The domestic equity indices declined sharply in mid afternoon trade. The Nifty slipped below the 17,700 mark. Metal stocks declined for the second consecutive day.
At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 373.78 points or 0.63% to 59,371.10. The Nifty 50 index declined 123.20 points or 0.69% to 17,699.10. The Nifty hit the day's high of 17,884.60 in early trade.
In the broader market, the S&P BSE Mid-Cap index fell 0.94% while the S&P BSE Small-Cap index declined 0.24%.
The market breadth turned negative. On the BSE, 1501 shares rose and 1740 shares fell. A total of 153 shares were unchanged.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee fell to 74.7625 from its previous closing of 74.44.
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MCX Gold futures for 3 December 2021 settlement fell 0.34% to Rs 46,600.
The yield on India's 10-year benchmark federal paper (06.10 GS 2031) was currently at 6.273% as compared with its previous closing of 6.260%.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.34% to 94.30.
In the commodities market, Brent crude for December 2021 settlement rose 16 cents or 0.19% to $82.72 a barrel.
Buzzing Index:
The Nifty Metal index fell 2.09% to 5,678.90. The index has declined by 2.21% in two sessions.
National Aluminum Co. (down 4.05%), Hindalco Industries (down 3.31%), Vedanta (down 2.62%), JSW Steel (down 2.30%), Adani Enterprises (down 2.20%), SAIL (down 2.05%), Jindal Steel & Power (down 1.70%), Tata Steel (down 1.44%), NMDC (down 1.40%) and Welspun Corp (down 1.01%) declined.
Hindustan Copper jumped 5.75% to Rs 126.95 on reports that Vedanta Group is open to buying government's stake in the company. Vedanta Group's founder Anil Agarwal told the media that the company will look to bid for buying government's stake in Hindustan Copper as and when the state-owned firm is put up for privatisation. As on 30 June 2021, the Government of India held 72.76% stake in Hindustan Copper.
Coal India fell 1.92% to Rs 194.15. The company's board has accorded in-principle approval to pre-feasibility report for setting up integrated greenfield aluminium project in Odisha which shall include bauxite mining, alumina refinery, aluminium smelter and associated captive power plant by its subsidiary Mahanadi Coalfields.
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