Barometers trade with decent gains; metal shares decline

The domestic equity baometers continued to trade with decent gains in early afternoon trade. The Nifty hovered near the 17,650 level. Metal shares witnessed across the board selling.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 313.74 points or 0.53% to 59,516.64. The Nifty 50 index gained 80.05 points or 0.46% to 17,644.

In the broader market, the S&P BSE Mid-Cap index shed 0.23% while the S&P BSE Small-Cap index gained 0.03%.

The market breadth was positive e. On the BSE, 1,752 shares rose and 1,539 shares fell. A total of 148 shares were unchanged.

A strong weekly jobless claims in the US and hawkish comments from the US Fed`s Philadelphia President Patrick Harker bolstered concerns about the central bank sticking to aggressively hiking the interest rates further, potentially pushing the American economy to recession.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 2.37% to 16.82. The Nifty 27 October 2022 futures were trading at 17,635.50, at a discount of 8.5 points as compared with the spot at 17,644.

The Nifty option chain for the 27 October 2022 expiry showed maximum Call OI of 82.5 lakh contracts at the 18,000 strike price. Maximum Put OI of 78.7 lakh contracts were seen at 17,500 strike price.

Buzzing Index:

The Nifty Metal index slipped 0.68% to 5,762.15. The index had advanced 1.14% to end at 5,801.70 yesterday.

Steel Authority of India (down 1.7%), Hindustan Copper (down 1.5%), Hindalco Industries (down 1.28%), JSW Steel (down 1.13%) and Jindal Steel & Power (down 1.08%) were the top losers.

Among the other losers were Vedanta (down 0.74%), Tata Steel (down 0.55%), Ratnamani Metals & Tubes (down 0.5%), Adani Enterprises (down 0.4%) and MOIL (down 0.39%).

Concurrently, Hindustan Zinc (up 0.75%), Jindal Stainless (up 0.68%) and APL Apollo Tubes Ltd (up 0.52%) edged higher.

Stocks in Spotlight:

Mphasis tumbled 4.70%. The IT firm has reported 4.1% rise in consolidated net profit to Rs 418.46 crore on a 3.2% increase in net sales to Rs 3,519.82 crore in Q2 FY23 over Q1 FY23. As compared with Q2 FY22, the company`s revenue and net profit are higher by 22.6% and 22.7%, respectively.

Indian Energy Exchange (IEX) slipped 3.09%. The company`s consolidated net profit declined 8.4% to Rs 71.20 crore on 13.8% decrease in net sales to Rs 95.20 crore in Q2 FY23 over Q2 FY22.

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