Equity benchmarks pare some gains; metal stocks edge higher
Published on Mar 27, 2023 11:28
The key equity indices some gains as they came off the day`s high in mid-morning trade. The Nifty slipped below the 17,000 mark. Metal stocks recorded across the board buying after Friday`s sell-off.
At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 157.64 points or 0.27% to 57,684.74. The Nifty 50 index advanced 51.05 points or 0.3% to 16,996.10.
Volatility continued to persist on the domestic bourses, with the NSE India Vix rising 2.11% to 15.56.
In the broader market, the S&P BSE Mid-Cap index fell 0.20% while the S&P BSE Small-Cap index slipped 1.15%.
Dhani Services (down 5.57%), Triveni Engineering & Industries (down 5.14%), Rossari Biotech (down 5.01%), Alok Industries (down 4.47%), RattanIndia Enterprises (down 4.76%) were the top losers in the broader market segment.
Vijaya Diagnostic Centre (up 5.25%), EPL (up 5.09%), Lupin (up 4.80%), Metropolis (up 2.97%) and Phoenix Mills (up 2.75%) were the top broader market outperformers.
The market breadth was weak. On the BSE, 949 shares rose, and 2451 shares fell. A total of 153 shares were unchanged.
Numerous global economic releases are scheduled for the final week of the current fiscal year 2022-2023. Absence of significant market triggers this week in the domestic market, investors and traders at home are likely to turn to the international markets for future direction.
Moreover, the week will witness the monthly derivatives series expiry for March on Wednesday, which shall induce some volatility in the domestic market.
The Nifty Metal index added 0.15% to 5,381.20. The index had fallen 2.27% to end at 5,372.90 in the previous trading session.
Hindalco Industries (up 1.63%), Hindustan Zinc (up 1.02%), Vedanta (up 0.87%), JSW Steel (up 0.35%), Tata Steel (up 0.24%) and Jindal Stainless (up 0.19%) edged higher.
Meanwhile, Adani Enterprises (down 2.34%), Welspun Corp (down 2.14%) and MOIL (down 1.52%), Laurus Labs (down 1.22%), Glaxosmithkline Pharmaceuticals (down 0.73%) and Pfizer (down 0.59%) moved lower.
Stocks in Spotlight:
Godawari Power & Ispat rose 1.58%. The company said that the sponge iron plant, power plants, steel melting shop (SMS plant), rolling mill and wire drawing plants at Siltara, Chhattisgarh have partially resumed its operations with effect from 24 March 2023.
Morepen Laboratories zoomed 15.02%. The company announced successful completion of US drug regulator`s inspection of API facility at Baddi in Himachal Pradesh.
L&T Finance Holdings shed 0.79%. The NBFC said that the Reserve Bank of India (RBI) has approved merger of subsidiaries L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with L&T Finance Holdings.
Asian stocks traded mixed on Monday as investors continue to assess the impact of the banking troubles in the U.S and Europe on the global economy.
US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.
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