Market come off the day`s low; metal shares advance

The domestic equity indices came off the day`s low and traded with modest losses in mid-afternoon trade. The Nifty traded above the 22,000 level. Metal shares advance after declining in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 144 points or 0.20% to 73,183.94. The Nifty 50 index lost 52.50 points or 0.24% to 22,044.95.

In the broader market, the S&P BSE Mid-Cap index declined 0.31% and the S&P BSE Small-Cap index shed 0.55%.

The market breadth was weak. On the BSE, 1,257 shares rose and 2,547 shares fell. A total of 99 shares were unchanged.

Economy:

India�s overall exports (Merchandise and Services combined) in December 2023 is estimated to be $66.33 billion, exhibiting a negative growth of (-) 4.25% over December 2022. Meanwhile, overall imports in December 2023 is estimated to be $71.50 billion, exhibiting a negative growth of (-) 7.18% over December 2022.

India�s overall exports (Merchandise and Services combined) in April-December 2023 is estimated to be $565.04 billion, exhibiting a negative growth of (-) 1.87% over April-December 2022. Overall imports in April-December 2023 are estimated to be $634.39 billion, exhibiting a negative growth of (-) 7.24% over April-December 2022.

Services exports is projected to grow positively at 3.52% during April-December 2023 over April-December 2022.

India�s trade deficit has shown considerable improvement in April-December 2023. Overall trade deficit for April-December 2023 is estimated at $69.34 billion as compared to the deficit of $108.13 billion during April-December 2022, registering a decline of (-) 35.87%. The merchandise trade deficit during April-December 2023 is $188.02 billion compared to $212.34 billion during April-December 2022, registering a decline of (-) 11.45%.

Buzzing Index:

The Nifty Metal rose 1.29% to 7,965.90. The index fell 0.43% in the past trading session.

Hindustan Copper (up 3.97%), Steel Authority of India (up 3.14%), National Aluminium Company (up 2.73%), Jindal Stainless (up 2.46%), Tata Steel (up 1.74%), Jindal Steel & Power (up 1.2%), Welspun Corp (up 1.17%), JSW Steel (up 0.87%), Ratnamani Metals & Tubes (up 0.7%) and Hindalco Industries (up 0.7%).

On the other hand, Adani Enterprises (down 1.25%), Hindustan Zinc (down 0.64%) and APL Apollo Tubes (down 0.15%) edge lower.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.06% to 7.144 as compared with previous close 7.148.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9900, compared with its close of 82.8625 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.33% to Rs 62350.00.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.66% to 103.08.

The United States 10-year bond yield rose 1.45% to 4.007.

In the commodities market, Brent crude for February 2024 settlement rose 24 cents or 0.31% to $78.53 a barrel.

Stocks in Spotlight:

DCX Systems rose 0.64% after the company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 358.30 per share.

Fedbank Financial Services declined 1.38%. The bank reported 28% rise in net profit to Rs 65.4 crore on a 31% increase in net interest income to Rs 216.6 crore in Q3 FY24 as compared with Q3 FY23.

Suraj Estate Developers rose 1.18% after the company reported 16.44% jump in consolidated net profit to Rs 16.92 crore in Q2 FY24 as compared with Rs 14.53 crore posted in Q1 FY24.

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