Nifty fails to hold 24,250 mark; metal shares slide for 5th day

The frontline indices traded with substantial losses in morning trade. The Nifty traded below the 24,250 mark after hitting the days high of 24,440.25 in early trade. Metal shares witnessed selling pressure for the fifth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 438.02 points or 0.55% to 79,627.14. The Nifty 50 index lost 174.95 points or 0.72% to 24,224.45.

In the broader market, the S&P BSE Mid-Cap index slipped 1.32% and the S&P BSE Small-Cap index fell 1.75%.

The market breadth was positive. On the BSE, 696 shares rose and 2,841 shares fell. A total of 126 shares were unchanged.

Result today:

Bandhan Bank (down 4.59%), Bank of Baroda (down 2.51%), Bharat Electronics (down 2.17%), Bharat Petroleum (down 2.21%), Cholamandalam Investment and Finance (down 1.29%), Coal India (down 2.13%), CreditAccess Grameen (down 2%), DLF (down 2.76%), Eris Lifesciences (down 0.89%), Hindustan Petroleum (down 2.94%), ICRA (down 2.53%), IDBI Bank (down 3.13%), InterGlobe Aviation (down 2.03%), Inox Green Energy Services (down 3.78%), Inox Wind (down 2.70%), Inox Wind Energy (down 3.18%), JM Financial (down 0.95%), JSW Holdings (down 3.82%), JSW Steel (down 1.06%), Jubilant Pharmova (down 2.83%), MOIL (down 2.26%), NIIT (down 3.17%), NLC India (down 2.77%), Nuvama Wealth Management (down 2.48%) and Shriram Finance (down 2.85%) will declare their result later today.

Buzzing Index:

The Nifty Metal index declined 2.45% to 9,046.40. The index dropped 7.25% in five consecutive trading sessions.

National Aluminium Company (down 5.90%), Hindustan Zinc (down 4.54%), Steel Authority of India (down 3.99%), Hindustan Copper (down 3.77%), Vedanta (down 3.03%), Jindal Steel & Power (down 2.61%), Jindal Stainless (down 2.61%), Adani Enterprises (down 2.49%), Tata Steel (down 2.34%) and Welspun Corp (down 2.19%) declined.

Stocks in Spotlight:

IndusInd Bank tumbled 17.34% after the bank reported 39.24% decline in standalone net profit to Rs 1,325.45 crore in Q2 FY25 as against Rs 2,181.47 crore posted in Q2 FY24. However, total income increased 9.91% year on year (YoY) to Rs 14,870.18 crore in the quarter ended 30 September 2024.

Mahanagar Gas slipped 3.07% after the company reported 16.5% fall in standalone net profit to Rs 282.8 crore despite a 9% rise in net revenue from operations to Rs 1,711.62 crore in Q2 FY25 over Q2 FY24.

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