The key domestic indices pared some losses and traded with moderate losses in the early- afternoon trade. The Nifty traded above the 24,250 mark after hitting day's low of 24,141.80 in morning trade. Media shares declined after advancing in the previous trading session.

At 12:25 ST, the barometer index, the S&P BSE Sensex, was down 604.68 points or 0.75% to 79,750.88. The Nifty 50 index declined 172.65 points or 0.71% to 24,260.55.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index slipped 0.73% and the S&P BSE Small-Cap index tumbled 0.94%.

The market breadth was negative. On the BSE, 1,074 shares rose and 2,727 shares fell. A total of 120 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 2.50% to 14.64. The Nifty 25 July 2024 futures were trading at 24,298.55, at a premium of 38 points as compared with the spot at 24,260.55.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 32.7 lakh contracts at the 25,000 strike price. Maximum Put OI of 49.8 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Mediaindex slipped 1.66% to 2,013.25. The index rose 0.70% in the past trading session.

Saregama India (down 3.43%), Nazara Technologies (down 2.96%), TV18 Broadcast (down 2.23%), Zee Entertainment Enterprises (down 2.13%) and Hathway Cable & Datacom (down 2%), Network 18 Media & Investments (down 1.64%), Sun TV Network (down 1.36%), Dish TV India (down 0.98%), PVR Inox (down 0.96%) declined.

Stocks in Spotlight:

Krishna Institute of Medical Sciences (KIMS) added 2.24% after the company executed a share purchase agreement (SPA) to acquire 100% equity stake of Chalasani Hospitals Private for total consideration of Rs 75 crore.

Adani Ports and Special Economic Zone (APSEZ) rose 0.22%. The company said that it has received a letter of intent (LoI) for development, operation and maintenance of Berth No. 13 at Deendayal Port.