Benchmarks reverse losses; metal stocks correct

Domestic benchmark indices bounced back and traded with minor gains in mid morning trade. The Nifty reclaimed the crucial 14,900 mark. Bank, financial and IT stocks saw buying while metals and PSU bank shares corrected. Investors remained cautious ahead of U.S. Federal Reserve's two-day policy meeting which will conclude later in the day.

At 11:27 IST, the barometer index, the S&P BSE Sensex, rose 81.25 points or 0.16% at 50,435.15. The Nifty 50 index was up 6.8 or 0.05% at 14,917.20.

In the broader market, the S&P BSE Mid-Cap index tumbled 0.86% while the S&P BSE Small-Cap index was down 0.45%.

Sellers outpaced buyers. On the BSE, 1014 shares rose and 1615 shares fell. A total of 148 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 120,656,989 with 2,670,056 deaths. India reported 234,406 active cases of COVID-19 infection and 159,044 deaths while 110,45,284 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Metal index slipped 1.32% to 3,796.65, losing for second trading session. The index declined 2.15% in two days.

Coal India (down 2.75%), National Aluminium Company (down 2.37%), Jindal Steel & Power (down 1.73%), Steel Authority of India (down 1.33%), NMDC (down 1.14%), Hindalco Industries (down 0.91%), Tata Steel (down 0.9%), Hindustan Zinc (down 0.86%) and JSW Steel (down 0.81%) were top losers in metal space.

Global Markets:

Asian markets were trading lower on Wednesday as investors waited for the outcome of the U.S. Federal Reserve's two-day policy meeting later in the day. All eyes are on the US Fed whether the central bank will maintain near-zero interest rates amid the economy's post-pandemic recovery.

In US, the Dow fell from its record high and snapped a seven-day winning streak on Tuesday ahead the Federal Reserve's upcoming policy announcement.

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