Shares turn rangebound; metal stocks in demand

4 Oct 2022 , 02:26 PM

The key equity indices traded in a narrow range, near the days high in mid-afternoon trade. The Nifty continued to hold above the 17,250 mark. Metal shares witnessed across the board buying after recording a sharp sell-off in the previous trading session. At 14:24 IST, the barometer index, the S&P BSE Sensex, surged 1213.05 points or 2.14% to 58,001.86. The Nifty 50 index added 366.75 points or 2.17% to 17,254.10. In the broader market, the S&P BSE Mid-Cap index rose 2.22% while the S&P BSE Small-Cap index gained 1.46%. Buyer outnumbered sellers. On the BSE, 2,583 shares rose and 824 shares fell. A total of 124 shares were unchanged. Investors cheered after witnessing a declining trend in the dollar and US bond yields. The persistence of this trend could lead to a return of FIIs in a big way in the Indian markets. In September, FIIs sold shares worth Rs 18,308.30 in the cash market while DIIs purchased stocks worth Rs 14,119.75 crore during the period under review. Numbers to Track: The yield on Indias 10-year benchmark federal paper declined to 7.385 as compared with 7.468 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 81.5400, compared with its close of 81.8200 during the previous trading session. MCX Gold futures for 5 October 2022 settlement was down 0.07% to Rs 50,130. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was down 0.46% to 111.23. The United States 10-year bond yield declined to 3.585 as compared with 3.651 at close in the previous trading session. In the commodities market, Brent crude for December 2022 settlement gained 22 cents or 0.25% at $89.08 a barrel. Buzzing Index: The Nifty Metal index advanced 3.05% to 5,764.55. The index had declined 3.02% to end at 5,593.95 yesterday. Jindal Steel & Power (up 4.15%), Vedanta (up 3.71%), Hindalco Industries (up 3.35%), Steel Authority of India (up 3.29%) and Hindustan Copper (up 3.25%) were the top gainers. Among the other gainers were Adani Enterprises (up 2.83%), JSW Steel (up 2.81%), National Aluminium Company (up 2.62%), Tata Steel (up 2.59%) and Ratnamani Metals & Tubes (up 2.27%). Stocks in Spotlight: Suven Pharmaceuticals slipped 1.75%. The company announced that Casper Parma, its wholly owned subsidiary has received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) after the pre-approval inspection at a facility. EIR received from US FDA states that the site is recommended for approval of the three NDA & ANDA applied by the pharma company. IndusInd Bank advanced 4.84%. The private lenders net advances improved to Rs 2,59,647 crore as of 30 September 2022, registering a growth of 18% from Rs 2,20,808 crore as of 30 September 2021. The bank reported a 15% growth in deposits to Rs 3,15,824 crore as of 30 September 2022 as against Rs 2,75,473 crore as of 30 September 2021. Powered by Capital Market – Live News