Market Commentary - Mid-Session
Sensex slides 463 pts; metal stocks lose sheen; VIX rises 3.9% As on : 13-Nov-24  11:25

The key equity benchmarks traded with significant losses in mid-morning trade. The Nifty traded below the 23,750 mark. Metal shares extended losses for the fifth consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 462.71 points or 0.59% to 78,218.47. The Nifty 50 index slipped 174.85 points or 0.73% to 23,708.60.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 1.81% and the S&P BSE Small-Cap index declined 2.29%.

The market breadth was weak. On the BSE, 689 shares rose and 3,094 shares fell. A total of 132 shares were unchanged

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 3.90% to 15.16.

Economy:

India's retail inflation, based on the Consumer Price Index (CPI), in October 2024 surged to a 14-month high of 6.21%, according to the latest official data released on Tuesday. India's retail inflation had stood at a nine-month high of 5.49% in September 2024. It was at 4.87% in October 2023.

India's industrial production grew by 3.1% in September, according to official data released on Tuesday. In the previous month of August, the factory output, based on the Index of Industrial Production (IIP), was in the negative territory at (-) 0.1%. However, the IIP growth had stood at 6.4% in September 2023.

IPO Update:

The initial public offer (IPO) of Zinka Logistics Solutions received bids for 9,86,364 shares as against 2,25,67,270 shares on offer, according to stock exchange data at 11:15 IST on 13 November 2024. The issue was subscribed 0.04 times.

The issue opened for bidding on 13 November 2024 and it will close on 18 November 2024. The price band of the IPO is fixed between Rs 259 to Rs 273 per share. An investor can bid for a minimum of 54 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index fell 1.93% to 8,903.05. The index tumbled 7.80% for five consecutive trading sessions.

Hindalco Industries (down 3.19%), Tata Steel (down 2.57%), Welspun Corp (down 2.51%), Jindal Steel & Power (down 2.48%), Steel Authority of India (down 1.98%), Hindustan Copper (down 1.84%), JSW Steel (down 1.8%), National Aluminium Company (down 1.34%), Hindustan Zinc (down 1.24%) and Ratnamani Metals & Tubes (down 1.17%) declined.

Stocks in Spotlight:

Sula Vineyards tumbled 5.75% after the company's consolidated net profit fell 37.28% to Rs 14.48 crore in Q2 FY25 as against Rs 23.09 crore posted in Q2 FY24. Revenue from operations (excluding excise duty) decreased marginally to Rs 132.36 crore in the second quarter of FY25 as compared to Rs 133.69 crore recorded in the corresponding quarter previous year.

PNC Infratech slipped 4.20% after the company reported 43.57% drop in consolidated net profit to Rs 83.46 crore on 25.34% decline in revenue from operations to Rs 1,427.05 crore in Q2 FY25 over Q2 FY24.

Global Markets:

Asian stocks slumped on Wednesday, mirroring losses on Wall Street. The post-election rally seems to be losing steam, and investors are growing cautious ahead of crucial U.S. inflation data.

Asian traders assessed corporate goods data out of Japan, which showed year-on-year producer price growth, or wholesale inflation, in October reached its highest since July last year at 3.4%.

China's recent fiscal measures failed to significantly boost regional markets, while uncertainty surrounding global trade relations continues to dampen sentiment.

Wall Street benchmarks retreated from record highs on Tuesday after a strong post-election run. At the close in NYSE, the Dow Jones Industrial Average lost 0.86%, while the S&P 500 index fell 0.29%, and the NASDAQ Composite index declined 0.09%.

Key Federal Reserve officials' hawkish comments, particularly Minneapolis Fed President Neel Kashkari's warning about potential rate hikes, added to the negative sentiment.

Investors are now focused on the upcoming U.S. consumer price index (CPI) data due later on Wednesday, which is expected to reveal persistent inflation in October.

Powered by Capital Market - Live News