Benchmarks pare all gains; metal shares slide

The key equity indices reversed all gains and traded with minor cuts in morning trade. The Nifty traded below the 24,500 level. Metal shares declined after advancing in the past trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 152.43 points or 0.19% to 80,349.65. The Nifty 50 index rose 64 points or 0.26% to 24,445.25.

In the broader market, the S&P BSE Mid-Cap index declined 0.39% and the S&P BSE Small-Cap index shed 0.03%.

The market breadth was negative. On the BSE, 1,610 shares rose and 1,904 shares fell. A total of 164 shares were unchanged.

Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 in the Lok Sabha today, 23 July 2024. This highly anticipated Union Budget 2024 will serve as a pivotal economic roadmap for the Modi 3.0 government, aiming to propel India towards becoming a developed nation, 'Viksit Bharat', by 2047. The pre-Budget Economic Survey, presented by Sitharaman in Lok Sabha on Monday, has outlined a conservative growth forecast of 6.5% to 7% for the current fiscal year.

Result today:

Bajaj Finance (down 0.80%) , DCM Shriram (up 0.14% ), Heritage Foods (down 0.29%), Hindustan Unilever (up 0.04%), ICICI Prudential Life Insurance Company (down 2.01%), ICRA (down 0.24%), Indoco Remedies (up 0.55%), ICICI Securities (up 0.96%), Kajaria Ceramics (down 0.57%), Mahindra and Mahindra Financial Services (up 0.15%), Schaffler India (up 1.33%), Sharda Cropchem (up 0.57%), SRF (up 0.30%), Steel Strips Wheels (down 1.45%), Thyrocare Technologies (up 2.16%), Torrent Pharmaceuticals (up 1.28%) and United Spirits (down 0.2.15%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Metal index declined 1.08% to 9,255.25. The index added 1.02% in the past trading sessions.

Vedanta (down 4.32%), National Aluminium Company (down 3.23%), Hindustan Copper (down 2.87%), Steel Authority of India (down 1.56%), Welspun Corp (down 1.49%), Jindal Stainless (down 1.36%), Hindustan Zinc (down 1.34%), Jindal Steel & Power (down 1.27%), Hindalco Industries (down 1.18%) and Tata Steel (down 1.17%) declined.

On the other hand, Ratnamani Metals & Tubes (up 0.66%) ,Adani Enterprises (up 0.09%) edged higher.

Stocks in Spotlight:

GE Power India slipped 1.40%. The company said that it has received supply order from NTPC GE Power Services (NGSL), with a contract value of Rs 348 crore.

Greenlam Industries declined 2.24% after the company reported 40% fall in consolidated net profit to Rs 20 crore in Q1 FY25 from Rs 33 crore in Q1 FY24. Revenue jumped 17% YoY to Rs 605 crore in Q1 FY25.

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