Indices off day's low; metal stocks reverse losses

The domestic equity barometers pared losses in mid-afternoon trade. Metal stocks witnessed bargain buying after a two-day losing streak. The Nifty was trading above the 14,350 mark.

At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 564.81 points or 1.15% to 48,615.50. The Nifty 50 index skid 186.95 points or 1.28% to 14,362.45.

Rising domestic coronavirus cases dented investors sentiment. Global cues were subdued as COVID-induced lockdowns in Europe and potential U.S. tax hikes hit investors' risk appetite.

In the broader market, the S&P BSE Mid-Cap index declined 2.06% while the S&P BSE Small-Cap index lost 1.71%.

Sellers outnumbered buyers. On the BSE, 639 shares rose and 2231 shares fell. A total of 165 shares were unchanged.

Numbers to Track:

In the commodities market, Brent crude for May 2021 settlement slipped 83 cents to $ 64.41 a barrel. The contract added 5.95% or $3.62 to settle at $64.41 a barrel in the previous session.

The yield on India's 10-year benchmark federal paper rose to 6.160% as compared to its previous close of 6.152%.

In the foreign exchange market, the partially convertible rupee fell to 72.64, compared with its previous closing of 72.55.

MCX Gold futures for 5 April 2021 settlement shed 0.21% to Rs 44,766.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.15% to 92.67.

Buzzing Index:

The Nifty Metal index rose 0.28% to 3,727.80 amid value buying. The index declined 3.88% in the past two sessions while the benchmark Nifty 50 index lost 1.27% during the same period.

Tata Steel (up 2.92%), SAIL (up 1.42%), Hindustan Zinc (up 1.06%) and Hindustan Copper (up 0.97%) advanced.

Meanwhile, Coal India (down 2.31%), NMDC (down 2.09%), Mishra Dhatu Nigam (down 1.93%), NALCO (down 1.69%), Hindalco Industries (down 1.56%), MOIL (down 1.44%) and Ratnamani Metals Tubes (down 0.97%) declined.

Stocks in Spotlight:

Kirloskar Ferrous Industries added 0.13% to Rs 159.50. The company has entered into a mining lease deed with the Government of Karnataka to conduct mining operations for a period of 50 years at Bharath Mines & Minerals. The operations at the mine commenced on 24 March 2021.

Pokarna jumped 10.79% to Rs 255.05. The company announced the commencement of commercial operations of its second quartz surface manufacturing facility located at Mekaguda Village in Telangana.

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