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Indices trade with major losses, metal stocks lose shine

Published on May 17, 2023 14:31

The headline equity indices continued to trade with significant losses in mid-afternoon trade. The Nifty traded a tad below 18,150 mark after hitting the day`s high of 18,309 in early trade. Metal shares extended losses for the second consecutive trading session.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 494.05 points or 0.80% to 61,438.42. The Nifty 50 index lost 138.40 points or 0.76% to 18,148.10.

In the broader market, the S&P BSE Mid-Cap index declined 0.42% while the S&P BSE Small-Cap index added 0.04%.

The market breadth was negative. On the BSE, 1,513 shares rose and 1,922 shares fell. A total of 149 shares were unchanged.

The looming U.S. debt ceiling deadline and the potential for a catastrophic U.S. debt default has created a degree of nervousness throughout global markets.

Talks between U.S. President Joe Biden and Republican Kevin McCarthy, the speaker of the House of Representatives, failed to come up with a deal on Tuesday, hitting investor sentiment.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 6.966 as compared with previous close of 6.963.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.40, compared with its close of 82.25 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement added 0.05% to Rs 60,272.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.28% to 102.85.

The United States 10-year bond yield fell 0.23% to 3.540.

In the commodities market, Brent crude for July 2023 settlement declined 17 cents or 0.23% to $74.74 a barrel.

Buzzing Index:

The Nifty Metal index fell 1.08% to 5,622.30. The index lost 1.39% in two trading sessions.

Jindal Steel & Power (down 5.26%), Hindustan Copper (down 2.2%), Steel Authority of India (down 1.73%), Hindalco Industries (down 1.48%), Tata Steel (down 1.4%), JSW Steel (down 1.12%), Vedanta (down 1.02%), NMDC (down 0.98%), National Aluminium Company (down 0.31%) and Adani Enterprises (down 0.23%) edged lower.

On the other hand, Welspun Corp (up 2.67%) ,Hindustan Zinc (up 0.58%) and APL Apollo Tubes (up 0.16%) advanced.

Stocks in Spotlight:

Devyani International (DIL) tumbled 4.50% after the company`s consolidated net profit declined 20.51% to Rs 60.72 crore as against Rs 76.39 crore recorded in Q4 FY22. Revenue from operations jumped 27.8% year on year to Rs 754.98 crore in the quarter ended 31 March 2023. Same-store sales growth (SSSG) of KFC was 1.9%, Pizza Hut stood at negative 3.2% and Costa Coffee was 42.6% in Q4 FY23.

Zydus Wellness slipped 3.81%. The company reported 6.92% rise in consolidated net profit to Rs 145.61 crore on 11.76% jump in net sales to Rs 709.90 crore in Q4 FY23 over Q4 FY22.

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