Sensex slumps 946 pts; Nifty below 23,950; VIX soars 5%

The headline equity benchmarks traded with major losses in early afternoon trade, as investor sentiment turned cautious amid rising geopolitical tensions following a deadly terrorist attack on tourists in Kashmir. The incident cast a shadow over the markets, with escalating tensions between India and Pakistan triggering a risk-off mood.

Meanwhile, the ongoing earnings season has done little to lift the mood, with a slew of companies missing estimates and reporting weaker-than-expected numbers, adding another layer of caution to an already jittery market.

The Nifty slipped below the 23,950 mark. Realty shares extended losses for two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex tumbled 945.99 points or 1.16% to 78,877.29. The Nifty 50 index dropped 304.50 points or 1.26% to 23,942.20.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index fell 2.40% and the S&P BSE Small-Cap index slipped 2.81%.

The market breadth was weak. On the BSE, 514 shares rose and 3,313 shares fell. A total of 117 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 5% to 17.06. The Nifty 29 May 2025 futures were trading at 24,053.40, at a premium of 111.2 points as compared with the spot at 23,942.20.

The Nifty option chain for the 24 April 2025 expiry showed a maximum call OI of 34.3 lakh contracts at the 24,500 strike price. Maximum put OI of 39.9 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty Realty index fell 2.43% to 862.65. The index tumbled 3.80% in two consecutive trading sessions.

Anant Raj (down 6.48%), DLF (down 4.28%), Sobha (down 4.17%), Oberoi Realty (down 4%), Prestige Estates Projects (down 3.49%), Godrej Properties (down 3.4%), Brigade Enterprises (down 2.93%), Raymond (down 2.9%), Phoenix Mills (down 1.76%), and Macrotech Developers (down 1.74%) are down.

Macrotech Developers fell 1.74%. The company reported a 38.49% jump in consolidated net profit to Rs 921.7 crore in Q4 FY25 as against Rs 665.5 crore posted in Q4 FY24. Revenue from operations rose 5.12% YoY to Rs 4,224.3 crore in the quarter ended 31 March 2025.

Stocks in Spotlight:

Mphasis advanced 3.93% after the company's consolidated net profit grew 4.36% to Rs 446.49 crore in Q4 FY25, compared with Rs 427.81 crore in Q3 FY25. Revenue from operations rose 4.17% to Rs 3,710 crore in Q4 FY25 as against Rs 3,561.3 crore posted in Q3 FY25.

Meanwhile, the company recommended a dividend of Rs 57 per share, which is subject to the approval of shareholders.

SBI Cards and Payment Services slumped 6.28% after the company reported a 19% fall in net profit to Rs 534 crore despite an 8% increase in total income to Rs 4,832 crore in Q4 FY25 as compared with Q4 FY24.

SBI Life Insurance Company jumped 4.30% after the company's net profit rose marginally to Rs 813.51 crore in Q4 FY25 as against Rs 810.80 crore posted in Q4 FY24. Total income dropped 35.66% YoY to Rs 24,169.41 crore in the quarter ended 31 March 2025.

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