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Market extends losses; metal shares shine

Published on Nov 10, 2023 14:28

The headline equity benchmarks extended losses in mid-afternoon trade. The Nifty traded below the 19,400 level. Metal stocks were in demand after declining in the past trading session.

At 14:23 IST, the barometer index, the S&P BSE Sensex, was down 46.69 points or 0.07% to 64,785.51. The Nifty 50 index added 18.45 points or 0.1% to 19,376.85.

In the broader market, the S&P BSE Mid-Cap index gained 0.14% while the S&P BSE Small-Cap index rose 0.25%.

The market breadth was positive. On the BSE, 1,796 shares rose and 1,807 shares fell. A total of 167 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 0.62% to 6,640.30. The index declined 0.40% in the past trading session.

Vedanta (up 3.57%), NMDC (up 3.4%), Hindustan Zinc (up 1.82%), Jindal Steel & Power (up 1.7%) and Ratnamani Metals & Tubes (up 1.39%) were the top gainers. Among the other gainers were National Aluminium Company (up 1.33%), Jindal Stainless (up 1.15%), Steel Authority of India (up 1.03%), JSW Steel (up 0.91%) and Hindustan Copper (up 0.69%) advanced.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper rose 0.41% to 7.299 from its previous close of 7.269.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3950, compared with its close of 83.29 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.24% to Rs 60,139.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 105.85.

The United States 10-year bond yield fell 0.47% to 4.611.

In the commodities market, Brent crude for January 2024 settlement gained 57 cents or 0.71% to $80.58 a barrel.

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