Indices extend losses; Nifty near 18,500; Sensex down 516 pts

The domestic equity barometers further extended losses in mid-afternoon trade. Investor sentiments were dented after the US Fed hiked rates by 50 basis points to its highest level in 15 years. The Nifty traded below the 18,550 mark. Trading is expected to be volatile due to expiry of weekly index options on the NSE. Barring the Nifty Oil & Gas index, all the other sectoral indices traded in the red.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 515.71 points or 0.82% to 62,162.30. The Nifty 50 index lost 155 points or 0.83% to 18,505.30.

In the broader market, the S&P BSE Mid-Cap index slipped 0.54% while the S&P BSE Small-Cap index shed 0.08%.

The market breadth was negative. On the BSE, 1,643 shares rose and 1,844 shares fell. A total of 156 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.258 as compared with 7.221 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.6925, compared with its close of 82.49 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement lost 1.22% to Rs 54,005.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.41% to 104.20.

The United States 10-year bond yield fell 0.32% to 3.492.

In the commodities market, Brent crude for February 2023 settlement declined 62 cents or 0.75% to $82.08 a barrel.

Buzzing Index:

The Nifty Metal index fell 0.99% to 6,738.40. The index advanced 1.86% in three trading sessions.

Welspun Corp (down 3.61%), Jindal Steel & Power (down 2.48%), Hindustan Copper (down 2.25%), JSW Steel (down 1.72%), Tata Steel (down 1.33%), National Aluminium Company (down 1.14%), Steel Authority of India (down 1.12%), Hindalco Industries (down 1.02%), Vedanta (down 0.95%) and Jindal Stainless (down 0.86%) were the top losers.

On the other hand, MOIL (up 3.45%) Ratnamani Metals & Tubes (up 1.55%) and Hindustan Zinc (up 0.3%) edged higher.

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