Nifty trades below 24,000; metal shares slide for the 5th day

The key domestic benchmarks traded with significant losses in morning trade, mirroring the negative sentiment in the global markets after the US Federal Reserves interest rate decision. The Nifty traded below the 24,000 level. Metal shares witnessed selling pressure for the fifth consecutive trading session.

At 10:29 IST, the barometer index, the S&P BSE Sensex, tumbled 880.41 points or 1.10% to 79,301.79. The Nifty 50 index dropped 247.25 points or 1.02% to 23,951.60.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.75% and the S&P BSE Small-Cap index fell 0.79%.

The market breadth was weak. On the BSE, 1,186 shares rose and 2,463 shares fell. A total of 156 shares were unchanged.

 

New Listing:

Shares of Inventurus Knowledge Solutions were currently trading at Rs 1,861.35 at 10:15 IST on the BSE, representing a premium of 40.06% as compared with the issue price of Rs 1,329.

The scrip was listed at Rs 1,856, exhibiting a premium of 39.65% to the issue price.

So far, the stock has hit a high of 1,942.10 and a low of 1856. On the BSE, over 4.73 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Metal index dropped 1.73% to 8,913.20. The index fell 6.25% in five consecutive trading sessions.

Vedanta (down 2.38%), Hindustan Copper (down 2.12%), National Aluminium Company (down 2.06%), Jindal Steel & Power (down 1.96%), Tata Steel (down 1.94%), Hindustan Zinc (down 1.78%), Jindal Stainless (down 1.78%), JSW Steel (down 1.74%), Hindalco Industries (down 1.63%) and Welspun Corp (down 1.59%) declined.

Stocks in Spotlight:

State Bank of India declined 1.20%. The banks board has appointed Rama Mohan Rao Amara as managing director for three years. Meanwhile, Kshitij Mohan, deputy managing director (SARG) has been entrusted with additional charge of deputy managing director & group chief risk officer with effect from 18 December 2024.

Borosil Renewables slipped 2.97%. The companys board has decided to withdraw its proposed right issue of an amount not exceeding Rs 450 crore and approved the proposal to raise Rs 600 crore through the preferential issue of equity shares and Rs 100 crore through warrants.

Lupin added 0.45%. The company announced that it has received an approval from the United States Food and Drug Administration (U.S. FDA) for its abbreviated new drug application (ANDA) for Emtricitabine and Tenofovir Alafenamide Tablets.

Emtricitabine and tenofovir alafenamide combination is used together with other medicines to treat human immunodeficiency virus (HIV) infection. HIV is the virus that causes acquired immune deficiency syndrome (AIDS). This medicine is also used for pre-exposure prophylaxis (PrEP) to reduce the risk of HIV-1 infection.

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