At 12:30 IST, the barometer index, the S&P BSE Sensex, tumbled 832.52 points or 1.04% to 79,355.91. The Nifty 50 index dropped 219.50 points or 0.91% to 23,979.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.30% and the S&P BSE Small-Cap index fell 0.76%.

The market breadth was weak. On the BSE, 1,553 shares rose and 2,322 shares fell. A total of 110 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.26% to 14.34. The Nifty 26 December 2024 futures were trading at 24,040, at a premium of 60.65 points as compared with the spot at 23,979.35.

The Nifty option chain for the 26 December 2024 expiry showed a maximum Call OI of 78 lakh contracts at the 25,000 strike price. Maximum put OI of 71.2 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty IT index declined 1.29% to 44,938.15. The index added 0.24% in the past trading session.

LTIMindtree (down 4.57%), Infosys (down 2.56%), Mphasis (down 2.39%), L&T Technology Services (down 1.84%), Tech Mahindra (down 1.53%), HCL Technologies (down 1.29%), Tata Consultancy Services (down 1.24%), Wipro (down 1.07%) slipped.

On the other hand, Coforge (up 1.41%) and Persistent Systems (up 0.62%) added.

Stocks in Spotlight :

Spicejet jumped 7.32% after the company reached an amicable settlement with Genesis, resolving their over $16 million dispute.

Nazara Technologies fell 1.76%. The company said that its subsidiary Nodwin Gaming has entered into a share purchase agreement with AFK Gaming and its shareholders for acquiring a 92.30% stake in AFK for an aggregate consideration of Rs 7.58 crore.

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