Nifty below 15,300 level, metal stocks lose shine

The domestic equity benchmarks reversed initial gains and traded with minor cuts in the morning trade. The Nifty traded below the 15,300 level. FMCG and financial services stocks advanced while metal, oil & gas, and realty shares lagged behind.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 79.04 points or 0.15% to 51,281.38. The Nifty 50 index shed 35.15 points or 0.23% to 15,258.35.

In the broader market, the S&P BSE Mid-Cap index declined 1.28% while the S&P BSE Small-Cap index slipped 2.05%.

The market breadth was weak. On the BSE, 816 shares rose and 2,263 shares fell. A total of 141 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 7,818.61 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,086.92 crore in the Indian equity market on 17 June, provisional data showed.

Buzzing Index:

The Nifty Metal index slipped 3.67% to 4,551.50. The index rose 0.08% in the past trading session.

Vedanta (down 7.71%), Hindustan Copper (down 5.32%), National Aluminium Company (down 4.95%), Hindalco Industries (down 4.53%), Jindal Stainless (down 4.47%), Jindal Steel & Power (down 4.43%), Steel Authority of India (down 4.16%), Tata Steel (down 3.94%), NMDC (down 3.91%) and Welspun Corp (down 3.81%) edged lower.

Stocks in Spotlight:

Coforge rose 0.85% after the digital services and solutions provider announced a partnership with Estes Express Lines (Estes), the largest privately held freight carrier in North America. With this partnership, Coforge will bring agile, next-generation solutions to the transportation & logistics industry. The go-to-market launch will initially focus on a platform-powered application specifically created to address multi-dimension pricing plans required to generate the optimal freight rates for shippers and brokers who depend on carriers like Estes to move freight of all kinds around the world.

Cipla fell 0.44% after the drug major on Friday announced that it has signed definitive agreements for acquiring 21.05% stake (on a fully diluted basis) in Bengaluru-based Achira Labs for a cash consideration of Rs 25 crore. Cipla said that investment will enable it to enter into the business domain of designing, developing and manufacturing microfluidics-based PoC immunoassay and molecular assay technologies. Post-acquisition, Achira will become an associate of Cipla.

Dilip Buildcon gained 2.82% after the company through RBL-DBL joint venture was declared as lowest (L-1) bidder for `Surat Metro Rail Project` by Gujarat Metro Rail Corporation (GMRC). The contract entails construction of 10.559 km elevated viaduct and 11 nos, stations (excl. E&M, architectural finishing and roofing) from Bheshan dead end to Majura Gate Station. It will also include construction of viaduct ramp to depot entry near Bheshan for Surat Metro Rail Project Phase - I, Corridor-2. The cost of project is Rs 1,061 crore. The period of completion of the project is 26 months.

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