Nifty slips below 23,700 level; metal shares jump

The key domestic indices traded with minor losses in morning trade. The Nifty traded below 23,700 level. Metal shares advanced after declining in the past trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex declined 102.44 points or 0.13% to 77,918.73. The Nifty 50 index fell 4.70 points or 0.02% to 23,663.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.30% and the S&P BSE Small-Cap index shed 0.15%.

The market breadth was negative. On the BSE, 1,608 shares rose and 1,959 shares fell. A total of 158 shares were unchanged.

Buzzing Index:

The Nifty Metal index jumped 0.62% to 1,517.05. The index declined 1.40% in the past trading session.

 

Hindustan Copper (up 2.5%), Vedanta (up 1.57%), Welspun Corp (up 1.27%), Hindustan Zinc (up 1.23%) and Jindal Stainless (up 0.94%), Steel Authority of India (up 0.7%), Adani Enterprises (up 0.6%), Hindalco Industries (up 0.26%), Ratnamani Metals & Tubes (up 0.23%) and Jindal Steel & Power (up 0.17%) advanced.

Stocks in Spotlight:

Indian Renewable Energy Development Agency fell 0.68%. The comapny said that it has raised Rs 910.37 crore through the issuance of privately placed subordinated Tier-II bonds for a 10-year tenor at an annual coupon rate of 7.74%

Oil & Natural Gas Corporation (ONGC) rose 0.02%. The company will make an investment of Rs 3,300 crore in subsidiary ONGC Green via rights issue. The subsidiary will utilize the proceeds for the acquisition of a 100% equity stake in Ayana Renewable Power through ONGC NTPC Green (ONGPL).

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