Nifty trades above 18,600 level; metal stocks witness profit booking

6 Dec 2022 , 03:01 PM

The key equity benchmarks continued to trade with limited losses in mid-afternoon trade. The Nifty traded above the 18,600 mark. Metal shares witnessed some bit of profit booking after advancing in the past six sessions. At 14:29 IST, the barometer index, the S&P BSE Sensex, was down 296.37 points or 0.47% to 62,538.23. The Nifty 50 index lost 86.50 points or 0.46% to 18,614.55. In the broader market, the S&P BSE Mid-Cap index slipped 0.70% while the S&P BSE Small-Cap index declined 0.38%. The market breadth was negative. On the BSE, 1,539 shares rose, and 1,915 shares fell. A total of 142 shares were unchanged. The Reserve Bank of India (RBI) started its bi-monthly policy review with the Monetary Policy Committee (MPC) meeting yesterday. The bi-monthly policy review is expected to come out on 7 December 2022. More than the quantum of rate hikes, domestic investors would watch out for RBIs commentary as it ramps up its efforts to curb inflation and push growth. On the political front, various exit polls on Monday predicted a big majority for the BJP in Gujarat and a dead heat in Himachal Pradesh where most pollsters gave an edge to the ruling party over the Congress. The counting of votes in both states will take place on December 8. Elections for the Himachal Pradesh assembly took place on November 12, while polling in Gujarat happened in two phases on December 1 and 5. Numbers to Track: The yield on Indias 10-year benchmark federal paper rose to 7.248 as compared with 7.226 at close in the previous trading session. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.5650, compared with its close of 81.8500 during the previous trading session. MCX Gold futures for 3 February 2023 settlement added 0.60% to Rs 53,826. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was down 0.01% to 105.28. The United States 10-year bond yield fell 0.81% to 3.570. In the commodities market, Brent crude for February 2023 settlement rose 66 cents or 0.80% to $83.34 a barrel. Buzzing Index: The Nifty Metal index fell 1.02% to 6,750.35. The index had advanced 6.87% in the past five sessions. Tata Steel (down 2.98%), Steel Authority of India (down 2.67%), National Aluminium Company (down 2.62%), APL Apollo Tubes (down 2.47%) and Welspun Corp (down 2.32%) were the top losers. Among the other losers were Hindalco Industries (down 2.24%), Hindustan Copper (down 1.85%), JSW Steel (down 1.81%), Vedanta (down 1.71%) and Jindal Steel & Power (down 0.72%). On the other hand, Adani Enterprises (up 2.48%), Jindal Stainless (up 0.84%) and Hindustan Zinc (up 0.41%) moved up. Stocks in Spotlight: Bharat Forge declined 1.14%. Class 8 truck orders reportedly amounted to 33,000 units in November, falling for a second consecutive month after record bookings in September. As per reports, Class 8 truck orders amounted to 42,500 units in October and 53,700 units in September. Viviana Power Tech jumped 5.96%. The company said that it has bagged an order for execution of 33KV DPDC transmission line (20 kms) in Naranpur, Gujarat, from Adani Green Energy Six. Powered by Capital Market - Live News