Equity benchmarks pare some losses; metal shares fall for 4th day

The benchmarks indices managed to pare some losses and egde higher in morning trade. The Nifty traded tad above the 18,250 level. Metal shares witnessed selling pressure for fouth day in a row.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 135.29 points or 0.22% to 61,769.23. The Nifty 50 index lost 45.80 points or 0.25% to 18,251.20.

In the broader market, the S&P BSE Mid-Cap index fell 0.04% while the S&P BSE Small-Cap index rose 0.08%.

The market breadth was positive. On the BSE, 1608 shares rose and 1512 shares fell. A total of 142 shares were unchanged.

Quarterly Earnings Today:

Tata Motors (up 0.98%), Hindustan Petroleum Corporation (up 0.46%), Hindustan Aeronautics (down 1.70%), Cipla (down 0.02%), Polycab India (up 2.21%), Indraprastha Gas (up 0.22%), Colgate-Palmolive (India) (up 0.56%), Manappuram Finance (down 1.52%), Cholamandalam Financial Holdings (down 1.11%), Great Eastern Shipping Co (down 1.09%), Indian Overseas Bank (up 1.66%), Max Financial Services (down 1.28%), Shree Renuka Sugars (up 0.72%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Metal index fell 1.15% to 5,730.55. The index had declined 1.97% in four sessions.

Hindalco Industries (down 2.6%), National Aluminium Company (down 2.05%), Hindustan Copper (down 1.62%), Steel Authority of India (down 1.43%) and Jindal Stainless (down 1.4%) were the top losers.

Among the other losers were Tata Steel (down 1.29%), Vedanta (down 1.12%), JSW Steel (down 1.1%), Hindustan Zinc (down 0.86%) and Welspun Corp (down 0.59%).

On the other hand, APL Apollo Tubes (up 0.92%) and Ratnamani Metals & Tubes (up 0.42%) edged higher.

Stocks in Spotlight:

Intellect Design Arena surged 9.04%. The company`s consolidated net profit fell to Rs 90.66 crore in Q4 FY23 from Rs 95.26 crore in Q4 FY22. Total income rose to Rs 620.54 crore from Rs 500.11 crore.

Jay Bharat Maruti rose 1.88%. The company will be setting up 2 new manufacturing plants in the state of Haryana and Gujarat to cater to the requirements of its key customer Maruti Suzuki in both the regions. Jay Bharat Maruti will invest Rs. 300-350 crores approx. in a phased manner in line with its customer`s growth strategy.

MAS Financial Services gained 1.76%. The company`s board has approved borrowings of funds via the issuance of secured/unsecured non - convertible debentures and commercial papers up to Rs 1,500 crore and Rs 750 crore, respectively, in one or more tranches through a private placement basis.

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