Sensex slides 495 pts, Nifty below 17,700 level, metal stocks lose shine

The key equity indices traded with steep losses and hit an intraday low in morning trade. Negative global cues dampened the investors sentiment. The Nifty slipped below the 17,700 level. Metal stocks extended losses for the fourth consecutive trading session .

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 495.55 points or 0.82% to 60,177.17. The Nifty 50 index lost 149.20 points or 0.84% to 17,677.50.

In the broader market, the S&P BSE Mid-Cap index fell 0.93% while the S&P BSE Small-Cap index declined 0.78%.

Sellers outnumbered buyers. On the BSE, 926 shares rose and 2,185 shares fell. A total of 135 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 525.80 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 235.23 crore in the Indian equity market on 21 February, provisional data showed.

Buzzing Index:

The Nifty Metal index declined 1.78% to 5,642.15. The index slipped 3.73% in four trading sessions.

Adani Enterprises (down 6.2%), Steel Authority of India (down 2.07%), JSW Steel (down 1.56%), Welspun Corp (down 1.53%), Hindustan Copper (down 1.5%), Jindal Steel & Power (down 1.41%), Vedanta (down 1.28%), National Aluminium Company (down 1.28%), MOIL (down 0.95%) and Hindustan Zinc (down 0.78%) tumbled.

On the other hand, Ratnamani Metals & Tubes (up 3.58%) ,APL Apollo Tubes (up 0.38%) and Hindalco Industries (up 0.19%) edged higher.

Stocks in Spotlight:

Biocon declined 1.08%. The biopharmaceutical company announced that it has issued and allotted non-convertible debentures (NCDs) aggregating to Rs 1,070 crore on private placement basis in three series. These unlisted, secured, rated, redeemable, non-convertible debentures having face value of Rs 1 lakh each allotted on 21 February 2023 and will be matured in 21 February 2028.

ITI surged 7.22% after the company announced the appointment of Rajesh Rai as chairman and managing director (MD) of the company for period of five years with effect from 21 February 2023.

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