At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 222.72 points or 0.28% to 79,707.74. The Nifty 50 index lost 54.05 points or 0.22% to 24,270.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.14% and the S&P BSE Small-Cap index gained 0.49%.

The market breadth was positive. On the BSE, 2,143 shares rose and 1,643 shares fell. A total of 137 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index declined 0.66% to 23,442.50. The index shed 0.93% for two trading sessions.

Bajaj Finance (down 1.69%), Shriram Finance (down 1.68%), ICICI Bank (down 1.42%), HDFC Bank (down 1.2%) and Axis Bank (down 1.02%), SBI Cards & Payment Services (down 0.78%), SBI Life Insurance Company (down 0.73%), ICICI Prudential Life Insurance Company (down 0.26%), HDFC Life Insurance Company (down 0.19%) and Kotak Mahindra Bank (down 0.11%) declined.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.83% to 14.17. The Nifty 25 July 2024 futures were trading at 24,310, at a premium of 39.6points as compared with the spot at 24,270.40.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 34.9 lakh contracts at the 25,000 strike price. Maximum Put OI of 70.2 lakh contracts were seen at 23,500 strike price.

Stocks in Spotlight:

JTL Industries rose 1.13% after the company reported a 21% increase in consolidated net profit to Rs 30.70 crore in Q1 FY25 as compared with Rs 25.37 crore in Q1 FY24. Revenue from operations jumped 2.1% YoY to Rs 515.38 crore in Q1 FY25.

Kesoram Industries shed 0.83%. The cement maker’s net loss widened to Rs 62.02 crore in Q1 FY25 as against a net loss of Rs 32.44 crore posted in Q1 FY24. Revenue from operations declined 12.01% year on year to Rs 878.91 crore in the quarter ended 30 June 2024.