (up 0.46%) ,HDFC Bank (up 0.33%) and Axis Bank (up 0.01%) edged higher.
Stocks in Spotlight:
ICICI Prudential Life Insurance Company gained 5.31% after the life insurer announced that Anup Bagchi will replace N. S. Kannan as managing director (MD) and chief executive officer (CEO) effective from 19 June 2023. N. S. Kannan, MD & CEO will superannuate from the services of the company on the completion of tenure of his appointment on 18 June 2023.
Man Industries (India) rallied 8.17% after the carbon steel pipe maker announced that it has received new export order of approximately Rs 1,300 crore.
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