Market off day's low; Sensex down 313 pts; metal shares slide

The frontline equity benchmarks came off the day's low and traded with modest losses in mid-morning trade. Negative global cues dented investor sentiments. The Nifty traded below the 17,350 mark. Metal shares declined for second straight day.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 312.98 points or 0.53% to 59,150.95. The Nifty 50 index shed 117.10 points or 0.67% to 17,348.70.

In the broader market, the S&P BSE Mid-Cap index fell 1.23% while the S&P BSE Small-Cap index slipped 1.26%.

The market breadth was weak. On the BSE, 873 shares rose and 2,448 shares fell. A total of 194 shares were unchanged.

Buzzing Index:

The Nifty Metal index declined 2.45% to 5,310.15. The index shed 5.45% in two trading sessions.

Adani Enterprises (down 5.81%), Jindal Stainless (down 4.3%), Ratnamani Metals & Tubes (down 2.64%), Tata Steel (down 2.46%), Welspun Corp (down 2.29%), Hindalco Industries (down 2.23%), Hindustan Copper (down 2.2%), Vedanta (down 2.16%), Jindal Steel & Power (down 2.01%) and JSW Steel (down 1.91%) slipped.

Stocks in Spotlight:

Dr. Reddy's Laboratories declined 2.47%. The company said that its wholly owned subsidiary Dr. Reddy's Laboratories SA has entered into a definitive agreement to acquire the U.S. generic prescription product portfolio of Australia-based Mayne Pharma Group.

Dilip Buildcon added 1.50% after the company, through its joint venture, Dilip Buildcon-Skyway Infraprojects [DBL-SIPL (JV)] has executed the EPC agreement with Madhya Pradesh Jal Nigam Maryadit for a project worth Rs 1,947.06 crore.

Lemon Tree Hotels fell 0.34%. The company has signed license agreement for a 110 room property in Kasauli, Himachal Pradesh under its brand Aurika Hotels & Resorts. The hotel is expected to be operational in November 2024. Carnation Hotels, a wholly owned subsidiary and the hotel management arm of the company, will be operating this hotel.

Global markets:

Asian shares declined across the board on Monday, after major indexes on Wall Street recorded their worst week for 2023.

The US stocks declined on Friday, following a bigger-than-expected increase in the latest reading for personal consumption expenditures, the Federal Reserve's preferred inflation gauge.

The personal-consumption-expenditures price index showed the cost of U.S. goods and services jumped 0.6% in January, according to a Bureau of Economic Analysis report Friday.

The more closely followed core index, which is the Fed's preferred inflation measure, also rose 0.6% in January, climbing 4.7% over the past 12 months.

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