Nifty drops below 17,800; metal stocks shine

The domestic equity barometers declined further and traded with significant losses in mid morning trade. The Nifty was trading below the 17,800 mark. Metal stocks, however, advanced for the second consecutive session.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 578.86 points or 0.96% to 59,519.96. The Nifty 50 index lost 152.35 points or 0.85% to 17,786.05.

In the broader market, the S&P BSE Mid-Cap index shed 0.06% while the S&P BSE Small-Cap index added 0.22%.

The market breadth was positive. On the BSE, 1727 shares rose and 1513 shares fell. A total of 100 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 0.86% to 5,850.85, extending gains for fourth day. The index has added 1.66% in two sessions.

Welspun Corp (up 3.47%), Hindustan Copper (up 2.78%), NMDC (up 2.26%), Coal India (up 1.71%), Jindal Steel & Power (up 1.59%), JSW Steel (up 0.92%), National Aluminum Co. (up 0.78%), Vedanta (up 0.66%) and Tata Steel (up 0.53%) advanced.

Stocks in Spotlight:

Cadila Healthcare shed 0.93% to Rs 420. The company announced that it has received final approval from the USFDA to market vigabatrin tablets in the strength of 500 mg.Vigabatrin is used to treat babies, one month to 2 years old with infantile spasms. It is also used in combination with other medications to treat seizure disorders (epilepsy).

Mastek slumped 11.66% to Rs 2843.25. On a consolidated basis, the IT company`s net profit rose 2.4% to Rs 83.50 crore on 3.4% increase in revenue from operations to Rs 551.90 crore in Q3 December 2021 over Q2 September 2021.

Global markets:

Asian stocks were trading mixed on Thursday as China cut its key lending rates.

China on Thursday cut its one-year loan prime rate by 10 basis points, while its five-year LPR, which influences the pricing of home mortgages, was cut by 5 basis points, the first time since April 2020.

Wall Street`s main indices ended sharply lower on Wednesday after a diverse set of corporate earnings and as investors continued to worry about higher US Treasury yields and the Federal Reserve tightening monetary policy.

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