Barometers trade with significant losses; metal shares lose shine

The key equity indices traded with deep cuts in mid-afternoon trade. The Nifty traded below the 23,950 mark. Metal shares declined after advancing in the previous trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex slumped 1,132.72 points or 1.42% to 78,591.40. The Nifty 50 index tumbled 376.30 points or 1.55% to 23,928.05.

In the broader market, the S&P BSE Mid-Cap index declined 1.32% and the S&P BSE Small-Cap index fell 1.62%.

The market breadth was weak. On the BSE, 1,207 shares rose and 2,825 shares fell. A total of 128 shares were unchanged.

Economy:

The HSBC final Manufacturing Purchasing Managers' Index rose to 57.5 in October from an eight-month low of 56.5 in September. The flash reading was 57.4. A score above 50.0 indicates expansion.

Finally, manufacturers became more optimistic regarding future output volumes. The level of positive sentiment was above the average seen over the 13-and-a-half-year series history.

Meanwhile, Indias forex reserves declined by $3.463 billion to $684.805 billion in the week ended October 25, according to the latest data from the RBI. For the week ended October 25, foreign currency assets, a major component of the reserves, decreased by $4.484 billion to $593.751 billion.

Gold reserves increased by $1.082 billion to $68.527 billion during the week, the RBI said.

RBI has released monthly data on Indias International Trade in Services for the Month of September 2024 on Thursday. The value of exports and imports of services during September 2024 stood at $ 32,579 million, up 14.6% on year and $16,507 million, up 13.2%, respectively.

Buzzing Index:

The Nifty Metal index fell 1.75% to 9,226.20. The index gained 0.68% in the past trading session.

Steel Authority of India (down 3.48%), Hindustan Zinc (down 3.05%), Hindalco Industries (down 2.71%), APL Apollo Tubes (down 2.45%), Jindal Steel & Power (down 2.4%), Adani Enterprises (down 2.27%), Tata Steel (down 2.05%), Vedanta (down 1.94%), JSW Steel (down 1.92%) and Hindustan Copper (down 1.19%) declined.

On the other hand, NMDC (up 0.74%), Jindal Stainless (up 0.70%) and Welspun Corp (up 0.27%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.17% to 6.921 as compared with previous close 6.841.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.1150, compared with its close of 84.0750 during the previous trading session.

MCX Gold futures for 5 Dec 2024 settlement shed 0.64% to Rs 78,364.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.50% to 103.77.

The United States 10-year bond yield lost 1.26% to 4.311.

In the commodities market, Brent crude for Jan 2025 settlement gained $1.71 or 2.34% to $74.81 a barrel.

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