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Equity benchmarks pare all losses; metal stocks decline

Published on Nov 16, 2023 10:31

The domestic equity benchmarks managed to pare all losses and moved higher in morning trade. The Nifty traded above the 19,700 mark. Metal stocks declined as profit booking emerged at higher levels.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 131.85points or 0.20% to 65,807.78. The Nifty 50 index added 35.15 points or 0.18% to 19,710.60.

In the broader market, the S&P BSE Mid-Cap index gained 0.25% while the S&P BSE Small-Cap index rose 0.43%.

The market breadth was strong. On the BSE, 2122 shares rose and 1267 shares fell. A total of 179 shares were unchanged.

Buzzing Index:

The Nifty Metal index declined 0.47% to 6,760.35. The index had advanced 2.92% in the past four sessions.

Vedanta (down 1.96%), Hindalco Industries (down 1.37%), Jindal Stainless (down 1.32%), JSW Steel (down 0.88%) and National Aluminium Company (down 0.8%) were the top losers.

Among the other losers were Adani Enterprises (down 0.65%), Jindal Steel & Power (down 0.59%), Tata Steel (down 0.44%), Hindustan Zinc (down 0.3%) and Steel Authority of India (down 0.06%).

On the other hand, Welspun Corp (up 4.92%), APL Apollo Tubes (up 1.54%) and Hindustan Copper (up 0.72%) turned up.

Stocks in Spotlight:

Bondada Engineering was locked in 5% upper circuit. has received work order from Bharat Sanchar Nigam for providing infrastructure as a Service (IaaSP) for supply and erection of GBT, Infrastructure as a Service Provider (IaaSP) for supply installation of Infrastructure Item and subsequent O&M for 5 years, amounting to Rs 34.35 crore for the Cluster of Lakshadweep.

Gensol Engineering rose 0.47%. The company has emerged as the successful lowest bidder for the engineering, procurement, and commissioning (EPC) contract for a groundbreaking green hydrogen-based mobility station in Kargil, Ladakh. Gensol has secured this project by demonstrating the techno-commercial competency in collaboration with Matrix Gas & Renewables (Matrix). This notable project, to be commissioned by the National Hydroelectric Power Corporation (NHPC), is aimed at operating buses powered by hydrogen fuel cells within the region.

TCI Express added 0.13%. The logistics solution provider stated that CRISIL has reaffirmed the credit rating of the company, in respect of bank loan facilities as "AA-/stable".

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