The frontline indices came off the day's low in mid-afternoon trade. The Nifty traded above the 17,500 level, after hitting the day's low of 17,405.55 in mid-afternoon trade. Metal stocks slipped for the seventh consecutive trading session.
At 14:29 IST, the barometer index, the S&P BSE Sensex, was down 172.93 points or 0.29% to 59,157.97. The Nifty 50 index lost 55.90 points or 0.32% to 17,548.45.
In the broader market, the S&P BSE Mid-Cap index fell 0.53% while the S&P BSE Small-Cap index declined 0.24%.
The market breadth was weak. On the BSE, 1,367 shares rose and 2,191 shares fell. A total of 164 shares were unchanged.
Investors turned cautious ahead of the U.S. Federal Reserve meeting that begins Tuesday, post which the US FOMC will announce its latest interest rate decision. Further, the Union Budget 2023, to be presented on February 1, will keep the market buzzing throughout this week.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.396 from its close of 7.387 recorded in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.58, compared with its close of 81.59 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement shed 0.03% to Rs 56,835.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 101.87.
The United States 10-year bond yield advanced 0.26% to 3.527.
In the commodities market, Brent crude for March 2023 settlement declined 64 cents or 0.74% to $86.02 a barrel.
Buzzing Index:
The Nifty Metal index declined 1.14% to 6,316.65. The index lost 8.53% in seven trading sessions.
Hindustan Zinc (down 4.03%), JSW Steel (down 3.07%), Jindal Steel & Power (down 2.92%), Hindalco Industries (down 2.23%), Tata Steel (down 1.95%), Welspun Corp (down 1.64%), Steel Authority of India (down 1.53%), Hindustan Copper (down 1.26%), Jindal Stainless (down 1.07%) edged lower.
On the other hand, Ratnamani Metals & Tubes (up 3.6%) ,Adani Enterprises (up 2.99%) and MOIL (up 1.74%) advanced.
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