Equity benchmarks trade with limited gains; metal stocks snap 4-day losing streak

The benchmarks indices managed to rise above the flat line and trade with limited gains in morning trade. The Nifty traded tad above the 19,300 level. Metal shares advanced as value buying emerged at lower levels.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 89.71 points or 0.14% to 64,661.59. The Nifty 50 index gained 22.95 points or 0.12% to 19,304.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index added 0.69%.

The market breadth was strong. On the BSE, 2082 shares rose, and 1266 shares fell. A total of 158 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.48% to 6,589.90. The index had declined 5.91% in the past four sessions.

Jindal Steel & Power (up 3.08%), Hindalco Industries (up 3.01%), National Aluminium Company (up 2.79%), Tata Steel (up 2.08%) and NMDC (up 1.89%) were the top gainers.

Among the other gainers were Steel Authority of India (up 1.86%), JSW Steel (up 1.44%), Vedanta (up 1.19%), Hindustan Copper (up 1.09%) and Adani Enterprises (up 1%).

On the other hand, APL Apollo Tubes (down 1.39%), Jindal Stainless (down 1.26%) and Hindustan Zinc (down 0.72%) moved lower.

Results Today:

Axis Bank (up 0.51%), Tech Mahindra (up 0.12%), Indus Towers (down 0.79%), Jubilant Foodworks (up 0.14%), Sona BLW Precision Forgings (down 0.48%), Sonata Software (down 2.43%), Lakshmi Machine Works (down 0.53%), Welspun India (down 1.49%), Chalet Hotels (up 1.58%), Gulf Oil Lubricants India (up 1.14%), Swaraj Engines (up 1.14%), TV18 Broadcast (up 1.08%), Network18 Media & Investments (up 1.13%) and Rallis India (up 1.53%) are some of the companies that will announce their quarterly earnings today.

Stocks in Spotlight:

PNB Housing Finance fell 1.39%. The company`s consolidated net profit surged 45.8% to Rs 383 crore on 5.7% increase in total income to Rs 1779.40 crore in Q2 FY24 over Q2 FY23.

Torrent Pharmaceuticals rose 2.55%. The company has reported 23.72% rise in consolidated net profit to Rs 386 crore in Q2 FY24 as compared with Rs 312 crore in Q2 FY23. Revenue from operations jumped 16.11% to Rs 2,660 crore in Q2 FY24 as compared with Rs 2,291 crore posted in Q2 FY23.

Krishna Institute of Medical Sciences declined 0.89%. The company`s subsidiary KIMS Hospital Enterprises has acquired an additional 12.09% equity stake in Kondapur Healthcare for Rs 24.11 crore. The company`s total equity stake in Kondapur Healthcare now stands at 37.18%.

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