SENSEX SLIDES 399 PTS; METAL SHARES LOSE SHEEN

The domestic equity benchmarks extended losses in morning trade. The Nifty traded below the 22,600 level. Metal share declined after advancing in the previous trading session. Trading could be volatile due to May F&O series expiry today.

At 10:29 ST, the barometer index, the S&P BSE Sensex, was down 399.31 points or 0.53% to 74,113.34. The Nifty 50 index declined 127.95 points or 0.56% to 22,576.75.

In the broader market, the S&P BSE Mid-Cap index slipped 0.51% and the S&P BSE Small-Cap index declined 0.57%.

The market breadth was weak. On the BSE, 1,296 shares rose and 2,174 shares fell. A total of 145 shares were unchanged.

New Listing:

Shares of Awfis Space Solutions were currently trading at Rs 447.30 at 10:20 IST on the BSE, representing a premium of 64.30% as compared with the issue price of Rs 383.

The scrip was listed at Rs 432.25, exhibiting a premium of 12.85% to the issue price.

So far, the stock has hit a high of 451.45 and a low of 431.65. On the BSE, over 4.90 lakh shares of the company were traded in the counter so far.

Results Today:

Godfrey Phillips India (down 0.16%), Hinduja Global Solutions (up 0.25%), Apollo Hospitals Enterprises (down 0.66%), Bharat Dynamics (up 2.62%), Mrs Bectors Food Specialities (down 1.51%), Welspun Corp (down 0.11%), Yatra Online (down 2.32%), La Opala Rg (down1.38%), Marksans Pharma (down 1.24%), Mold-Tek Packaging (down 40%), BF Utilities (down 1.64%) and Dynacons Systems & Solutions (up 0.14%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Metal index declined 1.72% to 9,671.75. The index advanced 0.27% in the previous trading session.

Tata Steel (down 3.64%), Hindustan Zinc (down 3.48%), JSW Steel (down 2.52%), Hindustan Copper (down 2.35%), NMDC (down 1.96%), APL Apollo Tubes (down 1.92%), Steel Authority of India (down 1.54%), Vedanta (down 1.17%), Ratnamani Metals & Tubes (down 1.05%) and Jindal Steel & Power (down 1.03%) slipped.

On the other hand, Jindal Stainless (up 0.41%) edged higher.

Tata Steel fell 3.85% after the company�s consolidated net profit declined 64.59% to Rs 554.56 crore from Rs 1,566.24 crore posted in Q4 FY23. Revenue from operations fell 6.79% YoY to Rs 58,687.31 crore in Q4 FY24.

Stocks in Spotlight:

Welspun Corp shed 0.45%. The company said that its associate company East Pipes Integrated Company for Industry (EPIC) has signed off contract worth Rs 316 crore with Alrawaf Contracting Company for coating and supply of steel pipes.

Cummins India shed 0.56%. The company�s consolidated net profit rose 54.44% to Rs 538.86 crore in the quarter ended March 2024 as against Rs 348.91 crore during the previous quarter ended March 2023. Sales rose 19.73% to Rs 2271.88 crore in the quarter ended March 2024 as against Rs 1897.45 crore during the previous quarter ended March 2023.

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