Sensex, Nifty at the low point of the day; metal stocks tumble

The benchmarks indices extended losses and declined further as they hit the day's low in morning trade. The Nifty was trading below the 17,500 mark. Metal shares witnessed across the board selling.

At 10:24 IST, the S&P BSE Sensex was down 577.14 points or 0.98% to 58,387.43. The Nifty 50 index lost 191.30 points or 1.08% to 17,483.65.

In the broader market, the S&P BSE Mid-Cap index fell 1.89% while the S&P BSE Small-Cap index declined 1.79%.

The market breadth was weak. On the BSE, shares 830 rose and 2,319 shares fell. A total of 122 shares were unchanged

Heating global inflation, tightening monetary policies and COVID-induced lockdowns in China weighed on investors' sentiment.

Results Today:

Tinplate Company of India (down 2.31%), Hathway Cable & Datacom (down 3.31%), Anand Rathi Wealth (up 0.25%) and GM Breweries (up 0.33%) will announce their March quarter results today.

Buzzing Index:

The Nifty Metal index fell 2.95% to 6,575.35. The index had advanced 2.37% in the past two sessions.

Hindalco Industries (down 4.81%), National Aluminum Co (down 4.55%), Coal India (down 4.53%), Hindustan Copper (down 4.14%), APL Apollo Tubes (down 4.05%), and Tata Steel (down 3.83%) edged lower.

Concurrently, Vedanta (down 3.91%), SAIL (down 3.86%), NMDC (down 3.11%), Jindal Steel & Power (down 2.98%), Hindustan Zinc (down 2.86%), JSW Steel (down 2.32%) and Welspun Corp (down 2.26%) declined.

Stocks in Spotlight:

Nestle India shed 0.94% to Rs 18250. The board of directors declared an interim dividend of Rs 25 per equity share of Rs. 10 each for the year 2022.

Gufic Biosciences jumped 11.86% to Rs 277.25. The company has received permission from Central Licensing Approving Authority for the manufacture, sale, and distribution of Isavuconazonium Sulfate API and the finished formulation of Isavuconazole for injection of 200 mg per vial.

Shiva Texyarn zoomed 10.11% to Rs 250. The company has received an order from the Government of India, Ministry of Defence for the supply of the NBC HAVERSACK MK-11 (bags for defense personnel) quantity 35,000, and the value of the order is Rs 11.90 crore.

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