The domestic equity benchmarks traded with small cuts in early afternoon trade. The Nifty traded below the 24,850 mark. Realty shares extended losses for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 75.34 points or 0.09% to 81,406.52. The Nifty 50 index lost 23.20 points or 0.10% to 24,833.35.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.58% and the S&P BSE Small-Cap index fell 0.36%.

The market breadth was weak. On the BSE, 1,494 shares rose and 2,270 shares fell. A total of 190 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 4.30% to 11.69. The Nifty 31 July 2025 futures were trading at 24,935.60, at a premium of 102.25 points as compared with the spot at 24,833.35.

The Nifty option chain for the 31 July 2025 expiry showed a maximum call OI of 181.1 lakh contracts at the 25,000 strike price. Maximum put OI of 267.3 lakh contracts was seen at 24,700 strike price.

Buzzing Index:

The Nifty Realty index fell 1.06% to 907.95. The index dropped 2% in two consecutive trading sessions.

Oberoi Realty (down 1.81%), Anant Raj (down 1.7%), Prestige Estates Projects (down 1.53%), Phoenix Mills (down 1.41%), Raymond (down 1.4%), Brigade Enterprises (down 1%), Godrej Properties (down 0.94%), Sobha (down 0.89%), DLF (down 0.49%) and Lodha Developers (down 0.3%) declined.

Stocks in Spotlight:

Mahindra & Mahindra rose 0.41%. The company' standalone net profit surged 32% to Rs 3,449.84 crore in Q1 FY26 as against Rs 2,612.63 crore recorded in Q1 FY25. Revenue from operations increased 26.1% year on year (YoY) to Rs 34,083.23 crore in the quarter ended 30 June 2025.

JB Chemicals & Pharmaceuticals fell 1.67%. The company reported consolidated net profit surged 14.45% to Rs 202.38 crore on an 8.91% jump in revenue from operations to Rs 1,093.94 crore in Q1 FY26 over Q1 FY25.

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