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Nifty slips below 21,800 level; metal shares under pressure

Published on Mar 20, 2024 10:33

The key domestic indices erased early gains and traded in negative terrain with minor losses in morning trade. The Nifty traded below the 21,800 level. Metal shares extended losses for the second consecutive trading sessions.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 119.46 points or 0.18% to 71,882.99. The Nifty 50 index shed 38.10 points or 0.17% to 21,772.10.

In the broader market, the S&P BSE Mid-Cap index declined 0.76% and the S&P BSE Small-Cap index slipped 0.87%.

The market breadth was weak. On the BSE, 1,216 shares rose and 2,175 shares fell. A total of 109 shares were unchanged.


The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs 22,27,067 crore compared to Rs 18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74% over the collections of FY 2022-23.

The Gross collection of Rs 22,27,067 crore includes Corporation Tax (CIT) at Rs 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 11,25,228 crore. Minor head wise collection comprises Advance Tax of Rs 9,11,534 crore; Tax Deducted at Source of Rs 10,44,511 crore; Self-Assessment Tax of Rs. 1,73,296 crore; Regular Assessment Tax of Rs 73,548 crore; and Tax under other minor heads of Rs 24,177 crore.

Buzzing Index:

The Nifty Metal index shed 1.55% to 7,800.65. The index declined 2.45% in the past two trading session.

Hindalco Industries (down 2.89%), Tata Steel (down 2.52%), Hindustan Copper (down 2.23%), Jindal Steel & Power (down 1.76%), Jindal Stainless (down 1.56%), Vedanta (down 1.24%), APL Apollo Tubes (down 0.9%), JSW Steel (down 0.89%), Adani Enterprises (down 0.86%) and Steel Authority of India (down 0.86%) declined.

Stocks in Spotlight:

IFCI shed 0.69%. The company`s board approved preferential issue of equity shares against capital infusion for the FY 2023-24 aggregating upto Rs 500 crore to the Promoters i.e. Government of India.

Matrimony.com shed 0.05%. The company said that its board has approved the re-appointment of Murugavel Janakiraman as managing director of the company for a period from 1st April 2024 to 31st March 2026.

KIOCL declined 1.66%. The company informed that, as a part of upgradation of the existing filtration system to achieve desired moisture in the filter cake for pellet feed from iron ore having high alumina & slime, the company has installed four vertical pressure filters in pellet plant unit.

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