Domestic equity barometers extended losses and hit a fresh intraday low in early afternoon trade. The Nifty slipped below the 18,500 level. Bank stocks witnessed profit booking after advancing in the past four trading sessions.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 510.47 points or 0.81% to 62,458.66. The Nifty 50 index lost 135.15 points or 0.73% to 18,498.70.

In the broader market, the S&P BSE Mid-Cap index shed 0.07% while the S&P BSE Small-Cap index gained 0.13%.

The market breadth was negative. On the BSE, 1,539 shares rose and 1,848 shares fell. A total of 126 shares were unchanged.

Investor sentiment took a hit after disappointing economic data from China brewed more concerns over sluggish demand and weak recovery in the world's second largest economy.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 2.35% to 12.29. The Nifty 29 June 2023 futures were trading at 18,585, at a premium of 86.3 points as compared with the spot at 18,498.70.

The Nifty option chain for the 29 June 2023 expiry showed maximum Call OI of 39 lakh contracts at the 19,000 strike price. Maximum Put OI of 48 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Bank index fell 1.04% to 43,973.70, The index added 1.74% after rising in the past four trading sessions.

Axis Bank (down 2.03%), State Bank of India (down 1.86%), HDFC Bank (down 1.4%), AU Small Finance Bank (down 1.15%), IDFC First Bank (down 0.98%), ICICI Bank (down 0.79%), IndusInd Bank (down 0.52%), Bank of Baroda (down 0.46%), Punjab National Bank (down 0.39%) and Kotak Mahindra Bank (down 0.23%) edged lower.

Stocks in Spotlight:

Patanjali Foods shed 0.36%. The FMCG company's net profit rose 12.49% to Rs 263.71 crore on 18.15% increase in revenue from operations to Rs 7,872.92 crore in Q4 FY23 over Q4 FY22.

Rhi Magnesita India tumbled 8.47% after the company reported a consolidated net loss of Rs 679.36 crore in Q4 FY23 as against a net profit of Rs 99.84 crore recorded in Q4 FY22. Revenue from operations surged 47.89% to Rs 874.78 crore in Q4 FY23 from Rs 591.51 crore posted in Q4 FY22.

Prestige Estates Projects gained 1.75%. The company's consolidated net profit slipped 50.1% to Rs 468.40 crore in Q4 FY23 as against Rs 939.30 crore reported in the same period last year. However, revenue from operations rose 9.6% year on year (YoY) to Rs 2,631.80 crore in the quarter ended 31 March 2023.

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