Market under pressure; metal shares slip

The domestic equity benchmarks continued to trade with significant losses in the afternoon trade. The Nifty traded below 22,050 marks after hitting the day`s high of 22,229.15 in the morning trade. Metal shares slides after rising in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, dropped 488.13 points or 0.67% to 72,607.09. The Nifty 50 index declined 162.05 points or 0.73% to 22,036.30.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 1.26% and the S&P BSE Small-Cap index declined 1.49%.

The market breadth was weak. On the BSE, 914 shares rose and 2,882 shares fell. A total of 92 shares were unchanged.

Buzzing Index:

The Nifty Metal index declined 1.31% to 7,895.90. The index rose 0.36% in previous trading session.

Welspun Corp (down 4.51%), Tata Steel (down 2.08%), Adani Enterprises (down 2.04%), Ratnamani Metals & Tubes (down 2.03%), Jindal Steel & Power (down 1.8%), Steel Authority of India (down 1.76%), JSW Steel (down 1.52%), APL Apollo Tubes (down 0.9%), Hindalco Industries (down 0.66%) and National Aluminium Company (down 0.55%) slipped.

On the other hand, Hindustan Copper (up 2.77%),Vedanta (up 0.47%) and NMDC (up 0.07%) edged higher.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.08% to 7.062 as compared with previous close 7.068.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9100, compared with its close of 82.8975 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement declined 0.23% to Rs 62,160.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was rose 0.25% to 104.09.

The United States 10-year bond yield fell 0.46% to 4.295.

In the commodities market, Brent crude for April 2024 settlement slipped 73 cents or 0.88% to $81.93 a barrel.

Stocks in Spotlight:

Balaxi Pharmaceuticals added 1.30% after the company said that its board has approved the proposal for sub-division/ split of equity shares of the company in the ratio of 1:5.

Anupam Rasayan India rose 0.03%. The company announced that it has incorporated a wholly owned subsidiary at Delaware in United States of America (USA) named, Anupam USA LLC on 23 February 2024.

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