Benchmarks extend losses; metal stocks advance

The key equity benchmarks further extended losses in morning trade. The Nifty was trading below the 17,150 mark. Metal stocks advanced.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 291.06 points or 0.50% to 57,405.40. The Nifty 50 index lost 78.50 points or 0.46% to 17,118.20.

In the broader market, the S&P BSE Mid-Cap index fell 0.28% while the S&P BSE Small-Cap index declined 0.09%.

The market breadth was positive. On the BSE, 1648 shares rose and 1432 shares fell. A total of 196 shares were unchanged.

The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) is scheduled to meet during 6 to 8 December 2021. MPC's interest rate decision will be disclosed on Wednesday, 8 December 2021. In the previous meeting, MPC kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%.

Buzzing Index:

The Nifty Metal index rose 1.07% to 5,450.25. The index had declined 0.23% to end at 5,392.40 on Friday.

JSW Steel (up 2.16%), SAIL (up 1.59%), Hindalco Industries (up 1.67%), Tata Steel (up 1.52%), Jindal Steel & Power (up 1.25%), Welspun Corp (up 1.24%) and Hindustan Zinc (up 0.92%) advanced.

Coal India (down 6.07%), NMDC (down 1.82%) and Ratnamani Metals Tubes (down 1.21%) declined.

Stocks in Spotlight:

Lloyds Metals and Energy rose 2.95% at Rs 82. The mining lease granted to the company for iron ore mines in Gadchiroli district in Maharashtra has been extended up till 2 May 2057.

Force Motors shed 0.94% to Rs 1267.65. The company said that its total auto production in November 2021 was 1,135 units, down 20% YoY and down 44% MoM. It recorded sales of 772 units (down 7% YoY and down 34% MoM).

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