Nifty regains 12,200; metal stocks tumble

Key indices came off day's low in morning trade. The Nifty reclaimed the 12,200 mark. Metal stocks witnessed heavy selling pressure. At 10:20 IST, the S&P BSE Sensex, was down 121.74 points or 0.29% at 41,491.45. The Nifty 50 index was down 39.2 points or 0.32% at 12,209.05.

In the broader market, the S&P BSE Mid-Cap index was up 0.46% while the S&P BSE Small-Cap index was up 0.37%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 951 shares rose and 872 shares fell. A total of 111 shares were unchanged. In Nifty 50 index, 21 stocks gained while 29 stocks declined.

Sumitomo Chemical India (SCIL) hit an upper circuit limit of 5% at Rs 204.75 after listing on the bourses on Monday. SCIL, a merged entity of Excel Crop Care, was listed on the bourses on Monday, 27 January 2020. Investors were credited with 51 equity shares of face value Rs 10 each of SCIL for every two fully paid-up shares of face value Rs 5 each in Excel Crop.

Q3 Earnings:

Among Nifty companies, Dr. Reddy's Laboratories and Housing Development Finance Corporation will announce their Q3 December 2019 result today.

Interglobe Aviation (up 0.56%), IIFL Finance (up 1.09%), JK Paper (up 0.88%), Torrent Pharmaceuticals (down 0.06%), Mahindra Lifespace Developers (up 0.62%), Music Broadcast (up 0.54%), Navin Fluorine International (up 1.24%), TTK Prestige (up 0.33%), United Spirits (up 0.1%), V2 Retail (up 1.45%), Wockhardt (up 1.84%), Bhansali Engineers Polymers (up 1.33%), CCL Products (up 0.9%), DCM Shriram (down 0.03%) and Lakshmi Machine Works (down 1.06%) are some of the companies that will announce their Q3 2019 earnings today.

Buzzing Index:

Metal stocks came under selling pressure amid a decline in industrial metal prices. The Nifty Metal index snapped two days winning run and tumbled 2.07% to 2,738.25.

Jindal Steel & Power (down 3.41%), Tata Steel (down 2.97%), Vedanta (down 2.73%), Steel Authority of India (down 2.45%), Hindalco Industries (down 2.34%), NMDC (down 2.17%), Tata Metaliks (down 1.64%), National Aluminium Company (down 1.08%) and Hindustan Copper (down 1.07%) were top losers in metal segment.

JSW Steel slumped 4.39%. The company reported an 87.01% fall in consolidated net profit to Rs 211 crore on 10.68% fall in total income to Rs 18,182.00 crore in Q3 December 2019 over Q3 December 2018. Crude steel production was impacted due to extended monsoon which impacted operations at its both Dolvi and Vijaynagar plants.

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