BAROMETERS TRADE NEAR FLAT LINE; METAL SHARES SHINE FOR 8TH DAY

The benchmark indices continued to trade near flat line with negative bias in the morning trade. The Nifty hovered below the 22,500 level. Metal shares witnessed buying demand for the tenth consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 202.48 points or 0.27% to 73,803.46. The Nifty 50 index lost 31.85 points or 0.14% to 22,470.15.

In the broader market, the S&P BSE Mid-Cap index added 0.13% and the S&P BSE Small-Cap index fell 0.10%.

The market breadth was negative. On the BSE, 1,683 shares rose and 1,915 shares fell. A total of 190 shares were unchanged.

Results Today :

BHEL (up 2.73%), NMDC (up 1.46%), Eris Lifesciences (down 0.37%), Metropolis Healthcare (up 1.31%), JK Tyre (up 0.17%), PI Industries (up 0.27), Hitachi Energy India (down 3.65%), GE T&D (up 4.71%), Ircon International (up 6.63%), Maharashtra Seamless (down 3.58%), Aether Industries (down 1.79%), Sheela Foam (up 0.09%), Galaxy Surfactants (down 0.86%), Rategain travel Technologies (up 0.63%), Laxmi Organic Industries (down 1.18%), Arvind Fashions (up 0.17%), Gulf Oil Lubricants (up 0.12%), VA Tech Wabag (up 2.65%), Greenply Industries (up 0.85%), Dollar Industries (up 1.79%) and Fiem Industries (up 1.55) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Metal index gained 1.83% to 9,784.30. The index rallied 10.66% in eight trading sessions.

Vedanta (up 3.69%), Hindustan Zinc (up 3.35%), JSW Steel (up 2.66%), Hindalco Industries (up 2.2%), APL Apollo Tubes (up 2.11%) NMDC (up 1.62%), Jindal Steel & Power (up 1.61%), Tata Steel (up 1.4%), Steel Authority of India (up 1.18%) and National Aluminium Company (up 0.88%) advanced.

On the other hand, Welspun Corp (down 2.03%), Jindal Stainless (down 0.84%) and Ratnamani Metals & Tubes (down 0.53%) edged lower.

Stocks in Spotlight:

Solara Active Pharma Sciences advanced 2.83% after the company said that US Food and Drug Administration (USFDA) has successfully completed the inspection at its multipurpose API manufacturing facility at Visakhapatnam, Andhra Pradesh.

Trident tumbled 6.17% after the textile producer�s consolidated net profit slipped 56.37% to Rs 56.61 crore in Q4 FY24 as against Rs 129.74 crore in Q4 FY23. Revenue from operations rose 6.93% year on year (YoY) to Rs 1,682.26 crore in the quarter ended 31 March 2024.

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