Broader market underperforms; metal shares slide

The headline equity indices traded with minor cuts in morning trade. The Nifty traded below the 24,750 mark after hitting the days high of 24,854.80 in early trade. Metal shares witnessed selling pressure for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 171.85 points or 0.23% to 81,152.76. The Nifty 50 index shed 89.20 points or 0.36% to 24,711.65.

The Sensex and Nifty clocked an all-time high of 81,587.76 and 24,854.80, respectively in early trade.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index declined 1.35% and the S&P BSE Small-Cap index fell 1.42%.

The market breadth was weak. On the BSE, 936 shares rose and 2,625 shares fell. A total of 142 shares were unchanged.

Earnings Today

Reliance Industries (down 1.06%), Wipro (down 0.86%), Aether Industries (up 1.52%), Atul (down 1.72%), Blue Dart Express (up 2.86%), Bharat Petroleum Corporation (down 3.24%), Creditaccess Grameen (down 1.01%), Oberoi Realty (down 3.25%), Jubilant Pharmova (down 1.99%), Patanjali Foods (up 2.58%), One97 Communication (up 4.17%), PVR Inox (down 0.16%), Route Mobile (up 1.41%), Supreme Petrochem (down 3.07%), Tejas Networks (down 0.02%), Transformers and Rectifiers (down 3.04%), UltraTech Cement (down 1.39%) and Union Bank of India (up 0.59%) will announce their quarterly results later in the day.

Buzzing Index:

The Nifty Metal index declined 2.14% to 9,431.10. The index fell 3.06% in three consecutive trading sessions.

National Aluminium Company (down 3.37%), NMDC (down 3.23%), Steel Authority of India (down 2.85%), Hindustan Copper (down 2.78%), Tata Steel (down 2.67%), Jindal Stainless (down 2.67%), Hindalco Industries (down 2.57%), Jindal Steel & Power (down 2.11%), Welspun Corp (down 1.98%) and JSW Steel (down 1.95%) advanced.

Stocks in Spotlight:

Vodafone Idea shed 0.92%. The telecom operators board approved the second tranche allotment of shares to Nokia Solutions and Networks India and Ericsson India aggregating to Rs 614.5 crores at an issue price of Rs 14.80 per share.

Dr. Reddy's Laboratories rose 0.43%. The company said that it has entered into a non-exclusive patent licensing agreement with Takeda Pharmaceutical Company to commercialise Vonoprazan tablets in India.

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