Reliance Industries and HDFC twins have combinedly contributed more than 50 points. The sell-off is not just restricted to the large-cap, but it's broad-based; hence, Nifty Midcap 100 and Smallcap is also down by 0.92 per cent and 0.52 per cent, respectively. Market breadth is in the favour of the declines.   

Talking about the sectoral performance, barring Nifty Pharma & Nifty Energy, all other indices were seen trading in green with Nifty Realty, Nifty Media, and Nifty Bank being the top gainers.   

On the options front, Nifty 15,700 Put options have seen the addition of 15.57 lakh shares in the open interest. With this, the total open interest in the 15,700 Put option rises to 40.56 lakh shares. On the Call side, Nifty 15,800 Call option has seen maximum addition of open interest in today’s session.   

In the last half an hour, the 15,800 Put option has also seen massive open interest addition of 20.63 lakh shares. 

Among stock-specific action, RS Software (India) Ltd, Hisar Metal Industries, Compucom Software, and KM Sugar Mills got locked at the upper circuit.   

On the options front, Nifty 15,700 Put option has seen a massive addition in the open interest of over 18.4 lakh in today’s session and with this, the maximum concentration of open interest on the Put side stands at 15,700 strike.

Among sectoral indices, Nifty IT is trading with gains of 1.45 per cent. Interestingly, the top two contributors in Nifty 50 are from Nifty IT namely, Infosys and TCS that have combinedly contributed 33 points to Nifty’s kitty. 

Cues from the options data show that the level of 15,700 is a significant level to watch out for. The maximum open interest concentration on Call & Put side is seen at this strike. Interestingly, more than 25 lakh shares have been added in 15,700 Put option in today’s session itself.

RBI has said that going forward, the inflation trajectory is likely to be shaped by uncertainties impinging on the upside as well as the downside. The rising trajectory of international commodity prices, especially of crude, together with logistics costs, pose upside risks to the inflation outlook

Interestingly, the volatility index i.e. India VIX has plunged a whopping 9.5 per cent and it is seen trading below the 16 mark.  Barring Nifty Auto, all other indices were trading in the green, with Nifty Realty leading from the front.