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Barometers turn range bound; breadth negative

Published on Jun 06, 2022 14:32

The domestic equity benchmarks continued hovering near the flat line in the mid-afternoon trade. The Nifty traded above the 16,550 mark. Metals and banks shares were in the green while media, realty and consumer durables stocks declined.

At 14:23 IST, the barometer index, S&P BSE Sensex was down 26.12 points or 0.05% to 55,743.11. The Nifty 50 index fell 11.45 points or 0.07% to 16,572.85.

The broader market recovered. The S&P BSE Mid-Cap index was down 0.24% while the S&P BSE Small-Cap index was down 0.57%.

The market breadth was negative. On the BSE, 1,354 shares rose while 1,982 shares fell. A total of 169 shares were unchanged.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 7.505% as compared with 7.490% at close in the previous trading session.

In the foreign exchange market, the rupee remained stable against the dollar. The partially convertible rupee was hovering at 77.66, compared with its close of 77.66 during the previous trading session.

MCX Gold futures for (3 June 2022) settlement rose 0.20% to Rs 51,070.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.23% to 101.90.

In the commodities market, Brent crude for August 2022 settlement rose 63 cents or 0.53% at $ 120.35 a barrel.

Buzzing Index:

The Nifty Metal index rose 1.21% to 5,393.05. The index lost 1.27% in the past trading session.

Among the components of the Nifty Metal index, Ratnamani Metals & Tubes Ltd (up 3.83%), JSW Steel Ltd (up 2.95%), Welspun Corp Ltd (up 2.85%), Jindal Steel & Power Ltd (up 1.6%) and Vedanta Ltd (up 1.47%) were the top gainers.

Stocks in Spotlight:

Kolte-Patil Developers (KPDL) was up 0.04% to Rs 258.05. The company has partnered with Tata Power Company to set up charging stations across its projects in the cities of Pune, Mumbai and Bengaluru for providing comprehensive charging solutions to the EV owners. The real estate developer said that Tata Power with its expertise and proven track record to provide EV charging facilities will offer EV charging to residential customers of Kolte-Patil Developers, further easing their e-mobility journey, providing a uniform and ubiquitous EV charging experience.

RattanIndia Power declined 3.59% to Rs 4.03 after the company on Saturday announced that Vibhav Agarwal has resigned from the post of managing director (MD) due to personal reasons. Agarwal also ceased to be key managerial personnel of the company from 3 June 2022. Asim Kumar De, whole time director of RattanIndia Power, has been assigned additional responsibilities to discharge the functions which were earlier assigned to managing director, for interim period, till the time a new managing director is appointed by the company.

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