Indices further pare losses; metal stocks bounce back

The key equity indices further pared losses in mid-afternoon trade. Metal shares reversed early losses. At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 829.91 points or 1.66% to 49,199.92. The Nifty 50 index tumbled 223.60 points or 1.50% to 14,643.75.

The undertone of the market was still weak as a spike in domestic coronavirus cases and fresh curbs imposed by the state government dented investors' sentiment.

In broader market, the S&P BSE Mid-Cap index slipped 1.29% while the S&P BSE Small-Cap index declined 1.04%.

The market breadth was weak. On the BSE, 949 shares rose and 1920 shares fell. A total of 186 shares were unchanged.

 

Numbers To Track:

In the foreign exchange market, the partially convertible rupee fell to 73.33 compared with its previous closing of 73.12.

The yield on 10-year benchmark federal paper fell to 6.140% as compared to its previous close of 6.177%.

MCX Gold futures for 5 February 2021 settlement declined 0.05% to Rs 45,395.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, shed 0.01% to 93.01.

In the commodities market, Brent crude for June 2021 settlement fell $1.41 to $63.72 a barrel. The contract rose 3.38% or $2.12 to settle at $64.86 in the previous trading session.

Buzzing Index:

The Nifty Metal index was almost flat at 4,188.85. The index gained 12.69% in the past five sessions.

APL Apollo Tubes (down 6.56%), Welspun Corp (down 5.02%), MOIL (down 2.85%), National Aluminum Co. (down 2.47%), Mishra Dhatu Nigam (down 2.32%) and Coal India (down 1.74%) declined.

Meanwhile, Hindustan Zinc (up 6.05%), Hindustan Copper (up 4.98%), SAIL (up 4.41%), JSW Steel (up 1.44%), NMDC (up 1.37%) and Ratnamani Metals Tubes (up 1.22%) advanced.

Stocks in Spotlight:

IRCTC fell 2.97% to Rs 1699.95. IRCTC said that due to rising of corona cases in Maharashtra and Gujarat, services of Ahmedabad-Mumbai-Ahmedabad Tejas Express is being temporarily suspended for a period of one month with effect from 2 April 2021.

Escorts slipped 2.81% to Rs 1238.05. Escorts Construction Equipment segment (ECE) in March 2021 sold 680 machines, its highest ever March sales, and registered a growth of 252.3% as against 193 machines sold in March 2020.

Bharat Road Network (BRNL) rose 2.56% to Rs 30.05 after the company, along with its partners, signed a deal with Cube Highways for the sale of a 126-kilometre road project in Uttar Pradesh (UP), India. The said transaction is being done at an enterprise value (EV) of upto Rs 1600 crore. BRNL currently holds 39% stake in this project.

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