Nifty trades above 14,300; metal shares correct

The key equity barometers were trading with steep losses in mid-afternoon trade. Metal shares witnessed some bit of profit taking after a three-day winning streak. At 14:23 IST, the barometer index, the S&P BSE Sensex, dropped 934.04 points or 1.91% to 47,897.99. The Nifty 50 index tumbled 284.55 points or 1.95% to 14,333.30.

A spike in domestic coronavirus cases and localized lockdown being announced by various state governments dented investors sentiment.

In the broader market, the S&P BSE Mid-Cap index lost 1.77%. The S&P BSE Small-Cap index declined 1.49%.

Sellers outnumbered buyers. On the BSE, 690 shares rose and 2206 shares fell. A total of 199 shares were unchanged.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 74.8150 compared with its previous closing of 74.35.

The yield on 10-year benchmark federal paper rose to 6.076% as compared to its previous close of 6.088%.

MCX Gold futures for 4 June 2021 settlement rose 0.84% to Rs 47,752.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, slipped 0.46% to 91.13.

In the commodities market, Brent crude for June 2021 settlement rose 11 cents to $ 66.88 a barrel. The contract declined 0.25% to settle at $66.77 in the previous trading session.

Buzzing Index:

The Nifty Metal index fell 1.15% to 4,383.20. The index had gained 5.67% in the past three sessions.

Hindustan Copper (down 5.54%), APL Apollo Tubes (down 4.74%), Welspun Corp (down 3.38%), SAIL (down 3.11%), Coal India (down 2.58%), Mishra Dhatu Nigam (down 2.54%), Hindustan Zinc (down 2.35%), MOIL (down 2.23%), Hindalco Industries (down 2.18%), NMDC (down 2.04%) and National Aluminum Company (down 1.53%) declined.

Stocks in Spotlight:

Jubilant Pharmova surged 7.78% to Rs 780.45. The company`s subsidiary, Jubilant Pharma announced the development of a novel oral formulation of Remdesivir with successful completion of safety and pharmacokinetic/absorption studies in animals and healthy human volunteers. Jubilant has sought authorization for additional studies for this novel oral formulation from the Drug Controller General of India (DCGI).

Caplin Point Laboratories jumped 6.32% to Rs 495.65. Caplin Steriles, a subsidiary company of Caplin Point Labs, has been granted final approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA) Milrinone Lactate Injection. It is indicated for the short-term intravenous treatment of patients with acute decompensated heart failure.

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