The headline equity indices continued to trade with major losses in the early afternoon trade. The Nifty traded below the 17,450 mark. Financial services shares extended losing run for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 667.43 points or 1.13% to 58,452.29. The Nifty 50 index declined 210.05 points or 1.19% to 17,419.75.

In the broader market, the S&P BSE Mid-Cap index lost 1.19% while the S&P BSE Small-Cap index fell 0.83%

The market breadth was weak. On the BSE, 1,115 shares rose, and 2,155 shares fell. A total of 147 shares were unchanged.

Investor sentiment sunk to extremely depressed levels of bullishness in the aftermath of the US Fed's supersized rate hike and ultra-hawkish outlook to tame sticky inflation.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 5.77% to 19.90. The Nifty 29 September 2022 futures were trading at 17,411.85, at a discount of 7.9 points as compared with the spot at 17,419.75.

The Nifty option chain for the 29 September 2022 expiry showed maximum Call OI of 76.3 lakh contracts at the 18,000 strike price. Maximum Put OI of 59.5 lakh contracts were seen at 17,500 strike price.

Buzzing Index:

The Nifty Financial Services index slipped 2.32% to 17,976.15, extending its losing run for the third session.The index tumbled 4.13% in three trading sessions.

Cholamandalam Investment & Finance Company Ltd (down 4.67%), Shriram Transport Finance Company Ltd (down 3.03%), HDFC Bank Ltd (down 2.48%), Housing Development Finance Corporation Ltd (down 2.38%), Axis Bank Ltd (down 2.29%) , SBI Cards & Payment Services Ltd (down 2.27%), Bajaj Finance Ltd (down 2.12%), State Bank of India (down 1.86%), Kotak Mahindra Bank Ltd (down 1.81%) and ICICI Bank Ltd (down 1.71%) slumped.

Stocks in Spotlight:

Shilpa Medicare rose 1.43% after the company said that its Analytical Services Division situated at Nacharam, Hyderabad, Telangana has received US FDA clearance the Establishment Inspection Report (EIR) for the inspection performed during 26 April 2022 to 29 April 2022.

Sterling and Wilson Renewable Energy rallied 4.50% after its wholly owned step down subsidiary, Sterling and Wilson Solar Solutions Inc, along with its consortium partner signed a Memorandum of Understanding (MoU) with the Government of the Federal Republic of Nigeria to deliver the development, design, construction and commissioning of solar photovoltaic power plants with total installed capacity of 961 MWdc at five different locations (“Projects”) in the Federal Republic of Nigeria along with battery energy storage systems with total installed capacity of 455 MWh.

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