At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 141.32 points or 0.23% to 62,204.39. The Nifty 50 index shed 35.40 points or 0.19% to 18,363.45.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.68% while the S&P BSE Small-Cap index rose 0.56%.

The market breadth was strong. On the BSE, 2,028 shares rose and 1,326 shares fell. A total of 145 shares were unchanged.

Economy:

Merchandise exports in April 2023 were $34.66 billion, as compared to $39.70 billion in April 2022, registering a de-growth of 12.7%. Merchandise imports in April 2023 were $49.90 billion, as compared to $58.06 billion in April 2022, down 14%. India's overall exports (Merchandise and Services combined) in April 2023 is estimated to be $65.02 billion. Overall imports in April 2023 are estimated to be $66.40 billion. Riding on the high exports base of April 2022, India's overall exports are projected to grow at 2% during April 2023.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 0.43% to 13.23. The Nifty 25 May 2023 futures were trading at 18,402, at a premium of 38.55 points as compared with the spot at 18,363.45.

The Nifty option chain for the 25 May 2023 expiry showed maximum Call OI of 37.6 lakh contracts at the 18,500 strike price. Maximum Put OI of 49.9 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Financial Services index declined 0.30% to 19,525.40. The index rose 1.6% in past four trading sessions.

Housing Development Finance Corporation (down 1.7%), HDFC Bank (down 1.17%), Kotak Mahindra Bank (down 0.73%), HDFC Life Insurance Company (down 0.64%) ICICI Prudential Life Insurance Company (down 0.3%), REC (down 0.29%), Power Finance Corporation (down 0.29%), SBI Cards & Payment Services (down 0.23%) and ICICI Lombard General Insurance Company (down 0.07%) declined.

On the other hand, Cholamandalam Investment & Finance Company (up 1.81%) ,Bajaj Finance (up 1.55%) and Indian Energy Exchange (up 1.32%)advanced.

Stocks in Spotlight:

Coromandel International rose 1.44% after the company reported 42.59% jump in net profit of Rs 261.53 crore in Q4 FY23 as compared with Rs 183.41 crore in Q4 FY22. Net sales increased 29.72% to Rs 5470.66 crore in Q4 FY23 as compared with Rs 4217.30 crore in Q4 FY22.

Jupiter Wagons (JWL) rallied 3.36% after the company said it successfully concluded a qualified institutional placement (QIP) of Rs 125 crore.

SKF India rose 0.06% after the company has entered into a share holders' agreement with Clean Max Taiyo for further acquisition of 26% stake in Clean Max for a consideration of Rs 4.21 crore.