INDICES TRADE WITH MINOR LOSSES; METAL SHARES LOSE SHEEN

The benchmark indices traded with limited losses in mid-afternoon trade. The Nifty traded below the 22,150 mark after hitting the day`s high of 22,330 in early trade. Metal shares slipped after advancing in the past four trading sessions.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 255.55 points or 0.32% to 72,751.08. The Nifty 50 index declined 71.85 points or 0.32% to 22,128.70.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.48% and the S&P BSE Small-Cap index gained 0.68%.

The market breadth was negative. On the BSE, 1,875 shares rose and 1,907 shares fell. A total of 142 shares were unchanged.

Economy:

India`s merchandise exports rose by 1% to $34.99 billion in April even as the trade deficit widened to a four-month high of $19.1 billion during the month, according to government data. Healthy growth in sectors such as electronics, chemicals, petroleum products and pharmaceuticals has helped register growth in exports despite global economic uncertainties. Imports also increased by 10.25% to $54.09 billion in the month under review from $49.06 billion in April 2023 due to a significant jump in gold imports.

Buzzing Index:

The Nifty Metal index declined 0.75% to 9,306.65. The index rallied 6.12% in past four consecutive trading sessions.

Hindustan Copper (down 2.48%), Adani Enterprises (down 2.25%), Vedanta (down 2.23%), Steel Authority of India (down 2.1%), NMDC (down 1.98%), Tata Steel (down 1.9%), Hindalco Industries (down 1.42%), National Aluminium Company (down 1%), Ratnamani Metals & Tubes (down 0.81%) and Jindal Stainless (down 0.36%).

On the other hand, APL Apollo Tubes (up 2.38%) ,Hindustan Zinc (up 1.93%) and Welspun Corp (up 0.67%) turned up.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.16% to 7.075 as compared with previous close 7.067.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.5050, compared with its close of 83.4650 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 0.81% to Rs 73,967.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.03% to 104.38.

The United States 10-year bond yield slipped 0.34% to 4.338.

In the commodities market, Brent crude for July 2024 settlement added 28 cents or 0.34% to $83.03 a barrel.

Stocks in Spotlight:

NLC India declined 1.42%. The company`s consolidated net profit declined 86.23% to Rs 114.23 crore on 31.04% decrease in revenue from operations to Rs 3,540.61 crore in Q4 FY24 over Q4 FY23.

Indian Energy Exchange (IEX) added 1.51% after the company�s consolidated net profit rose 9.45% to Rs 96.69 crore on 13.31% increase in revenue from operations to Rs 121.28 crore in Q4 FY24 over Q4 FY23.

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