Benchmark indices hit intraday low in early afternoon trade. Pharma stocks were in demand while banks and auto shares declined. The Nifty index held 12,800 mark.

At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 176.95 points or 0.40% at 43,651.15. The Nifty 50 index lost 54.10 points or 0.42% at 12,804.30.

In the broader market, the S&P BSE Mid-Cap index slipped 0.05% while the S&P BSE Small-Cap index rose 0.06%.

The market breadth was positive. On the BSE, 1,361 shares rose and 1,141 shares fell. A total of 182 shares were unchanged.

Derivatives:

Trading was volatile as traders roll over positions in the F&O segment from the near month November series to December series. The November 2020 F&O contracts expire today, 26 November 2020.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 12.35% to 20.27. The Nifty November 2020 futures were trading at 12,795, at a discount of 3.65 points compared with the spot at 12,798.65.

The Nifty option chain for 26 November 2020 expiry showed maximum Call OI of 96.62 lakh contracts at the 13,000 strike price. Maximum Put OI of 59.70 lakh contracts was seen at 12,800 strike price.

SEBI Regulation:

The Securities and Exchange Board of India (SEBI) has withdrawn a proposal to increase the margin requirement for non-futures and options (F&O) stocks in the cash market. Earlier this year, as the volatility spiked in the stocks following COVID-19 pandemic and heavy fall in global equities, SEBI, on March 20 this year had proposed to raise the margin requirement for non-F&O stocks to 40% in a phased manner.

Economy:

RBI released Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs) yesterday. Bank credit growth (Y-o-Y) decelerated to 5.8% in September 2020 from 8.9% a year ago: the deceleration was recorded across the population groups (i.e., rural, semi-urban, urban and metropolitan). Annual growth (Y-o-Y) in credit by private sector banks moderated significantly to 6.9% in September 2020 from 14.4% a year ago, whereas it increased marginally for public sector banks to 5.7% from 5.2% over the same period.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 6,03,92,439 with 14,21,308 deaths. India reported 4,52,344 active cases of COVID-19 infection and 1,35,223 deaths while 86,79,138 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Pharma index was up 0.31% to 11,671.65. Biocon (up 0.88%), Torrent Pharma (up 0.79%), Alkem Laboratories (up 0.78%), Divis' Laboratories (up 0.71%) and Aurobindo Pharma (up 0.46%) advanced.

Stocks in Spotlight:

Fine Organic Industries fell 0.90%. The company has informed that new manufacturing facility situated at Additional MIDC Patalganga, Maharashtra has started its operations from 25 November 2020.

Tanla Platforms hit an upper circuit of 5% at Rs 583.65 after Massachusetts Institute of Technology (MIT) and Vantage Equity Fund bought stake in the company via bulk deals on Wednesday (25 November 2020).

As per the bulk data on the BSE, MIT purchased 9.85 lakh shares, or 0.72% equity, of Tanla Platforms while Vantage Equity Fund bought 6.85 lakh shares, 0.5% equity, of the company. Banyan Investments sold 16.70 lakh shares, or 1.23% equity. All three deals were struck at an average price of Rs 524.30 per share.

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