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Market breadth turns positive; India VIX slips below 60
03-Apr-20   12:35 Hrs IST

Key barometers traded sideways near the day's low in early afternoon trade. The Nifty held above 8,100 mark. At 12:34 IST, the barometer index, the S&P BSE Sensex, was down 511.35 points or 1.81% at 27,753.96002E The Nifty 50 index was down 140.5 points or 1.7% at 8,113.30.

In the broader market, the S&P BSE Mid-Cap index was down 0.71% while the S&P BSE Small-Cap index was down 0.59%. The decline in both these indices was lesser than the Sensex.

The market breadth turned positive. On the BSE, 1014 shares rose and 928 shares fell. A total of 134 shares were unchanged. In Nifty 50 index, 17 stocks advanced while 33 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 4.65% to 57.26. The Nifty April 2020 futures were trading at 8,119.35, a discount of 2.15 points compared with the spot at 8,121.50.

On the options front, the Nifty option chain for 30 April 2020 expiry showed maximum call open interest (OI) of 16.79 lakh contracts at the 9,000 strike price. Maximum put OI of 22.70 lakh contracts was seen at 8,000 strike price.

Buzzing Index:

The Nifty Private Bank index was the worst performing index on NSE as it tumbled 3.72% to 9,324.35. The index extended its losing streak for second consecutive session. It has lost 8.35% in two trading sessions.

IndusInd Bank (down 6.78%), Kotak Mahindra Bank (down 6.62%), ICICI Bank (down 5.56%), Bandhan Bank (down 5.28%), Axis Bank (down 3.16%), Federal Bank (down 2.66%), IDFC First Bank (down 2.43%), City Union Bank (down 2.3%) and HDFC Bank (down 0.03%) were top losers in Nifty Private Bank space.

RBL Bank tumbled 10.93% to Rs 117 after the bank said that it has lost about 8% of its deposits in the March quarter and its cost of deposits also declined on a sequential basis in the same period. RBL Bank said it has strong operating profit trajectory for Q4 with Net Interest Margin (NIM) at an all-time high and comfortable liquidity position. The bank said its liquidity ratio stood at approximately 127% for March 2020 and its cost of deposits and cost of funds are lower on a quarter-on-quarter (QoQ) basis. The private lender witnessed some run-offs of deposits in this quarter (under 8%), since the last quarter. The deposit reduction was essentially in bulk deposits from government entities/corporations, while the banks retail deposits remained stable.

Stocks in Spotlight:

Atul Auto declined 0.37% to Rs 136.1 after the commercial vehicle manufacturer posted weak March sales numbers. The company reported a 76.34% decline in total sales to 1,091 units in March 2020 as against 4,612 units reported in March 2019.

Shares of Jindal Steel & Power (JSPL) fell 3.48%. JSPL on Friday (3 April 2020) said it registered a 10% jump in consolidated sales to 7.92 metric tonnes (MT) in FY 2019-20 over 7.22 metric tonnes (MT) in FY 2018-19. Consolidated production grew 12% to 8.17 metric tonnes (MT) in FY 2019-20 over 7.30 metric tonnes (MT) in FY 2018-19. Domestic sales grew 12% to 6.04 metric tonnes (MT) in FY 2019-20 from 5.41 metric tonnes (MT) in FY 2018-19. Domestic steel production jumped 13% to 6.30 metric tonnes (MT) in FY 2019-20 as against 5.59 metric tonnes (MT) in FY 2018-19.

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