Barometers trade with tiny gains; metal stocks under pressure

The domestic equity benchmarks reversed early losses and traded with small gains in the morning trade. The Nifty scaled above the 23,700 level. Metal shares extended losses for the third consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was up 88.47 points or 0.11% to 78,133.21. The Nifty 50 index rose 11.90 points or 0.05% to 23,732.15.

The Sensex clocked an all-time high of 78,189.93 in morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.14% and the S&P BSE Small-Cap index rose 0.36%.

The market breadth was positive. On the BSE, 1,917 shares rose and 1,621 shares fell. A total of 155 shares were unchanged.

New Listing:

Shares of Akme Fintrade (India) was locked in upper circuit of 5% at Rs 131.95 at 10:15 IST on the BSE, representing a premium of 9.96% as compared with the issue price of Rs 120.

The scrip was listed at Rs 125.70, exhibiting a 4.75% premium to the issue price.

So far, the stock has hit a high of 131.95 and a low of 125.70. On the BSE, over 1.86 lakh shares of the company were traded in the counter so far.

Shares of Dee Development Engineers were currently trading at Rs 335.75 at 10:15 IST on the BSE, representing a premium of 65.39% as compared with the issue price of Rs 203.

The scrip was listed at Rs 325, exhibiting a 60.09% premium to the issue price.

So far, the stock has hit a high of 365.70 and a low of 325. On the BSE, over 16.83 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Metal index shed 1.25% to 9,734.70. The index declined 2.56% in three conseccutive trading sessions.

Vedanta (down 2.73%), NMDC (down 2.23%), Hindalco Industries (down 1.9%), Tata Steel (down 1.77%), Ratnamani Metals & Tubes (down 1.73%), Hindustan Zinc (down 1.49%), APL Apollo Tubes (down 1.24%), Steel Authority of India (down 1.2%), Jindal Steel & Power (down 1.04%) and Hindustan Copper (down 1.02%) slipped.

On the other hand, Welspun Corp (up 1.57%) ,Adani Enterprises (up 0.34%) edged higher.

Stocks in Spotlight:

NTPC shed 0.15% to Rs 360.30. The company said that its board of directors will meet on Saturday, 29 June 2024 to consider raising funds by way of issuing bonds or non convertible debentures (NCDs) upto Rs 12,000 crore.

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