Barometers trade with minor cuts; Nifty below 17,550

The key equity indices gave up all the gains and traded with small losses in the morning trade. The Nifty slipped below the 17,550 mark after hitting the day`s high at 17,643.85 in the early trade. Metal stocks declined for the second straight day. Asian stocks are trading mixed.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 46.95 points or 0.08% to 58,719.64. The Nifty 50 index lost 9.30 points or 0.05% to 17,533.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index advanced 0.44%.

The market breadth was strong. On the BSE, 1,816 shares rose and 1,290 shares fell. A total of 159 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,290.31 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 951.13 crore in the Indian equity market on 1 September, provisional data showed.

Buzzing Index:

The Nifty Metal index declined 0.55% to 5,846.80, continuing its falling streak to the second day. The index slipped 1.47% in two trading sessions.

Among the components of the Nifty Metal index, Vedanta (down 1.84%), Jindal Steel & Power (down 1.69%), Hindalco Industries (down 1.58%), Hindustan Copper (down 1.5%), Steel Authority of India (down 1.42%), Jindal Stainless (down 1.12%), Tata Steel (down 0.99%), National Aluminium Company (down 0.9%) and JSW Steel (down 0.73%) were the losers.

On the other hand, Welspun Corp (up 1.69%), Adani Enterprises (up 1.24%) and Ratnamani Metals & Tubes (up 0.5%) edged higher.

Stocks in Spotlight:

Birla Corporation rose 0.43%. The company said that it has permanently closed the manufacturing establishment at its unit namely, Auto Trim Division, Gurgaon w.e.f. 1st September, 2022. The company said that there is no binding agreement entered for sale of the Unit-Auto Trim Division, Gurgaon.

Confidence Petroleum India jumped 2.76% after the company said that its board will meet on Tuesday, 06 September 2022, to consider a proposal of fund raising through issue of shares /share warrants on the basis of preferential allotment.

Ugro Capital advanced 3.29% after the company on Thursday (1 September 2022) announced the appointment of Kishore Lodha as its chief financial officer (CFO) with effect from 15 September 2022. Lodha is a qualified CA and brings with him 20+ years of Industry experience. He is currently the CFO of Hinduja Leyland Finance.

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