Sensex, Nifty trade with strong gains; Metal stocks decline

31 Oct 2022 , 02:33 PM

The key equity barometers continued to trade in a narrow range with major gains in the mid-afternoon trade. The Nifty hovered above the 17,950 mark. Barring the Nifty Metal index, all the other sectoral indices on the NSE traded in the green. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 661.05 points or 1.10% to 60,620.90. The Nifty 50 index gained 184.60 points or 1.04% to 17,971.40. In the broader market, the S&P BSE Mid-Cap index gained 0.91% while the S&P BSE Small-Cap index rose 0.42%. The market breadth was positive. On the BSE, 1,802 shares rose and 1,709 shares fell. A total of 174 shares were unchanged. Numbers to Track: The yield on Indias 10-year benchmark federal paper rose to 7.450 as compared with 7.416 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 82.49, compared with its close of 82.4725 during the previous trading session. MCX Gold futures for 5 December 2022 settlement shed 0.10% to Rs 50,180. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.39% to 111.18. The United States 10-year bond yield rose 1.36% to 4.064. In the commodities market, Brent crude for December 2022 settlement lost 97 cents or 1.01% at $94.80 a barrel. Buzzing Index: The Nifty Metal index declined 0.10% to 5,877.45.The index declined 1.56% in two trading sessions. Among the components of the Nifty Metal index, Vedanta (down 1.91%), Hindustan Copper (down 1.67%), MOIL (down 0.74%), Steel Authority of India (down 0.63%), Tata Steel (down 0.44%) Hindustan Zinc (down 0.18%) and Ratnamani Metals & Tubes (down 0.16%) were the top losers. On the other hand, Welspun Corp (up 1.55%),Jindal Stainless (up 1.48%) and Jindal Steel & Power (up 0.36%) moved up. Hindustan Copper declined 1.67%. The company said that the credit rating agency ICRA has reaffirmed its rating on the debt instruments of the company. ICRA has reaffirmed the companys long term rating at ?[ICRA] AA+? and the short-term rating at [ICRA] A1+?. The outlook on the long-term rating is stable. Stocks in Spotlight: Laurus Labs rose 0.75%. The pharma company announced that the US FDA has issued Form 483 with one observation after the pre-approval inspection of its Visakhapatnam facility. The drug maker said that its manufacturing facility at Parawada, Visakhapatnam, Andhra Pradesh was inspected by United States Food and Drug Administration (USFDA) from 24 October 2022 to 28 October 2022. Intellect Design Arena fell 12.83% after the companys consolidated net profit fell 33.44% to Rs 45.77 crore on 2.54% decrease in net revenue to Rs 527.54 crore in Q2 September 2022 over Q1 June 2022. On a consolidated basis, the companys net profit fell 42.2% and net revenue rose 16.7% in Q2 September 2022 over Q2 September 2021. Powered by Capital Market – Live News