At 12:34 IST, the barometer index, the S&P BSE Sensex, was down 118.03 points or 0.19% to 63,266.55. The Nifty 50 index declined 39.70 points or 0.21% to 18,786.30.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index gained 0.46% while the S&P BSE Small-Cap index added 0.51%.

The market breadth was positive. On the BSE, 1,821 shares rose and 1,727 shares fell. A total of 181 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.38% to 11.32. The Nifty 29 June 2023 futures were trading at 18,859, at a premium of 72.7 points as compared with the spot at 18,786.30.

The Nifty option chain for the 29 June 2023 expiry showed maximum Call OI of 124.1 lakh contracts at the 18,800 strike price. Maximum Put OI of 102.5 lakh contracts were seen at 18,800 strike price.

Buzzing Index:

The Nifty Private Bank index declined 0.72% to 22,329.20. The index has gained 1.26% in a past trading session.

Axis Bank (down 1.91%), Kotak Mahindra Bank (down 1.68%), ICICI Bank (down 1.38%), Bandhan Bank (down 1.32%), IndusInd Bank (down 1.31%), Federal Bank (down 0.44%), City Union Bank (down 0.36%), RBL Bank (down 0.09%) declined.

On the other hand, IDFC First Bank (up 2.51%), HDFC Bank (up 0.37%) advanced.

Stocks in Spotlight:

Axis bank declined 1.57%. The private lender on Friday announced that its board has appointed former Reserve Bank of India (RBI) Deputy Governor, NS Vishwanathan as non-executive part-time chairman, for a period of three years.

Laurus Labs rose 0.67% after the company said that it has signed memorandum of agreement (MoA) with IIT Kanpur (IITK) to bring novel gene therapy assets to market. As per MOA, Laurus labs will in-license few gene therapy assets and will provide research grant for advancing these products through the pre-clinical development.

Manappuram Finance advanced 1.40% after the company said that Kerala High Court has quashed FIR filed against the company's promoter V P Nandakumar.