Domestic equity benchmarks erased intraday gains as selling pressure in information technology and auto heavyweights outpaced gains in power and energy stocks. The S&P BSE Sensex which rose as much as 179 points was trading 51 points or 0.14 per cent lower at 35,854 as of 1:16 pm. The broader NSE Nifty 50 Index also declined after hitting intraday high of 10,865. The index fell 0.14 per cent or 15 points to 10,792, below its psychologically important level of 10,800 ahead of expiry of derivative contracts for the month of February later in the day.
Fourteen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Utilities Index’s 1 per cent gain. Power, oil & gas and energy indexes also rose around a per cent each. On the other hand, S&P BSE Information Technology Index was top loser, down 0.7 per cent.
In the derivatives segment, Nifty’s 10,800 put option contract was among the most active option contracts on the National Stock Exchange with over 19.22 lakh shares added to the open interest which stood at over 40 lakh shares. At the same time, Nifty 10,900 call was among the most active call option contract with over 29 lakh shares added to the open interest, while the premium on the contract plunged 89 per cent.
From the Nifty 50 basket of shares, Tata Consultancy Services was top loser, down 2.64 per cent at Rs. 2,004. Hero MotoCorp, Indiabulls Housing Finance, Eicher Motors, Axis Bank and Bajaj Auto were also among the losers. On the other hand, ONGC was top gainer, up 3.15 per cent at Rs. 147. GAIL India, NTPC, Indian Oil, Power Grid, Coal India and Sun Pharma were also among the gaining stocks.