Barometers extend losses; metal shares decline

The domestic equity barometers extended losses in mid-morning trade. Negative global cues impacted sentiment. The Nifty continued to trade tad above the 17,250 mark. Metal shares saw across the board selling. Asian markets edged lower.

At 11:22 IST, the barometer index, the S&P BSE Sensex, was down 228.04 points or 0.39% to 57,994.06. The Nifty 50 index lost 77.30 points or 0.45% to 17,254.50.

In the broader market, the S&P BSE Mid-Cap index slipped 0.75% while the S&P BSE Small-Cap index shed 0.07 %.

The market breadth was positive. On the BSE, 1609 shares rose, and 1592 shares fell. A total of 134 shares were unchanged.

Economy:

The World Bank on Thursday projected a growth rate of 6.5% for the Indian economy for the fiscal year 2022-23, a drop of one percent from its previous June 2022 projections, citing deteriorating international environment.

In its latest South Asia Economic Focus released ahead of the annual meeting of the International Monetary Fund and the World Bank, the Bank, however, noted that India is recovering stronger than the rest of the world.

Buzzing Index:

The Nifty Metal index declined 1.13% to 5,889.80. The index had gained 6.49% in the past two sessions.

Jindal Steel & Power (down 2.91%), Steel Authority of India (down 2.18%), Jindal Stainless (down 2.17%), APL Apollo Tubes (down 1.57%) and Tata Steel (down 1.4%) were the top losers.

Among the other losers were JSW Steel (down 1.36%), Hindustan Zinc (down 1.35%), Welspun Corp (down 1.27%), Vedanta (down 1.21%) and National Aluminium Company (down 1.1%).

Stocks in Spotlight:

Zuari Agro Chemicals advanced 3.99%. The company`s board approved appointment of Manish Malik as chief financial officer (CFO) and key managerial personnel (KMP) with effect from Thursday, 6 October 2022.

Datamatics Global Services rose 2.89%. Datamatics and Scan-Optics, a leader in intelligent data management and digital transformation, announced that they have entered in a partnership to help organizations enhance automation of business operations.

Global Markets:

Asian stocks traded lower on Friday ahead of the monthly U.S. jobs report, which is likely to guide the Federal Reserve`s monetary decision in November. Markets in mainland China remain closed for a holiday.

Wall Street`s major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserve`s aggressive interest rate stance will lead to a recession.

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