Broader market tumbles; metals shares correct

The market continued to descend lower amid relentless selling pressure in mid-afternoon trade. Negative cues from other global stock markets spoiled trading sentiment.

At 14:23 IST, the barometer index, the S&P BSE Sensex, was down 238.94 points or 0.59% at 40,248.49. The Nifty 50 index was down 76.80 points or 0.64% at 11,860.70.

The S&P BSE Mid-Cap index was down 1.11% while the S&P BSE Small-Cap index was down 1.09%.

The market breadth was weak with sellers outpacing buyers. On the BSE, 739 shares rose and 1662 shares fell. A total of 147 shares were unchanged. In Nifty 50 index, 12 stocks advanced while 38 stocks declined.

Buzzing Index:

The Nifty Metal index slipped 0.93% to 2,528, reversing Monday's 0.63% rise.

Steel Authority of India (down 2.16%), JSW Steel (down 1.84%), Hindustan Zinc (down 1.43%), Hindustan Copper (down 1.17%), Vedanta (down 0.77%), National Aluminium Company (down 0.58%), Jindal Steel & Power (down 0.56%) and Tata Steel (down 0.46%) declined.

NMDC (up 0.69%) and Hindalco Industries (up 0.38%) advanced.

Stocks in Spotlight:

MPhasis fell 1.64% to Rs 861.85. The company issued a clarification with reference to an article titled Analyst cautious on Growth from DXC for Mphasis dated 6 December 2019.

The IT firm said that the $990 million Minimum Revenue Commitment (MRC) with DXC starting from September, 2016 is not a cumulative calculation and works on the basis of annual thresholds that run for the full tenure of the MRC. Mphasis and DXC continues to be strategic partners.

Panacea Biotec rose 1.55% to Rs 117.65. The company announced the launch of brand ViLACT in India. ViLACT is used in the treatment of Uncontrolled Type 2 Diabetes Mellitus patients. The total market size of this molecule and its combination is Rs 969 crore as per AIOCD MAT October '2019 and is growing at the rate of 4%.

Numbers to watch:

The yield on 10-year benchmark federal paper rose to 6.683% at 14:21 IST compared with 6.659% in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 70.89, compared with its close of 71.0450 during the previous trading session.

MCX Gold futures for 5 December 2019 settlement rose 0.01% to Rs 37,587.

In the commodities market, Brent crude for February 2020 settlement was down 22 cents at $64.03 a barrel. The contract fell 14 cents, or 0.21%, to settle at $64.25 a barrel during the previous trading session.

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