Nifty below 22,300 level, metal shares lose sheen

The key equity barometers traded with minor losses in morning trade. The Nifty traded below 22,300 level. Metal shares extended losses for the third consecutive trading session.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 18.83 points or 0.03% to 73,649.13. The Nifty 50 index lost 43.95 points or 0.20% to 22,291.75.

The broader market underperformed the headline indices, The S&P BSE Mid-Cap index fell 1.90% and the S&P BSE Small-Cap index tumbled 2.73%.

The market breadth was weak. On the BSE, 567 shares rose and 3,049 shares fell. A total of 100 shares were unchanged.

Economy:

India`s consumer price inflation softened marginally in February, data from the Ministry of Statistics and Programme Implementation showed Tuesday. The consumer price index posted an annual growth of 5.09% in February.

This was slightly slower than January`s 5.1% increase and economists` forecast of 5.02% rise. In the same period last year, inflation was 6.44%.

Meanwhile, India`s industrial production growth moderated in January after accelerating in the previous month, data from the Ministry of Statistics and Programme Implementation revealed on Tuesday.

Industrial output expanded 3.8% year-over-year in January, slower than the 4.2% in December.

Among the major three sectors, mining output grew the most, up by 5.9%. This was followed by a 5.6% rise in manufacturing output and a 3.2% increase in electricity production.

During April to January, industrial production grew 5.9% from the same period last year, data showed.

New Listing:

Shares of J.G.Chemicals were currently trading at Rs 198.40 at 10:22 IST on the BSE, representing a discount of 10.23% as compared with the issue price of Rs 221.

The scrip was listed at Rs 211, exhibiting a discount of 4.52% to the issue price.

On the BSE, over 2.02 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Metal index dropped 1.97% to 7,948.90. The index slipped 5.04% in three trading sessions.

National Aluminium Company (down 5.93%), Welspun Corp (down 5.39%), Jindal Stainless (down 4.9%), Steel Authority of India (down 4.43%), Hindustan Copper (down 4.22%), Adani Enterprises (down 3.92%), NMDC (down 3.74%), Vedanta (down 3.33%), Tata Steel (down 2.72%) and Jindal Steel & Power (down 2.39%) edged lower.

Stocks in Spotlight:

Shree Cement rose 0.59%. The company said that it has entered into an asset purchase agreement with StarCrete LLP for purchase of operational RMC (ready mix concrete) plants located in Mumbai Metropolitan Region of Maharashtra.

SRF rose 0.39%. The company established a wholly-owned subsidiary, SRF Middle East, in Dubai for refrigerant gas trading.

Indiabulls Housing Finance declined 2.73%. The company said that its board will meet on Friday, 15 March 2024 to raise fund through debt securities.

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