Nifty below 17,600 level, metal stocks lose shine

The key equity barometers continued to trade with major losses in the mid-afternoon trade. The Nifty hovered below the 17,600 level. Barring the Nifty FMCG index, all the sectoral indices on the NSE were in the red.

At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 644.64 points or 1.08% to 59,001.51. The Nifty 50 index lost 204.80 points or 1.15% to 17,553.65.

In the broader market, the S&P BSE Mid-Cap index fell 1.36% while the S&P BSE Small-Cap index shed 0.77%.

The market breadth was weak. On the BSE, 1,277 shares rose and 2,233 shares fell. A total of 147 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.277 as compared with 7.264 at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.91, compared with its close of 79.84 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement declined 0.64% to Rs 51,150.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, added 0.17 % to 108.35.

In the commodities market, Brent crude for October 2022 settlement fell $1.85 or 1.91% at $94.87 a barrel.

Buzzing Index:

The Nifty Metal index fell 2.13% to 5,757.95.The index lost 3.67% in two trading sessions.

Jindal Steel & Power (down 4.18%), Tata Steel (down 3.82%), Steel Authority of India (down 3.24%), Jindal Stainless (down 3.14%), JSW Steel (down 2.99%), National Aluminium Company (down 2.53%), Hindalco Industries (down 1.92%), Hindustan Copper (down 1.81%), Adani Enterprises (down 1.57%) and MOIL (down 1.23%) edged lower.

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