Indices pare gains; breadth turns negative

Indices pared early gains and traded near the flat line with negative bias in morning trade. The Nifty slipped below the 18,200 mark. Metals, pharma and healthcare stocks advanced while banks and financial shares declined.

At 10:31 IST, the barometer index, the S&P BSE Sensex, fell 76.21 points or 0.12% at 61,073.59. The Nifty 50 index was down 15.55 points or 0.09% at 18,196.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.18% while the S&P BSE Small-Cap index was up 0.03%.

The market breadth turned negative. On the BSE, 1,431 shares rose and 1,789 shares fell. A total of 103 shares were unchanged.

Results Today:

Mindtree (up 0.16%), Tata Metaliks (up 2.37%), Aditya Birla Money (up 0.89%), CESC (down 0.54%) and GTPL Hathway (down 1.12%) will announce their quarterly results today.

Buzzing Index:

The Nifty Metal index added 2.4% to 5821.7, extending its winning run to second consecutive trading session. The metal index added nearly 4% in two days.

Jindal Steel & Power (up 4.28%), Tata Steel (up 3.98%), Coal India (up 2.82%), Vedanta (up 2.56%) and JSW Steel (up 2.49%) were the top gainers. Among the other gainers were Steel Authority of India (up 2.14%), APL Apollo Tubes (up 1.83%), NMDC (up 1.52%) and Hindalco Industries (up 1.35%).

Stocks in Spotlight:

Lumax Industries jumped 6% after the company commenced its commercial production of electronic components for automotives, at its new manufacturing plant situated at Bawal (Haryana) on Wednesday, 12 January 2022.

Manappuram Finance fell 1.23%. The NBFC said that a meeting of the financial resources and management committee of the board will be held on Monday, 17 January 2022, to consider and approve the issuance of secured, rated redeemable non-convertible debentures.

Tata Motors slipped 2% after its subsidiary, Jaguar Land Rover (JLR) recorded a 37.6% drop in retail sales to 80,126 units in Q3 FY22 over Q3 FY21. Sequentially, Jaguar Land Rover (JLR), the subsidiary of Tata Motors, witnessed a 13.6% fall in retail sales to 80,126 units in Q3 FY22 from Q2 FY22. Jaguar Land Rover retail sales for the three-month period to 31 December 2021 continued to be constrained by the global semiconductor shortage, though the company started to see some improvement in chip supply and wholesale volumes compared to the preceding quarter.

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