The key equity indices reversed gains in mid-morning trade as profit selling emerged at higher levels. Metal stocks witnessed profit taking after a nine-day winning streak. The Nifty slipped below the 14,900 mark.
At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 46.48 points or 0.09% to 49,699.73. The Nifty 50 index lost 15.90 points or 0.11% to 14,857.90.
In broader market, the S&P BSE Mid-Cap index gained 0.20% while the S&P BSE Small-Cap index rose 0.68%.
The market breadth was strong. On the BSE, 1540 shares rose and 1090 shares fell. A total of 144 shares were unchanged.
Total COVID-19 confirmed cases worldwide stood at 133,808,161 with 2,901,072 deaths.
India reported 979,608 active cases of COVID-19 infection and 167,642 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
The Nifty Metal index slipped 1.21% to 4,440.65. The index climbed 20.91% in the past nine sessions while the benchmark Nifty 50 index rose 2.23% during the same period.
Hindustan Zinc (down 2.54%), Tata Steel (down 2.17%), Hindalco Industries (down 1.41%), JSW Steel (down 1.21%), SAIL (down 1.1%), Jindal Steel & Power (down 1.09%) and MOIL (down 0.98%) declined while APL Apollo Tubes advanced 2.67%.
The initial public offer (IPO) of Macrotech Developers received bids for 1.33 crore shares as against 3.64 crore shares on offer, according to the stock exchange data at 11:20 IST on Friday (9 April 2021). The issue was subscribed 0.37 times.
The issue opened for bidding on Wednesday, 7 April 2021, and it will close on Friday, 9 April 2021. The price band for the IPO is set at Rs 483-486 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.
Most Asian stocks were trading lower on Friday. In the US, the S&P 500 rose to another record high on Thursday amid a strong rally in major technology stocks.
Federal Reverse chairman Jerome Powell signaled on Thursday that the economic rebound from the pandemic still has room to go as the recovery thus far hasn't been well-rounded. Powell also repeated that inflation is not expected to be serious even though near-term price pressures are likely.
Data showed an unexpected rise in the number of Americans filing new claims for unemployment benefits. A total of 744,000 Americans filed for unemployment benefits for the first time during the week ended April 3, the Labor Department said Thursday.
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