Barometers hit fresh intraday low; metal stocks tumble

1 Sep 2022 , 02:29 PM

The domestic equity barometers slumped as they hit fresh intraday low in afternoon trade. Negative global cues dented the investors sentiment. The Nifty traded below the 17,550 mark. Metal stocks witnessed significant selling pressure. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 794.9 points or 1.34% to 58,742.17. The Nifty 50 index lost 225.65 points or 1.27% to 17,533.65. In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index advanced 0.29%. The market breadth was positive. On the BSE, 1,832 shares rose and 1,550 shares fell. A total of 155 shares were unchanged. Economy: Indias GDP growth surged to 13.5% in April-June from 4.1% in the previous quarter, data released on August 31 by the Ministry of Statistics and Programme Implementation showed. The sharp uptick in growth was driven by a favourable base effect and the ongoing economic revival. Indias eight core sectors grew 4.5% in July, slowing from an upwardly revised 13.2% in June, the commerce ministry said on August 31. Output in six of the eight core sectors grew in July. These sectors include coal, refinery products, electricity, fertilisers, cement and steel, said the ministry. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers Index (PMI) was little-changed from Julys reading of 56.4, posting 56.2 in August 2022. It signalled the second-strongest improvement in operating conditions since last November. The gross GST revenue collected in the month of August 2022 is Rs 1,43,612 crore of which CGST is Rs 24,710 crore, SGST is Rs 30,951 crore, IGST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), official data showed. The revenues for the month of August 2022 are 28% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 57% higher and the revenues from domestic transaction (including import of services) are 19% higher than the revenues from these sources during the same month last year. Numbers to Track: The yield on Indias 10-year benchmark federal paper slipped to 7.197 as compared with 7.188 at close in the previous trading session. In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.4800, compared with its close of 79.5200 during the previous trading session. MCX Gold futures for 5 October 2022 settlement shed 0.60% to Rs 50,110. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.18% to 108.91. In the commodities market, Brent crude for October 2022 settlement declined $2.51 or 2.62% at $93.13 a barrel. Buzzing Index: The Nifty Metal index slipped 1.21% to 5,862.85. The index had advanced 2.11% to end at 5,934.60 in the previous trading session. Hindalco Industries (down 3.85%), National Aluminium Company (down 3.66%), Vedanta (down 2.59%), Ratnamani Metals & Tubes (down 2.57%) and Jindal Steel & Power (down 2.1%) were the top index losers. Among the other losers were Tata Steel (down 2.03%), Hindustan Copper (down 1.73%), Steel Authority of India (down 1.11%), JSW Steel (down 0.69%) and Hindustan Zinc (down 0.33%). Meanwhile, APL Apollo Tubes (up 6.52%), MOIL (up 1.83%) and Jindal Stainless (up 1.29%) outperformed. Powered by Capital Market – Live News