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Broader mkt underperforms; Nifty hovers above 22,500; metal shares shine

Published on May 31, 2024 11:33

The headline equity indices traded with small gains in mid-morning trade. The Nifty hovered above the 22,500 level. Metal shares gained after declining in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 134.84 points or 0.18% to 74,019.34. The Nifty 50 index rose 30.45 points or 0.14% to 22,519.10.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.53% and the S&P BSE Small-Cap index rose 0.02%.

The market breadth was negative. On the BSE, 1,524 shares rose and 2,129 shares fell. A total of 117 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 0.87% to 9,628.30. The index slipped 3.01% in the previous trading session.

Jindal Stainless (up 3.94%), Adani Enterprises (up 3.04%), Ratnamani Metals & Tubes (up 1.71%), Hindustan Zinc (up 1.67%), NMDC (up 0.92%), Tata Steel (up 0.64%), Vedanta (up 0.12%) and Jindal Steel & Power (up 0.08%) edged higher.

On the other hand, Welspun Corp (down 8.4%), APL Apollo Tubes (down 4.26%) and Hindalco Industries (down 0.73%) slipped.

Stocks in Spotlight:

Tube Investments of India rose 0.75%. The company�s arm acquired a 23.69% stake in IPLTech Electric for Rs 185 crore. The company�s stake now stands at 89.46%, up from 65.77% earlier.

Welspun Corp tumbled 7.27%. The company�s consolidated net profit rose 13.53% to Rs 267.84 crore in the quarter ended March 2024 as against Rs 235.93 crore during the previous quarter ended March 2023. Sales rose 9.61% to Rs 4461.17 crore in the quarter ended March 2024 as against Rs 4070.15 crore during the previous quarter ended March 2023.

Global Markets:

Asian stocks advanced on Friday as investors awaited inflation readings from Europe and the U.S., which will likely dictate the path of interest rates globally. China stocks rose, even though the nation`s manufacturing activity unexpectedly fell in May. This weak economic data fueled calls for additional government stimulus to counteract the ongoing property crisis, which is still impacting businesses, consumers, and investor confidence.

U.S. stocks fell further on Friday on concerns about a delayed interest rate cut. The Dow Jones Industrial Average dropped 0.86%, the Nasdaq Composite fell 1.0%, and the S&P 500 closed down 0.6%.

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