Indices pare all early gains; metal shares rally for 2nd day

The Indian equity indices pared all early gains and traded in negative terrain with minor losses in morning trade. The Nifty traded below the 22,650 mark. Metal shares witnessed buying demand for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, declined 152.31 points or 0.21% to 74,465.75. The Nifty 50 index fell 18 points or 0.08% to 22,630.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% and the S&P BSE Small-Cap index added 0.01%.

The market breadth was negative. On the BSE, 1,742 shares rose and 1,729 shares fell. A total of 183 shares were unchanged.

Earinngs Today:

Titan Company (up 0.03%), Britannia Industries(down 0.43%), Adani Green Energy(up 0.36%), Godrej Properties(up 0.09%), MRF( down 2.87%), Mahgalore Refinery and Petrochemicals(down 0.49%), Carborundum Universal(down 2.90%), Inox Wind(down 0.64%), Aptus Value Housing Finance(down 0.48%), First Source Solutions(up 0.19%), Raymond (down 2.63%), Go Fashions(India) (up 0.19%), Aarti Drugs(down 0.13%), Tatva Chintam Pharma Chemical (up .65%) will declare their Q4 earnings today.

Buzzing Index:

The Nifty Metal index advanced 1.07% to 9,373.95. The index jumped 2.16% in the two consecutive trading sessions.

Hindustan Zinc (up 7.13%), Vedanta (up 2.18%), Steel Authority of India (up 1.99%), NMDC (up 1.76%) and Tata Steel (up 1.58%) were the top gainers.

Among the other gainers were Jindal Steel & Power (up 1.5%), JSW Steel (up 1.16%), Hindalco Industries (up 1.08%), Welspun Corp (up 1.02%) and APL Apollo Tubes (up 0.8%).

Stocks in Spotlight:

CIE Automotive India shed 0.02%. The companys consolidated net profit declined 17.42% to Rs 231 crore on 0.55% fall in revenue to Rs 2,427 crore in Q4 FY24 over Q4 FY23.

Ajanta Pharma rallied 8.86% after the pharmaceutical company reported 65.82% jump in consolidated net profit to Rs 203 crore in Q4 FY24 as compared with Rs 122 crore in Q4 FY23. Revenue increased 19.53% YoY to Rs 1,054.08 crore in Q4 FY24.

Astec Lifesciences jumped 2.69%. The company reported consolidated net loss of Rs 0.96 crore in Q4 FY24 as compared with net loss of Rs 4.97 crore in Q4 FY23. Revenue jumped 21.08% YoY to Rs 154 crore in Q4 FY24.

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