Nifty slides below 15,700; metal stocks decline

The key indices pared early gains and slipped into the negative terrain in morning trade. The Nifty slipped below the 15,700 level after hitting the day`s high of 15,797.45 in early trade. Metal shares witnessed significant selling pressure.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 117.84 points or 0.22% to 52,790.09. The Nifty 50 index lost 56.35 points or 0.36% to 15,695.70.

In the broader market, the S&P BSE Mid-Cap index slipped 0.04% while the S&P BSE Small-Cap index gained 0.13%.

The market breadth was positive. On the BSE, 1,729 shares rose and 1,265 shares fell. A total of 190 shares were unchanged.

Stocks in Spotlight:

CSB Bank gained 1.25%. The private lender said that its total deposits increased 8.65% to Rs 20,266.77 crore as of 30 June 2022 as against Rs 18,652.80 crore as of 30 June 2021. Gross advances surged 16.16% YoY to Rs 16,332.81 crore as on 30 June 2022.

National Fertilizers (NFL) advanced 3.38%. The company`s total fertilizer sales jumped 47% to 15.58 lakh MT (metric tonne) in April-June 2022 compared with 10.62 lakh MT recorded during the same period last year.

Angel One jumped 4%. The brokerage firm said its client base jumped 96.9% to 10.41 million in June 2022 as against 5.29 million in June 2021.

Buzzing Index:

The Nifty Metal index tumbled 2.59% to 4,574.85. The index had advanced 0.76% to end at 4,696.50 on Friday.

Among the index constituents, JSW Steel (down 4.91%), Hindalco Industries (down 2.89%), Tata Steel (down 2.6%), Steel Authority of India (down 2.58%) and Jindal Steel & Power (down 2.48%) were the top losers.

Among the other losers were Hindustan Copper (down 2.04%), NMDC (down 1.41%), Jindal Stainless (down 1.05%), APL Apollo Tubes (down 0.71%) and National Aluminium Company (down 0.58%).

On the other hand, Ratnamani Metals & Tubes (up 0.87%), Adani Enterprises (up 0.63%) and Hindustan Zinc (up 0.26%) edged higher.

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