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Broader market outperforms as equity barometers turn negative; metal stocks in demand

Published on Dec 18, 2023 12:30

The equity benchmark indices slipped below the flat line and traded in the negative zone in early afternoon trade. The Nifty traded tad above the 21,450 mark. Metal shares managed to edge higher for sixth day in a row.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 47.68 points or 0.07% to 71,436.07. The Nifty 50 index lost 2.25 points or 0.01% to 21,454.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.46% and the S&P BSE Small-Cap index gained 0.63%.

The market breadth was weak. On the BSE, 2,276 shares rose and 1,487 shares fell. A total of 162 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, surged 7.29% to 14.09. The Nifty 28 December 2023 futures were trading at 21,486.90, at a premium of 32.5 points as compared with the spot at 21,454.40.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 37 lakh contracts at the 22,000 strike price. Maximum Put OI of 52.2 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Metal index added 0.66% to 7,784.45. The index has gained 5.73% in six consecutive sessions.

National Aluminium Company (up 5.65%), Steel Authority of India (up 3.1%), Jindal Stainless (up 2.21%), Jindal Steel & Power (up 1.88%) and Vedanta (up 1.59%) were the top gainers.

Among the other gainers were Hindustan Copper (up 1.55%), Hindalco Industries (up 0.72%), NMDC (up 0.54%), Tata Steel (up 0.44%) and APL Apollo Tubes (up 0.26%).

On the other hand, JSW Steel (down 1.7%), Ratnamani Metals & Tubes (down 0.73%) and Welspun Corp (down 0.39%) moved lower.

Stocks in Spotlight:

Droneacharya Aerial Innovations rose 1.38%. The company announced that it has secured a contract from the Ministry of Defense to supply drone lab equipments aimed at facilitating drone simulator training.

Landmark Cars zoomed 6.51%. The company announced that it has received an approval from Mercedes-Benz India for opening a workshop at Hyderabad.

Separately, on Friday (December 15), Landmark Cars informed that it has received a Letter of Intent from MG Motor India for opening dealership in the Ahmedabad, Gujarat. This dealership will be established by Aeromark Cars, a wholly owned subsidiary of Landmark Cars.

Mankind Pharma advanced 1.92%. The company said that it has made investment of GBP 999,900 (approximately Rs 10.52 crore) in Actimed Therapeutics for acquiring additional 1.29% of its paid-up ordinary share capital.

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