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Sensex slips 497 pts, metal stocks lose shine

Published on Jun 22, 2022 10:33

The domestic equity benchmarks traded with steep losses in the morning trade. Negative Asian stocks impacted the sentiment. The Nifty traded below the 15,500 level. All the sectoral indices on the NSE were in the red. Metals, healthcare and oil & gas shares witnessed major selling pressure.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 497.31 points or 0.95% to 52,034.76. The Nifty 50 index declined 160.40 points or 1.03% to 15,478.40.

In the broader market, the S&P BSE Mid-Cap index slipped 1.24% while the S&P BSE Small-Cap index shed 0.70%.

The market breadth was weak. On the BSE, 1,092 shares rose and 1,834 shares fell. A total of 125 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,701.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,066.41 crore in the Indian equity market on 21 June, provisional data showed.


Political crisis has deepened in Maharashtra. Senior Shiv Sena leader and state cabinet minister Eknath Shinde has rebelled against Uddhav Thackeray leadership. Shinde has claimed the support of 40 Shiv Sena MLAs out of a total of 55 and took some of them to BJP-ruled Gujarat. They were shifted to Guwahati in Assam from Surat on Wednesday morning. To circumvent the anti-defection law, Shinde will need two-thirds of the 55 Shiv Sena MLAs which comes to 37, on his side.

Buzzing Index:

The Nifty Metal index slipped 4.42% to 4,512.10. The index gained 3.97% in the past trading session.

Hindustan Copper (down 7.28%), National Aluminium Company (down 5.38%), JSW Steel (down 5.22%), Jindal Steel & Power (down 4.74%), Steel Authority of India (down 4.58%), Jindal Stainless (down 4.32%), Hindalco Industries (down 4.23%), NMDC (down 4.19%), Tata Steel (down 3.29%) and Vedanta (down 3.11%) edged lower.

Stocks in Spotlight:

Zomato rose 0.15% after the board of the restaurant aggregator and food delivery company is scheduled to meet on 24 June 2022 to consider a potential acquisition transaction by the company. The consideration of the potential acquisition may be discharged through preferential issue of the company`s equity shares, Zomato said in a statement on Tuesday, 21 June 2022.

Astral declined 2.42% after the company said it has subscribed to Optionally Convertible Debentures (OCDs) of Rs 194 crore issued and allotted by Gem Paints on Tuesday, 21 June 2022. Astral has appointed majority directors on the board of Gem Paints and Esha Paints and control is established in terms of the aforesaid debenture subscription agreement. Accordingly, Gem Paints and Esha Paints have become subsidiary and step down subsidiary of the company respectively in terms the applicable provisions of the Companies Act 2013.

Jain Irrigation Systems surged 10.40%. Jain Irrigation and Temasek-owned Rivulis Pte Ltd., Singapore (Rivulis) announced that Jain International Trading B.V. (a wholly owned subsidiary of Jain Irrigation) and Rivulis have entered into definitive transaction agreements. The International Irrigation Business (IIB) of Jain Irrigation will now be merged with Rivulis and create a global irrigation and climate leader - being 2nd largest in the world with about US$750 million in revenues.

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