Barometers trade with modest cuts; metal shares lose sheen

The key equity indices traded with substantial losses in morning trade. The Nifty slipped below the 24,700 level. Metal shares extended losses for the second consecutive trading sessions.

At 10:29 IST, the barometer index, the S&P BSE Sensex, declined 352.40 points or 0.43% to 81,780.72. The Nifty 50 index lost 98.25 points or 0.40% to 24,670.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.31% and the S&P BSE Small-Cap index rose 0.38%.

The market breadth was strong. On the BSE, 2,313 shares rose and 1,483 shares fell. A total of 155 shares were unchanged.

Economy:

Indias foreign exchange reserves dropped by $3.235 billion to $654.857 billion, a five-month low, for the week ended December 6, data released by the Reserve Bank of India (RBI) revealed on Friday.

Foreign currency assets, a major component of the reserves, decreased by $3.228 billion to $565.623 billion for the week ended December 6, 2024, as per the data.

Meanwhile, gold reserves dropped by $43 million to $66.936 billion in the week under consideration. The Special Drawing Rights (SDRs) increased by $25 million to $18.031 billion, RBI data showed.

Indias reserve position with the IMF rose by $12 million to $4.266 billion in the reporting week.

Buzzing Index:

The Nifty Metal index slipped 0.98% to 9,347.10. The index fell 1.68% in past two consecutive trading sessions.

Jindal Steel & Power (down 1.79%), Vedanta (down 1.37%), JSW Steel (down 1.19%), Hindustan Copper (down 1.08%), Ratnamani Metals & Tubes (down 1.08%), National Aluminium Company (down 1.04%), NMDC (down 0.88%), Steel Authority of India (down 0.85%), Tata Steel (down 0.60%) and Hindalco Industries (down 0.50%).

Stocks in Spotlight:

JSW Energy advanced 2.09% after the company announced that it has secured multiple renewable energy (RE) projects in the commercial and industrial (C&I) power market.

GE Power India rallied 3.93% after the company announced that it has received an order worth Rs 18.27 crore from MP Power Generating Company (MPPGCL).

Glenmark Pharmaceuticals rose 1.88% after the company announced that its US-based subsidiary, Glenmark Pharmaceuticals Inc., USA, has launched Lacosamide oral solution, in the U.S. market.

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