Benchmarks bounce back; metal shares decline

The domestic equity barometers pared losses and re-entered the positive terrain in mid afternoon trade. The Nifty continued to trade above the 16,200 mark. Metal shares declined across the board.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 9.5 points or 0.02% to 54,287.22. The Nifty 50 index skid 17.60 points or 0.11% at 16,220.60.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index shed 1.02%. The S&P BSE Small-Cap index lost 0.81%.

Sellers outnumbered buyers. On the BSE, 1288 shares rose and 2066 shares fell. A total of 136 shares were unchanged.

Monsoon Session of the Parliament:

The Lok Sabha on 9 August 2021 passed three crucial Bills including The Limited Liability Partnership (Amendment) 2021 and The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021.

The Limited Liability Partnership (Amendment) Bill, 2021 seeks to amend the Limited Liability Partnership Act, 2008 to facilitate greater ease of living to law-abiding corporate and to decriminalize certain provisions of the Act. The Finance Minister said that the Bill aims at bring in easy-of-doing business between smaller and big partners. The Bill has already been passed in Rajya Sabha.

Further, the Lower House also passed The Constitution (Scheduled Tribes) Order (Amendment) Bill, 2021.

Buzzing Index:

The Nifty Metal index fell 1.67% to 5,743.95. The index had gained 1.41% in the past two sessions.

Welspun Corp (down 2.91%), Ratnamani Metals Tubes (down 2.72%), Adani Enterprises (down 2.36%), Coal India (down 2.09%), Hindalco Industries (down 1.72%), NMDC (down 1.54%), Vedanta (down 1.40%), JSW Steel (down 1.09%), Tata Steel (down 1.08%) and MOIL (down 1.01%) declined.

National Aluminium Company (NALCO) slumped 10.24% to Rs 84.55. The company's consolidated net profit soared 1982% to Rs 347.48 crore on 79.2% jump in net sales to Rs 2,474.55 crore in Q1 June 2021 over Q1 June 2020. Increase in revenues was mainly propelled by strong demand, higher volumes, better realization and effective capacity utilization of its operational units.

Steel Authority of India (SAIL) fell 3.65% to Rs 135.85. The company reported consolidated net profit of Rs 3,897.4 crore in Q1FY22 as against net loss of Rs 1,226.5 crore in Q1FY21. Total income jumped to Rs 20,754.75 crore from Rs 9346.21 crore YoY.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee slipped to 74.2575 from its previous closing of 74.1575.

MCX Gold futures for 5 August 2021 settlement fell 0.83% to Rs 46,255.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 92.79.

The yield on 10-year benchmark federal paper fell to 6.230% from its previous close of 6.234%.

In the commodities market, Brent crude for October 2021 settlement fell $2.64 or 3.73% to $68.06 a barrel.

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