Benchmarks trade with small losses; breadth remains positive

The main indices traded with minor losses in mid afternoon trade. At 14:29 IST, the barometer index, the S&P BSE Sensex, was down 99.38 points or 0.16% to 60,446.54. The Nifty 50 index fell 17.35 points or 0.1% to 18,051.55.

The broader market outperformed the main indices. The S&P BSE Mid-Cap index gained 0.73% while the S&P BSE Small-Cap index added 0.75%.

The market breadth was positive. On the BSE, 1976 shares rose and 1295 shares fell. A total of 172 shares were unchanged.

Buzzing Index:

The Nifty Metal index slipped 0.53% to 5,749.80. The index corrected after rising 2.4% in the past three sessions.

Steel Authority of India (down 2.97%), Jindal Steel & Power (down 2.96%), Vedanta (down 2.05%), JSW Steel (down 1.12%) and Coal India (down 0.93%) were the top losers. Among the other losers were Hindalco Industries (down 0.88%), Tata Steel (down 0.53%) and Hindustan Zinc Ltd (down 0.33%).

Earnings Impact:

MRF fell 2% to Rs 78,255.35 after the company's consolidated net profit fell 53.99% to Rs 189.06 crore on 15.63% increase in net sales to Rs 4,907.81 crore in Q2 FY22 over Q2 FY21. On a consolidated basis, profit before tax declined 55.34% to Rs 255.21 crore in Q2 FY22 over Q2 FY21.

Elgi Equipments jumped 7.62% to Rs 219.55 after the company's consolidated net profit rose 55.26% to Rs 51.61 crore on 35.77% increase in net sales to Rs 652.03 crore in Q2 FY22 over Q2 FY21. On a consolidated basis, profit before tax rose 51.22% to Rs 77.06 crore in Q2 FY22 over Q2 FY21.

Numbers to Track:

MCX Gold futures for 3 December 2021 settlement rose 0.14% to 48,086.

The yield on India's 10-year benchmark federal paper fell to 6.293% from its previous close of 6.301%.

In the commodities market, Brent crude for January 2022 settlement rose 15 cents or 0.18% to $83.58 a barrel.

In the foreign exchange market, the partially convertible rupee fell to 74.06 from its previous closing of 74.03.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 94.03.

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