The key equity indices continued to trade with limited losses in mid-morning trade. The Nifty traded below the 19,400 level. Metal stocks edged lower for the third consecutive trading session.
The barometer index, the S&P BSE Sensex, was down 109.36 points or 0.17% to 65,292.56. The Nifty 50 index lost 46.20 points or 0.24% to 19,388.35.
In the broader market, the S&P BSE Mid-Cap index declined 0.04% while the S&P BSE Small-Cap index gained 0.40%.
The market breadth was positive. On the BSE, 1,811 shares rose and 1,632 shares fell. A total of 142 shares were unchanged.
Buzzing Index:
The Nifty Metal index fell 1.16% to 6,470.15. The index slipped 3.81% in three trading sessions.
Hindustan Copper (down 5.84%), Hindalco Industries (down 2.37%), Jindal Steel & Power (down 2.33%), Steel Authority of India (down 1.89%), Tata Steel (down 1.74%), National Aluminium Company (down 1.71%), NMDC (down 1.35%), Ratnamani Metals & Tubes (down 1.06%), JSW Steel (down 0.78%) and Hindustan Zinc (down 0.47%) declined.
Hindustan Copper tumbled 5.84% after the company's consolidated net profit declined 17.2% to Rs 47.28 crore in Q1 FY24 from Rs 57.08 crore reported in Q1 FY23. Revenue from operations grew by 6.47% year on year to Rs 370.94 crore in the quarter ended 30 June 2023.
Stocks in Spotlight:
Coffee Day Enterprises jumped 6.36% after the company reported consolidated net profit of Rs 20.55 crore in Q1 FY24 as compared with net loss of Rs 16.70 crore in Q1 FY23. Revenue from operations jumped 17.5% to Rs 247.29 crore in Q1 FY24 as compared with Rs 210.49 crore in Q1 FY23.
Hindustan Oil Exploration Corporation (HOEC) tumbled 16.36%. HOEC reported 104.2% surge in consolidated net profit to Rs 66.07 crore in Q1 FY24 as against Rs 32.35 crore posted in Q1 FY23. Net sales soared 87.4% to Rs 167.61 crore in the quarter ended 30 June 2023 from Rs 89.42 crore recorded in Q1 FY23.
Garden Reach Shipbuilders and Engineers (GRSE) surged 18.09% after the media reported that the company expects the shipbuilding industry to get contracts worth Rs 1.2 lakh crore over the next two to four years.
Global Markets:
Asian stocks are trading lower on Wednesday mirroring moves on Wall Street after a decline in US banks.
US stocks slid on Tuesday as investors fretted over the banking sector and took in data showing another weak month for China's economy.
A Fitch Ratings analyst warned that the U.S. banking industry has inched closer to another source of turbulence ? the risk of sweeping rating downgrades on dozens of U.S. banks that could even include the likes of JPMorgan Chase.
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