Mid Session

The benchmark indices hit fresh intraday low in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, dropped 279.40 points or 0.45% at 61,436.65. The Nifty 50 index lost 106.95 points or 0.58% at 18,311.80.

The broader market tumbled. The S&P BSE Mid-Cap index shed 1.41% while the S&P BSE Small-Cap index declined 1.82%.

The market breadth was weak. On the BSE, 887 shares rose and 2,274 shares fell. A total of 138 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 4.57% to 18.1775. The Nifty 28 October 2021 futures were trading at 18,315, at a premium of 3.20 points as compared with the spot at 18,311.80.

The Nifty option chain for 28 October 2021 expiry showed maximum Call OI of 24.3 lakh contracts at the 18,500 strike price. Maximum Put OI of 25.6 lakh contracts was seen at 17,500 strike price.

Buzzing Index:

The Nifty Metal index lost 2.43% to 5,950.95. The index has shed 4.83% in two trading sessions.

National Aluminium Co. (down 5.35%), Hindustan Copper (down 4.36%), Vedanta (down 4.10%), Hindalco Industries (down 3.99%) and Hindustan Zinc (down 3.68%) were the major losers in the Metal segment.

Stocks in Spotlight:

Honeywell Automation India fell 0.24%. The company was selected to lead the Bengaluru Safe City project under the Nirbhaya Fund by the Government of India. The initiative of the Ministry of Home Affairs, aims to create a safe, secure and empowering environment for women and girls in public places to enable them to pursue all opportunities without the threat of gender-based violence or harassment. The Bengaluru Safe City project is valued at Rs 496.57 crore (i.e. $67 million).

NBCC (India) declined 2.11%. The firm said that it has been has been awarded the work order for engagement as Independent Engineer for operations, Management and Development of Jaipur International Airport. NBCC is the project management consultant for providing independent engineer services amounting to Rs 12.40 crore.

Separately, the government-backed company also said that it has been awarded the work of construction and Infrastructure Development at University of Delhi. NBCC is the project management consultant for this project, the value of which is Rs 77.91 crore.

Ipca Laboratories slipped 1.08%. The pharmaceutical company said its board will consider 2-for-1 stock split on 13 November 2021. The board will consider splitting each share of face value Rs 2 each into two shares of face value of Re 1 each. On 13 November 2021, the company's board will also consider Q2 results and interim dividend.

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