Barometers continue to trade with decent gains; metal shares decline

The domestic equity barometers continued to trade with decent gains in mid-afternoon trade. The Nifty, however, traded below the 17,700 level. Metal shares witnessed some bit of profit booking after advancing in the past four sessions. Gains in domestic equity benchmarks mirrored the uptick in global peers.

At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 459.07 points or 0.78% to 59,487.98. The Nifty 50 index added 117.45 points or 0.67% to 17,741.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index advanced 0.55%.

The market breadth was strong. On the BSE, 2,097 shares rose and 1,307 shares fell. A total of 128 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper slipped to 7.141 as compared with 7.185 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 79.7325, compared with its close of 79.9550 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement rose 0.03% to Rs 50,522.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 109.85.

In the commodities market, Brent crude for November 2022 settlement declined 2 cents or 0.02% to $87.98 a barrel.

Buzzing Index:

The Nifty Metal index slipped 0.90% to 6,011.50. The index had gained 3.19% in the past four sessions.

Hindalco Industries (down 2.33%), Tata Steel (down 1.67%), APL Apollo Tubes (down 1.49%), Ratnamani Metals & Tubes (down 1.06%) and Steel Authority of India (down 0.85%) were the top losers.

Among the other losers were Hindustan Copper (down 0.84%), Jindal Steel & Power (down 0.53%), National Aluminium Company (down 0.37%), Adani Enterprises (down 0.28%) and Hindustan Zinc (down 0.07%).

Meanwhile, Welspun Corp (up 3.98%) and Jindal Stainless (up 0.79%) turned up.

Stocks in Spotlight:

Pennar Industries gained 0.93%. The company secured orders worth Rs 511 crore across its various business verticals.

Websol Energy Systems hit an upper circuit limit of 10%. The company said it has entered into a term sheet for establishment of a joint venture with AMP to manufacture and produce solar cells in West Bengal.

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