Barometers trade with small cuts; metal shares under pressure

The domestic equity indices traded near the flatline with some negative bias in mid-afternoon trade. The Nifty traded below the 24,150 mark. Metal shares extended losses for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 14.90 points or 0.02% to 79,483.07. The Nifty 50 index shed 4.70 points or 0.02% to 24,143.50.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.66% and the S&P BSE Small-Cap index fell 1%.

The market breadth was weak. On the BSE, 1,488 shares rose and 2,565 shares fell. A total of 112 shares were unchanged.

Economy:

India's forex reserves declined by $2.675 billion to $682.13 billion for the week ended November 1, the RBI said on Friday. In the previous reporting week, the overall reserves had dropped by $3.463 billion to $684.805 billion.

For the week ended November 1, foreign currency assets, a major component of the reserves, decreased by $3.902 billion to $589.849 billion, the data released on Friday showed.

Gold reserves increased by $1.224 billion to $69.751 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $1 million to $18.219 billion, the apex bank said.

India's reserve position with the IMF was up by $4 million to $4.311 billion in the reporting week, the data showed.

Buzzing Index:

The Nifty Metal index fell 1.23% to 9,190.60. The index slipped 4.82% in the three consecutive trading sessions.

NMDC (down 2.7%), National Aluminium Company (down 2.58%), Hindustan Copper (down 2.3%), JSW Steel (down 2.29%), Jindal Steel & Power (down 2.07%), Tata Steel (down 2.05%), Hindustan Zinc (down 1.94%), Steel Authority of India (down 1.47%), Welspun Corp (down 1.46%) and Ratnamani Metals & Tubes (down 0.95%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.90% to 6.903 as compared with previous close 6.774.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.3900, compared with its close of 84.3700 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement shed 0.66% to Rs 76,762.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.35% to 105.36.

The United States 10-year bond yield added 0.84% to 4.346.

In the commodities market, Brent crude for November 2024 settlement added 9 cents or 0.12% to $73.96 a barrel.

Stocks in spotlight:

Advanced Enzyme Technologies tanked 13.84% after the company reported 4.59% decline in consolidated net profit to Rs 32.83 crore on a 7.44% slide in revenue from operations to Rs 1,460.95 crore in Q2 FY25 over Q2 FY24.

Devyani International added 1.39%. The company has reported a consolidated net loss of Rs 4.92 crore in Q2 FY25 as against a net profit of Rs 35.82 crore in Q2 FY24. Revenue from operations was at Rs 1,222.2 crore in the second quarter of FY25, marking a growth of 49.14% as against Rs 819.47 crore posted in Q2 FY24.

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