Nifty nears 16,150; metal stocks in demand

The key equity indices traded near the day's high in mid-afternoon trade. The Nifty hovered near the 16,150 mark. Metal shares witnessed some bargain buying.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 411.87 points or 0.77% to 54,161.13. The Nifty 50 index gained 118.80 points or 0.74% to 16,144.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.81% while the S&P BSE Small-Cap index added 0.32%.

The market breadth was negative. On the BSE, 1,443 shares rose and 1,806 shares fell. A total of 132 shares were unchanged.

Numbers to Track:

The yield on the 10-year benchmark federal paper rose to 7.287% as compared with 7.305% at the close of the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 77.5900, compared with its close of 77.5500 during the previous trading session.

MCX Gold futures for (3 June 2022) settlement shed 0.14% to Rs 50,750.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.31% to 102.18.

In the commodities market, Brent crude for July 2022 settlement rose 34 cents or 0.31% to $111.46 a barrel.

Buzzing Index:

The Nifty Metal index rose 1.23% to 5,141.95. The index had declined 11% in the past three sessions.

Jindal Stainless (Hisar) (up 5.36%), Tata Steel (up 3.67%), JSW Steel (up 3.53%), Steel Authority of India (up 2.6%) and NMDC (up 2.4%) were the top gainers.

Concurrently, Jindal Steel & Power (up 2.1%), Ratnamani Metals & Tubes (up 1.14%), Hindalco Industries (up 1.06%), Hindustan Copper (up 0.42%) advanced.

Meanwhile, Adani Enterprises (down 3.87%), Hindustan Zinc (down 2.09%) and Welspun Corp (down 1.16%) moved lower.

Stocks in Spotlight:

Motherson Sumi Wiring India shed 0.41%. The company reported 73% fall in net profit to Rs 46 crore despite a 10% rise in revenues to Rs 1,662 crore in Q4 FY22 over Q4 FY21.

Bata India added 0.71%. The company reported a consolidated net profit of Rs 62.96 crore in Q4 FY22 as against a net profit of Rs 29.47 crore in Q4 FY21. Revenue from operations increased by 12.8% YoY to Rs 665.24 crore during the quarter.

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