At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 192.29 points or 0.31% to 62,595.18. The Nifty 50 index lost 48.45 points or 0.26% to 18,545.40.

In the broader market, the S&P BSE Mid-Cap index shed 0.14% while the S&P BSE Small-Cap index gained 0.13%.

The market breadth was positive. On the BSE, 1,766 shares rose and 1,642 shares fell. A total of 130 shares were unchanged.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. The MPC decision will be announced by RBI Governor Shaktikanta Das on the last day of the meeting, which is Thursday, 8 June 2023.

The National Stock Exchange has changed the expiry for Bank Nifty Futures and Options (F&O) to Friday from Thursday, with effect from 7 July 2023. “Accordingly, all existing contracts with Thursday expiry will be revised to Friday on 6 July 2023 end of day. The first Friday expiry will be on 14 July 2023,” the NSE stated in its circular.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 3.05% to 11.48. The Nifty 29 June 2023 futures were trading at 18,621.80, at a premium of 76.4 points as compared with the spot at 18,545.40.

The Nifty option chain for the 29 June 2023 expiry showed maximum Call OI of 39.65 lakh contracts at the 19,000 strike price. Maximum Put OI of 57.4 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Media index fell 0.79% to 1,785.85. The index jumped 6.39% in past seven trading sessions.

New Delhi Television (down 2.62%), Dish TV India (down 2.14%), Zee Entertainment Enterprises (down 1.89%), Nazara Technologies (down 1.72%) and Hathway Cable & Datacom (down 1.39%) TV18 Broadcast (down 1.04%) slipped.

On the other hand, Navneet Education (up 1.29%), Sun TV Network (up 0.5%) and Network 18 Media & Investments (up 0.15%) edged higher.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 0.04%. The company said that the Buildings and Factories (B&F) Business of L&T Construction has secured 'significant' EPC orders from a developer to construct commercial towers at two locations in Mumbai. As per L&T's classification, the value of the said contract lies between Rs 1,000 crore to 2,500 crore.

Bajaj Finserv advanced 1.11% after the company announced the strengthening of its retail financial offerings with the launch of its new mutual fund business under Bajaj Finserv Mutual Fund. Bajaj Finserv Mutual Fund had filed its first seven schemes with SEBI i.e. the liquid fund, money market fund, overnight fund, arbitrage fund, large and mid-cap fund, balanced advantage fund and flexi cap fund. Bajaj Finserv Mutual Fund will start rolling out these products within the next 30 days, starting with Fixed Income products.

Sonata Software added 0.09% after the company announced that it has announced a strategic partnership with SAP Commerce to drive digital innovation and help businesses to accelerate their digital transformation journey. The partnership aims to offer seamless and personalized experiences to customers across various touchpoints and channels.