Shares turn rangebound; metal stocks shine

Key benchmark indices were trading in a narrow range near the day's low in mid-afternoon trade. At 13:30 ST, the barometer index, the S&P BSE Sensex, was down 446.73 points or 1.43% at 30,712.89. The Nifty 50 index was down 108.60 points or 1.19% at 9,003.30.

In the broader market, the S&P BSE Mid-Cap index fell 1.05% while the S&P BSE Small-Cap index shed 0.56%.

The market breadth was negative. On the BSE, 1069 shares rose and 1157 shares fell. A total of 190 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.

Buzzing Index:

The Nifty Metal index rose 0.69% to 1,717.30, extending gains for second day. The index has added 5.68% in two sessions.

Among the index constituents, NMDC (up 4.39%), Hindalco Industries (up 4%), Hindustan Copper (up 2.22%) and Vedanta (up 0.46%) edged higher.

Jindal Steel & Power (down 3.49%), Tata Steel (down 2.63%), National Aluminium Company (down 1.81%), Steel Authority of India (down 1.71%), Hindustan Zinc (down 0.57%), JSW Steel (down 0.48%) edged lower.

Stocks in Spotlight:

Bandhan Bank fell 4.65% to Rs 183.35. The bank's loans & advances (on book + off book) surged 60% to Rs 71,825 crore (merged entity) in Q4 March 2020 as against Rs 44,776 crore (standalone) in Q4 March 2019. Total deposit stood at Rs 57,073 crore in Q4 March 2020, rising by 32% YoY as compared to Rs 43,232 crore posted in Q4 March 2019. Retail deposits grew at 34% YoY to Rs 44,760 crore in Q4 March 2020.

Max Financial Services shed 0.30% to Rs 351. Max Life Insurance, the company's subsidiary, and Yes Bank announced a five-year extension to their strategic bancassurance relationship. Through this renewal of their bancassurance partnership both the companies have reaffirmed their commitment to invest in building a digitally enabled ecosystem that will provide a seamless experience for customers in their financial planning and protection journey, Max Financial said in its BSE filing.

Polyplex Corporation fell 3.09% to Rs 405.55. The company's board at a meeting on 9 April 2020 approved Rs 54.81 crore buyback offer at a maximum price of Rs 475 per share.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 76.27 compared with its previous closing of 76.28.

The yield on 10-year benchmark federal paper rose to 6.5% as compared with 6.49% in the previous trading session.

MCX Gold futures for 5 June 2020 settlement rose 2.15% to Rs 46,266.

In the commodities market, Brent crude for June 2020 settlement was down 34 cents to $31.14 a barrel. The contract fell $1.36 or 4.14% to settle at $31.48 a barrel in the previous trading session.

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