The key equity barometers traded below the flat line, with limited losses, in early afternoon trade. The Nifty managed to hold above the 19,700 mark. Metal shares witnessed some selling pressure for second day in a row.
The barometer index, the S&P BSE Sensex, was down 139 points or 0.21% to 66,545.26. The Nifty 50 index lost 36.70 points or 0.19% to 19,708.30.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.44% while the S&P BSE Small-Cap index rose 0.32%.
The market breadth was positive. On the BSE, 1,865 shares rose and 1,679 shares fell. A total of 187 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.58% to 11.67. The Nifty 27 July 2023 futures were trading at 19,800, at a premium of 46.75 points as compared with the spot at 19,753.25.
The Nifty option chain for the 27 July 2023 expiry showed maximum Call OI of 157.3 lakh contracts at the 19,800 strike price. Maximum Put OI of 97.8 lakh contracts were seen at 19,700 strike price.
Buzzing Index:
The Nifty Metal index rose 0.61% to 6,402.70. The index has declined 1.27% in two sessions.
Vedanta (down 2.5%), Tata Steel (down 1.76%), JSW Steel (down 1.37%), Hindustan Copper (down 1.33%) and Hindustan Zinc (down 1.23%) were the top losers.
Among the other losers were Steel Authority of India (down 0.94%), Welspun Corp (down 0.91%), NMDC (down 0.27%), Ratnamani Metals & Tubes (down 0.17%) and National Aluminium Company (down 0.11%).
On the other hand, APL Apollo Tubes (up 2.91%), Jindal Stainless (up 0.73%) and Adani Enterprises (up 0.28%) moved up.
Stocks in Spotlight:
CreditAccess Grameen rose 3.21%. The company's net profit surged 151.5% to Rs 348.46 crore in Q1 FY24 as compared with Rs 138.55 crore in Q1 FY23. Total income jumped 53.9% to Rs 1,170.72 crore in Q1 FY24 as compared with Rs 760.52 crore in corresponding quarter last year.
Sportking India tumbled 5.95%. The company reported 78% drop in net profit to Rs 18 crore in Q1 FY24 from Rs 83 crore in Q1 FY23. Total operational revenues fell by 11% to Rs 539 crore in the first quarter from Rs 606 crore in the same period last year.
Kriti Industries (India) slumped 12.39%. The company reported a consolidated net profit of Rs 7.86 crore in Q1 FY24 as against a net loss of Rs 9.11 crore in Q1 FY23. Net sales increased by 52.3% YoY to Rs 279.55 in the first quarter of FY24.
Global Markets:
Asian stocks traded mixed on Monday ahead of key economic data and a busy week of earnings and central bank meetings. Japan's manufacturing activity extended declines in July, as the au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) fell to 49.4 in July from 49.8 in June.
Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve and European Central Bank later this week and possibly the end of the tightening cycle in both. Meanwhile, the Bank of Japan on Friday will likely keep its super-loose policy intact.
U.S. stocks ended mixed on Friday, with the Dow Jones Industrial Average rising marginally to notch its 10th straight day of advances, its longest rally in almost six years.
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