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Shares decline further; metal shares outperform

Published on Mar 21, 2022 10:23

The domestic equity benchmarks declined further in morning trade. The Nifty was trading below the 17,250 mark. Metal stocks, however, advanced for third day in a row.

At 10:21 IST, the barometer index, the S&P BSE Sensex, was down 251.96 points or 0.44% to 57,611.97. The Nifty 50 index lost 65.80 points or 0.38% to 17,221.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.03% while the S&P BSE Small-Cap index added 0.55%.

Buyers outnumbered sellers. On the BSE, 1724 shares rose and 1471 shares fell. A total of 145 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.33% to 6,266.05. The index has added 6.02% in three sessions.

National Aluminum Co. (up 3.60%), Hindalco Industries (up 3.20%), Welspun Corp (up 2.57%), APL Apollo Tubes (up 2.42%), Vedanta (up 2.60%) and Jindal Steel & Power (up 1.96%) edged higher. Concurrently, Hindustan Copper (up 1.53%), Tata Steel (up 1.31%), Hindustan Zinc (up 1.35%), SAIL (up 1.12%) and Coal India (up 1.07%) advanced.

Stocks in Spotlight:

SJVN rose 1.27% to Rs 27.85. The company said it has secured 100 MW grid connected solar power project in Gujarat. The project was secured through tariff based competitive bidding conducted by Gujarat Urja Vikas Nigam (`GUVNL`). The tentative cost of project development will be Rs 500 crore. A power purchase agreement between SJVN and GUVNL will be signed shortly.

Zydus Lifesciences shed 0.70% to Rs 370.60. The company received Prior Approval Supplement (PAS) approval from the USFDA to market Mycophenolate Mofetil for Injection USP (US RLD: CellCept injection). Mycophenolate Mofetil is indicated for use in combination with other drugs i.e., cyclosporine and corticosteroids for the prophylaxis of organ rejection in patients receiving renal, hepatic or cardiac transplants.

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