Broader markets edge lower; metal shares fall for 3rd day
Published on Mar 28, 2023 12:30
The key equity barometers continued to trade in a volatile manner in early afternoon trade. The Nifty traded tad above the 16,950 mark. Metal shares declined for third consecutive session.
At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 42.63 points or 0.07% to 57,611.23. The Nifty 50 index lost 30.40 points or 0.18% to 16,955.30.
In the broader market, the S&P BSE Mid-Cap index fell 0.72% while the S&P BSE Small-Cap index was declined 0.89%.
The market breadth was weak. On the BSE, 952 shares rose and 2,410 shares fell. A total of 130 shares were unchanged.
The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 1.21% to 15.26. The Nifty 29 March 2023 futures were trading at 17,001.15, at a premium of 45.85 points as compared with the spot at 16,955.30.
The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 183.5 lakh contracts at the 17,000 strike price. Maximum Put OI of 142.6 lakh contracts were seen at 17,000 strike price.
The Nifty Metal index slipped 0.77% to 5,331.30. The index has fallen 3.03% in three sessions.
Adani Enterprises (down 6.89%), Jindal Stainless (down 4.08%), Welspun Corp (down 2.13%), MOIL (down 1.51%) and Hindustan Copper (down 1.25%) were the top losers.
Among the other losers were Vedanta (down 0.79%), Hindustan Zinc (down 0.73%), JSW Steel (down 0.4%), Jindal Steel & Power (down 0.28%) and National Aluminium Company (down 0.26%).
On the other hand, Hindalco Industries (up 0.85%), Ratnamani Metals & Tubes (up 0.67%) and APL Apollo Tubes (up 0.45%) turned up.
Stocks in Spotlight:
Sterlite Technologies fell 2.43%. The company announced that it has signed an amended and restated agreement to transfer its Telecom Products and Software business as an asset sale to Skyvera LLC.
Zydus Lifesciences was up 0.08%. The drug maker said that it has received final approval from US Food and Drug Administration (USFDA) for Levothyroxine Sodium injection and Doxepin Hydrochloride capsules.
Levothyroxine Sodium Injection is indicated for the treatment of myxedema coma. The drug will be manufactured at the group`s injectable manufacturing facility at Jarod, near Vadodara (India).
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