Key benchmarks came off day's low in early afternoon trade after India's inflation eased in May 2019. At 12:23 IST, the barometer index, the S&P BSE Sensex, was down 135.64 points or 0.34% at 39,605.75. The Nifty 50 index was down 51.35 points or 0.43% at 11,862.70. Weakness in private sector banks still weighed on bourses.
The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 2.45% (provisional) in May 2019 (over May 2018) as compared to 3.07% (provisional) for the previous month and 4.78% during the corresponding month of the previous year. The data came out during trading hours today, 14 June 2019.
In broader market, the BSE Mid-Cap index was down 0.39%. The BSE Small-Cap index was down 0.31%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 776 shares advanced and 1434 shares declined. A total of 132 shares were unchanged.
Bajaj Finance was down 0.16% at Rs 3,537.30. The stock hit a record high of Rs 3566 in intraday today.
Private sector banks were under pressure. IndusInd Bank (down 4.87%), Yes Bank (down 2.13%), Kotak Mahindra Bank (down 1.99%), RBL Bank (down 1.06%), Axis Bank (down 0.45%), ICICI Bank (down 0.42%), HDFC Bank (down 0.1%) and City Union Bank (down 0.02%), edged lower. Federal Bank was up 0.19%.
Public sector banks were mixed. Syndicate Bank (up 1.72%), UCO Bank (up 1.39%), Indian Bank (up 1.31%), Union Bank of India (up 1.03%), Punjab National Bank (up 0.98%), Canara Bank (up 0.67%), Andhra Bank (up 0.42%) and Bank of India (up 0.23%), edged higher. Bank of Baroda (down 0.08%), Allahabad Bank (down 0.12%), Central Bank of India (down 0.22%), IDBI Bank (down 0.28%), Bank of Maharashtra (down 0.31%), State Bank of India (down 0.55%), Corporation Bank (down 0.85%), United Bank of India (down 0.98%) and Punjab & Sind Bank (down 1.53%), edged lower.
Sun Pharmaceutical Industries was down 1.17%. The company announced interim results from a Phase 2 study of interleukin-23 (IL-23) inhibitor ILUMYA (tildrakizumab-asmn) in patients with active psoriatic arthritis that was presented in a late-breaking oral presentation at the Annual European Congress of Rheumatology (EULAR 2019) in Madrid, Spain.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.91% at 13.78.
On the options front, Nifty option chain for 27 June 2019 expiry showed maximum call open interest (OI) of 25.90 lakh contracts at the 12000 strike price. Maximum put OI of 26.10 lakh contracts was seen at 11500 strike price.