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Nifty slumps below 11,750 mark; metal shares buck trend

Capital Market 

Key equity barometers slumped in mid-afternoon trade. The Nifty slipped below the 11,750 mark. Selling pressure was wide spread with IT, banks and pharma stocks losing the most.

At 14:24 IST, the barometer index, the S&P BSE Sensex, lost 861.09 points or 2.11% at 39,933.65. The Nifty 50 index slipped 226.35 points or 1.89% at 11,744.70.

Profit booking emerged after the Sensex jumped 7.43% and the Nifty climbed 6.67% in the past ten days. Negative global cues and lack of fresh stimulus from the government put pressure on bourses. Global shares tumbled amid rising concerns about resurgent COVID-19 infections and after the US Treasury Secretary dashed hopes of a stimulus package before the US Presidential election. The US Dow Jones Futures were currently down 173 points, indicating a weak start in US market today.

The broader market traded with losses. The S&P BSE Mid-Cap index shed 1.07% while the S&P BSE Small-Cap index fell 1.02%.

The market breadth was weak. On the BSE, 884 shares rose and 1646 shares fell. A total of 162 shares were unchanged.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.3675 compared with its previous closing 73.31.

The yield on 10-year benchmark federal paper fell to 5.903% compared with previous closing of 5.904% in the previous trading session.

MCX Gold futures for 04 December 2020 settlement shed 0.39% to Rs 50,344.

In the commodities market, Brent crude for December 2020 settlement lost 53 cents to $42.79 a barrel. The contract gained 2.05% or 87 cents to settle at $43.32 in the previous trading session.

Buzzing Index:

The Nifty Metal index was up 0.21% to 2,256.65. It was the only sectoral index on the NSE to trade in the green. The index has added 0.7% in the three sessions.

Coal India (up 0.45%), Tata Steel (up 0.36%) and Hindalco Industries (up 0.17%) edged higher.

Welspun Corp (down 4.42%), Jindal Steel & Power (down 3.44%), Mishra Dhatu Nigam (down 2.46%), Hindustan Zinc (down 2.35%), Ratnamani Metals Tubes (down 1.95%) and MOIL (down 0.49%) edged lower.

NMDC rose 1.88% to Rs 81.45. The Cabinet Committee on Economic Affairs (CCEA) has given its 'in-principle' approval to the demerger of Nagarnar Steel Plant (NSP) from NMDC and strategic disinvestment of NSP by selling entire Government of India stake in it to a strategic buyer.

Stocks in Spotlight:

Tata Power rose 1.80% to Rs 53.85 after the company said it has made an application to Sebi for an in-principle approval for creation of the Infrastructure Investment Trust (InvIT). As part of its growth strategy, Tata Power has taken several steps to deleverage the balance sheet and improve the capital structure including creation of an InvIT for its renewables business. The company is progressing on setting up of the InvIT as per the initial laid timelines and is confident of completing this transaction in this financial year.

Lakshmi Vilas Bank slipped 1.64% to Rs 18. The bank's board has approved the raising of funds to the tune of Rs 500 crore through a rights issue.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 15 2020. 14:26 IST