Market Commentary - Mid-Session
Barometers trade in negative terrain; Metal shares advance As on : 05-Sep-24  14:33

The headline equity benchmarks continued trade with minor losses in afternoon trade. The Nifty hovered below 25,200 level after hitting the day's high of 25,275.45 in early trade. Metal shares advanced after witnessing selling pressure in past three sessions.

At 14:25 IST, the barometer index, the S&P BSE Sensex, declined 145.36 points or 0.17% to 82,211.79. The Nifty 50 index lost 42.20 points or 0.17% to 25,156.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.44% and the S&P BSE Small-Cap index gained 0.60%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 49,337.63 and 56,771.39 respectively.

The market breadth was positive. On the BSE, 2,320 shares rose and 1,579 shares fell. A total of 110 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 0.39%to 9,221.45. The index dropped 2.34% in the past three consecutive trading sessions.

Hindustan Zinc (up 1.81%), Vedanta (up 1.67%), National Aluminium Company (up 1.45%), Adani Enterprises (up 0.72%) and Jindal Steel & Power (up 0.72%) were the top gainers. Among the other gainers were NMDC (up 0.71%), Steel Authority of India (up 0.57%), Hindalco Industries (up 0.56%), APL Apollo Tubes (up 0.46%) and Tata Steel (up 0.38%) advanced.

Numbers to track :

The yield on India's 10-year benchmark federal paper jumped 1.62% to 6.970 as compared with previous close 6.975.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9825, compared with its close of 84.0175 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement shed 0.67% to Rs 71,946.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 101.20.

The United States 10-year bond yield advanced 0.08% to 3.771.

In the commodities market, Brent crude for November 2024 settlement gained 40 cents or 0.55% to $73.10 a barrel.

Stocks in Spotlight:

Goldiam International rose 1.28% after the company received purchase orders from large retailers in USA for diamond studded gold jewellery. The said order is worth Rs 70 crore and it is expected to be completed on or before 31 December 2024.

Sona BLW Precision Forgings advanced 1.74% after the company announced that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 699.01 per share.

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