Market near days high; Metal stocks decline

17 Oct 2022 , 12:31 PM

The key equity indices traded near the days high with decent gains in the early afternoon trade. The Nifty traded above the 17,250 mark after the hitting the days low of 17,098.55 in the early trade. Metal stocks declined for the second day in a row. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 318.55 points or 0.55% to 58,238.52. The Nifty 50 index gained 94.90 points or 0.55% to 17,283. In the broader market, the S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index gained 0.08%. The market breadth was negative. On the BSE, 1,541 shares rose and 1,844 shares fell. A total of 187 shares were unchanged. Derivatives: The NSEs India VIX, a gauge of the markets expectation of volatility over the near term, rose 2.46% to 18.7075. The Nifty 27 October 2022 futures were trading at 17,283.70, at a premium of 0.70 points as compared with the spot at 17,283. The Nifty option chain for the 27 October 2022 expiry showed maximum Call OI of 65.9 lakh contracts at the 17,500 strike price. Maximum Put OI of 65.8 lakh contracts were seen at 17,000 strike price. Buzzing Index: The Nifty Metal index shed 0.52% to 5,737.05, declining for the second day. The index slipped 1.16% in two trading sessions. Among the components of the Nifty Metal index, Welspun Corp (down 4.08%), Vedanta (down 2.38%), JSW Steel (down 1.71%), Hindustan Copper (down 1.48%), National Aluminium Company (down 1.43%), Hindalco Industries (down 1.31%), Hindustan Zinc (down 0.95%), Jindal Stainless (down 0.45%), Steel Authority of India (down 0.45%) and Tata Steel (down 0.3%) were the top losers. On the other hand, Ratnamani Metals & Tubes (up 2.19%) ,APL Apollo Tubes (up 0.53%) and Jindal Steel & Power (up 0.4%) edged higher. Stocks in Spotlight: Just Dial rose 6.28% after the companys consolidated net profit rose 58.49% to Rs 52.16 crore on 31.59% increase in net sales to Rs 205.26 crore in Q2 September 2022 over Q2 September 2021. On a consolidated basis, profit before tax rose 50.1% year-on-year to Rs 64.23 crore in Q2 September 2022. Operating EBITDA stood at Rs 17 crore in Q2 FY23, up 6.8% year-on-year (YoY) and up 103% quarter-on-quarter (QoQ). Craftsman Automation rallied 3.54% after the auto ancillary companys consolidated net profit jumped 25.06% to Rs 62.48 crore on 35.94% surge in net sales to Rs 776.24 crore in Q2 FY23 over Q2 FY22. Consolidated profit before tax stood at Rs 96.06 crore in quarter ended 30 September 2022, registering a growth of 25.5% from Rs 76.54 crore posted in the same period last year. Zydus Lifesciences rose 1.20% after the pharma major said that it had received tentative approval from United States Food and Drug Administration (USFDA) for Valbenazine and Roflumilast tablets. Valbenazine capsules are indicated for the treatment of adults with tardive dyskinesia (movements in the face, tongue, or other body parts that cannot be controlled). Roflumilast tablets are indicated as a treatment to reduce the risk of chronic obstructive pulmonary disease (COPD) exacerbations in patients with severe COPD associated with chronic bronchitis and a history of exacerbations. Powered by Capital Market – Live News