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Barometers trade sideways; metal stocks decline

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Capital Market
Last Updated : Nov 16 2022 | 2:50 PM IST

The domestic equity barometers traded in a sideways manner in mid-afternoon trade. Metal shares witnessed some bit of profit booking after advancing in the past three sessions.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 6.78 points or 0.01% to 61,879.77. The Nifty 50 index fell 33.25 points or 0.18% to 18,370.15.

The two benchmarks hit fresh 52-week highs on Wednesday at 18,442.15 for Nifty 50 index and 62,052.57 for Sensex. Further, the Nifty Bank index also recorded its fresh record high today at 42,558.

In the broader market, the S&P BSE Mid-Cap index shed 0.77% while the S&P BSE Small-Cap index fell 0.38%.

The market breadth was weak. On the BSE, 1360 shares rose, and 2120 shares fell. A total of 129 shares were unchanged.

Global Markets:

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Markets in Europe and Asia mostly declined on Wednesday as political instability gripped the region after a missile hit Polish territory, raising tensions between Russia and NATO.

Ukraine experienced a wave of missile strikes across the country on Wednesday and in the evening Poland said a Russian-made missile had struck Polish territory, killing two people. Moscow denied responsibility for the strike. President Andrzej Duda described it as an isolated incident, adding an investigation is underway.

The United States and its NATO allies are investigating the blast that killed two in Poland, but early information suggests it may not have been caused by a missile fired from Russia, U.S. President Joe Biden reportedly said.

Meanwhile, world leaders have gathered in Bali, Indonesia for a second day of the Group of 20 summit.

In Europe, U.K. inflation jumped to a 41-year high of 11.1% in October, exceeding expectations as food, transport and energy prices continued to squeeze households and businesses.

U.S. equities advanced on Tuesday, supported by gains in the technology, consumer services and oil & gas sectors.

U.S. producer price inflation fell to its lowest in over a year in October. The producer price index rose 0.2% in October. On a year-over-year basis, PPI rose 8% compared to an 8.4% increase in September.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced to 7.273 as compared with 7.261 at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.3000, compared with its close of 80.9100 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement added 0.47% to Rs 52,994.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 106.23.

The United States 10-year bond yield rose 0.45% to 3.816.

In the commodities market, Brent crude for January 2023 settlement added 59 cents or 0.63% to $94.45 a barrel.

Buzzing Index:

The Nifty Metal index fell 2.57% to 6,420.45. The index had gained 4.29% in the past three sessions.

Steel Authority of India (down 2.73%), National Aluminium Company (down 2.17%), Hindalco Industries (down 2.1%), JSW Steel (down 1.68%) and Tata Steel (down 1.52%) were the top losers.

Among the other losers were Hindustan Copper (down 1.51%), Ratnamani Metals & Tubes (down 1.42%), Jindal Steel & Power (down 1.41%), Vedanta (down 0.99%) and Adani Enterprises (down 0.61%).

Hindustan Zinc (up 1.48%), MOIL (up 1.47%) and Welspun Corp (up 0.53%) moved up.

Stocks in Spotlight:

DCX Systems fell 1.34%. The company reported 32% drop in standalone net profit to Rs 7.88 crore in Q2 FY23 from Rs 11.64 crore in Q2 FY22. Revenue from operations declined by 8% YoY to Rs 173.88 crore during the quarter.

KEC International jumped 4.09%. The RPG Group company said that it had secured new orders of Rs 1,294 crore across its various businesses.

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First Published: Nov 16 2022 | 2:30 PM IST

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