At 11:20 IST, the barometer index, the S&P BSE Sensex, fell 71.85 points or 0.13% at 56,414.15. The Nifty 50 index declined 16.8 points or 0.1% at 16,854.35.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index gained 0.53%.
The market breadth was strong. On the BSE, 1,966 shares rose and 1,209 shares fell. A total of 120 shares were unchanged.
Buzzing Index:
The Nifty Metal index declined 1.86% to 6,046.25, extending its losing run to second consecutive trading session. The metal index lost 2.32% in two days.
Hindalco Industries (down 3.52%), NMDC (down 3.01%), Jindal Steel & Power (down 2.68%), Tata Steel (down 2.47%) and Vedanta (down 2.33%) were the top losers. Among the other losers were Steel Authority of India (down 1.76%), JSW Steel (down 1.71%) and Coal India (down 1.19%)
Stocks in Spotlight:
Sutlej Textiles & Industries rose 2.15% to Rs 73.55 after the company said that India Ratings and Research has assigned a long-term issuer rating of 'IND A+' on the debt instruments of the company. The outlook on the same is 'Stable', the ratings agency said. India Ratings said that the ratings reflect Sutlej's established position in India's value-added spun-dyed yarn industry and strong clientele. The ratings are further supported by an improvement in profitability on account of an improvement in the gross margin, supported by an increase in realisations as well as structural changes in costs by way of rationalising the manpower and energy costs.
Anupam Rasayan India rallied 4.21% to Rs 888 after the company announced the appointment of Amit Khurana as its Chief Financial Officer (CFO) effective from 14 March 2022. Amit Khurana will take over his new role from the incumbent CFO, Afzal Malkani, who has been appointed as the non-executive director on Tanfac's board as nominee of Anupam Rasayan.
Global Markets:
Asian markets were trading lower on Tuesday as surging COVID-19 cases in China hit the confidence of investors who are already worried about the Ukraine war and the first U.S. interest rate rise in three years, which could come this week.
Major US stock indexes closed mostly lower on Monday as investors sold tech and big growth names ahead of this week's Federal Reserve meeting and an expected hike in interest rates.
Wall Street kept an eye on the conflict between Russia and Ukraine, as the two countries resumed talks on Monday. A Ukrainian official reportedly said the country's objectives were to secure a ceasefire and an immediate withdrawal of Russian troops, along with other security guarantees. Hopes that talks between Russia and Ukraine due to resume on Tuesday could provide a resolution to the conflict prompted a sharp fall in global oil prices.
Fighting has intensified around Ukraine's capital, Kyiv, while Russian forces bombard cities across the country, killing civilians who are unable to escape.
Investors were also focused on the Fed, which is expected to raise its target fed funds rate by a quarter-percentage point from zero at the end of its two-day meeting Wednesday.
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