At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 482.15 points or 0.63% to 75,656.82. The Nifty 50 index slipped 186.25 points or 0.81% to 22,845.15.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.63%, and the S&P BSE Small-Cap dropped 3.23%.

The market breadth was weak. On the BSE, 605 shares rose and 3,936 shares fell. A total of 118 shares were unchanged.

Economy:

The India Wholesale Price Index (WPI) for January 2025 stood at 2.31% (provisional) year-on-year compared to January 2024. The positive inflation rate in January 2025 was primarily driven by an increase in prices of manufactured food products, food articles, other manufacturing, non-food articles, and textiles. However, the WPI for January 2025 recorded a decline of 0.45% compared to December 2024.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 3.12% to 15.42. The Nifty 27 February 2025 futures were trading at 22,907.45, at a premium of 62.3 points as compared with the spot at 22,845.15.

The Nifty option chain for the 27 February 2025 expiry showed a maximum call OI of 60.6 lakh contracts at the 23,500 strike price. Maximum put OI of 53 lakh contracts was seen at 23,000 strike price.

Buzzing Index:

The Nifty Media index declined 2.45% to 1,506.80. The index rose 0.49% in the past trading session.

Tips Music (down 3.98%), Den Networks (down 3.43%), Network 18 Media & Investments (down 3.39%), Dish TV India (down 3.1%), PVR Inox (down 2.79%), Zee Entertainment Enterprises (down 2.1%), Hathway Cable & Datacom (down 2.02%), Saregama India (down 1.9%), Sun TV Network (down 1.71%) and Nazara Technologies (down 0.65%) declined.

Stocks in Spotlight:

Concord Biotech tanked 17.24% after the company’s consolidated net profit fell 2.1% to Rs 75.92 crore in Q3 FY25 as compared with Rs 77.57 crore in Q3 FY24. Revenue from operations increased 1.4% YoY to Rs 244.22 crore in Q3 FY25.

Deepak Nitrite tumbled 15.20% after the company’s consolidated net profit tanked 51.45% to Rs 98.09 crore in Q3 FY25, compared with Rs 202.05 crore recorded in the same period last. Revenue from operation stood at Rs 1,903.40 crore in Q3 FY25, down 5.27%, compared with Rs 2,009.23 crore posted in Q3 FY24.

Nazara Technologies shed 0.79%. The company reported a 52.89% decline in consolidated net profit from continuing operations to Rs 13.68 crore despite a 66.88% increase in revenue from operations to Rs 534.69 crore in Q3 FY25 over Q3 FY24.