Sensex slumps 379 pts; Nifty below 25,050 mark; VIX jumps 2.17%

The headline equity benchmarks traded with minor losses in early afternoon trade. The Nifty traded below the 25,050 mark. Financial Services extended losses for third consecutive day.

At 12:30 IST, the barometer index, the S&P BSE Sensex declined 378.66 points or 0.46% to 82,124.55. The Nifty 50 index lost 103.46 points or 0.41% to 25,046.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.54% and the S&P BSE Small-Cap index added 0.26%.

The market breadth was negative. On the BSE, 1,843 shares rose and 2,169 shares fell. A total of 182 shares were unchanged.

Economy:

India's forex reserves dropped by $3.049 billion to $699.736 billion in the week ended July 4, the RBI said on Friday.

For the week ended July 4, foreign currency assets, a major component of the reserves, dropped by $3.537 billion to $591.287 billion, the data released on Friday showed.

The gold reserves were up by $342 million to $84.846 billion during the week, the RBI said.

India's reserve position with the IMF jumped by $107 million to $4.735 billion in the reporting week, the apex bank data showed.

The wholesale price index (WPI) eased to -0.13% in June 2025, according to data released by the Commerce and Industry ministry on Monday.

Since March the WPI has been declining steadily, hitting a 14-month-low of 0.39% in the previous month.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.17% to 12.08. The Nifty 31 July 2025 futures were trading at 25,113.10 at a premium of 74.95 points as compared with the spot at 25,157.05.

The Nifty option chain for the 31 July 2025 expiry showed a maximum call OI of 52.7 lakh contracts at the 25,500 strike price. Maximum put OI of 65.5 lakh contracts was seen at 25,000 strike price.

Buzzing Index:

The Nifty Financial Services index shed 0.35% to 26,757.95. The index slipped 0.83% in the three consecutive trading sessions.

Jio Financial Services (down 1.64%), Bajaj Finance (down 1.5%), SBI Cards & Payment Services (down 1.18%), Bajaj Finserv (down 1.1%), Power Finance Corporation (down 0.82%), HDFC Asset Management Company (down 0.76%), Kotak Mahindra Bank (down 0.5%), HDFC Bank (down 0.43%), Axis Bank (down 0.41%) and REC (down 0.24%) declined

On the other hand, Muthoot Finance (up 1.3%), LIC Housing Finance (up 0.34%) and HDFC Life Insurance Company (up 0.28%) added.

Stocks in Spotlight:

Apeejay Surrendra Park Hotels shed 0.09%. The company said it has entered into a memorandum of understanding (MoU) with Katsons Hotel & developer and Ved Parkash Kataria to acquire on lease and manage properties located in Goa, Manali, Shimla, and Dharamshala.

Oriana Power jumped 4.66% after the company secured an order worth Rs 212.31 crore from Karnataka Power Transmission Corporation (KPTCL) for setting up 50 MW/100 MWh standalone Battery Energy Storage Systems (BESS).

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