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Market reverses losses; Metal shares shine

Published on May 08, 2024 12:33

The domestic equity indices pared all losses and traded with minor gains in early afternoon trade. The Nifty marched above the 22,300 level after hitting the day`s low of 22,185.20. Metal shares advanced after declining in past three consecutive trading sessions.

At 12:26 IST, the barometer index, the S&P BSE Sensex was up 53.4 points or 0.06% to 73,555.33. The Nifty 50 added 28.25 points or 0.13% to 22,330.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.71% and the S&P BSE Small-Cap index added 0.70%.

The market breadth was positive. On the BSE, 2,175 shares rose and 1,450 shares fell. A total of 153 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 1.08% to 16.82. The Nifty 30 May 2024 futures were trading at 22,463.05, at a premium of 112.95 points as compared with the spot at 22,493.05.

The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 27 contracts at the 22,500 strike price. Maximum Put OI of 36.1 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Metal index jumped 1.44% to 1808.50. The index fell 3.33% in the past three consecutive trading sessions.

Hindustan Zinc (up 5.11%), Steel Authority of India (up 3.14%), Vedanta (up 2.74%), NMDC (up 2.26%) and Hindustan Copper (up 1.8%) were the top gainers.

Among the other gainers were Welspun Corp (up 1.6%), National Aluminium Company (up 1.47%), Tata Steel (up 1.25%), Jindal Steel & Power (up 1.13%) and Adani Enterprises (up 1.08%).

Stocks in Spotlight:

PB Fintech shed 0.09%. The company reported consolidated net profit of Rs 60.59 crore in Q4 FY24 as compared with net loss of Rs 8.95 crore in Q4 FY23. Revenue from operations jumped 25.37% to Rs 1,089.57 crore in Q4 FY24 as compared with Rs 869.10 crore in Q4 FY23.

Pidilite Industries declined 4.44%. The company has reported 6% increase in consolidated net profit to Rs 304 crore on an 8% rise in net sales to Rs 2,890 crore in Q4 FY24 as compared with Q4 FY23.

CreditAccess Grameen added 1.32% after the company�s consolidated net profit jumped 33.89% to Rs 397.08 crore on 36.85% rise in total income to Rs 1,459.10 crore in Q4 FY24 over Q4 FY23.

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