Barometers trade lower; metal stocks advance for 5th day

23 Mar 2022 , 02:29 PM

The key equity barometers traded with small losses in mid-afternoon trade. The Nifty traded above the 17,270 mark. Metal shares rose for the fifth day in a row.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 182.44 points or 0.31% to 57,806.86. The Nifty 50 index fell 40.65 points or 0.23% to 17,274.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index gained 0.22%.

The market breadth turned negative. On the BSE, 1571 shares rose and 1797 shares fell. A total of 124 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.31% to 6,406.25. The index has added 8.40% in five sessions.

SAIL (up 4.67%), Jindal Steel & Power (up 2.67%), Tata Steel (up 2.70%), Welspun Corp (up 2.38%), Hindalco Industries (up 2.28%), JSW Steel (up 1.50%), Vedanta (up 1.36%) and National Aluminum Co. (up 0.82%) advanced.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.817% compared with 6.831% 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 76.1850, compared with its close of 76.1800 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement added 0.27% to Rs 51,518.

The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.07% to 98.56.

In the commodities market, Brent crude for May 2022 settlement shed $ 1.25 or 1.08% $116.73 a barrel.

Global Markets:

European markets advanced across the board while Asian stocks traded higher on Wednesday.

Investors monitored oil prices and continued to assess the outlook for U.S. Federal Reserve monetary policy.

Investors kept an eye on the moves in the oil markets, with media reports suggesting that the European Union is unlikely to impose an immediate oil embargo on Russia over its unprovoked invasion of Ukraine.

U.S. stocks rebounded Tuesday as traders digested Federal Reserve Chair Jerome Powells latest rate hike comments. Powell said ?inflation is much too high? and vowed to take ?necessary steps? to curb inflation.

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