Benchmarks hover near day's low; metal stocks tumble

Fresh selling wave in mid afternoon session pushed benchmark indices lower. The Nifty gave up 11,650 level. Trading was volatile as the October 2020 F&O contracts expire today.

The barometer index, the S&P BSE Sensex, was down 331.21 points or 0.83% at 39,591.25. The Nifty 50 index slipped 100.1 points or 0.85% at 11,629.65.

The broader market was negative. The S&P BSE Mid-Cap index fell 0.42%. The S&P BSE Small-Cap index lost 0.84%.

Sellers outnumbers buyers. On the BSE, 852 shares rose and 1,647 shares fell. A total of 161 shares were unchanged.

The US Dow Jones 30 Futures were trading 156 points higher, indicating a positive start on Wall Street after yesterday's rout.

Buzzing Index:

The Nifty Metal index declined 1.36% to 2293.7, extending its losing run to second consecutive trading session. The index has lost 2.79% in two days.

Hindustan Zinc (down 2.93%), Steel Authority of India (down 2.91%), Hindalco Industries (down 2.14%), Jindal Steel & Power (down 1.76%), JSW Steel Ltd (down 1.75%), Coal India (down 1.55%), NMDC (down 1.48%), National Aluminium Company (down 1.32%), Tata Steel (down 0.85%) and Vedanta (down 0.63%) were top losers in metal segment.

Stocks in Spotlight:

Can Fin Homes rose 2.6% to Rs 461.15 after the housing finance company posted a 31.6% rise in net profit to Rs 128.42 crore in Q2 September 2020 from Rs 97.62 crore posted in Q2 September 2019. The housing finance company's net interest income grew 31.6% year on year to Rs 210.48 crore in Q2 September 2020 from Rs 159.86 crore in Q2 September 2019. Net interest margin improved to 4.09% in Q2 September 2020 from 3.42% in Q2 September 2019.

Route Mobile jumped 4.63% to Rs 955 after the company's consolidated net profit surged 157.8% to Rs 32.87 crore on 77.7% increase in net sales to Rs 349.28 crore in Q2 FY21 over Q2 FY20. rofit before tax in Q2 September 2020 stood at Rs 39.37 crore, up by 151.2% from Rs 15.67 crore in Q2 September 2019.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee fell to 74.105 compared with its previous closing 73.875.

The yield on 10-year benchmark federal paper rose to 5.881% compared with its closing of 5.859% in the previous trading session.

MCX Gold futures for 4 December 2020 settlement declined 0.21% to Rs 50,390.

In the commodities market, Brent crude for December 2020 settlement fell 32 cents to $38.8 a barrel.

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