Key barometers turn red; metal shares edge higher.

The domestic equity benchmarks gave up all gains and turned red in trade. The Nifty traded below the 19,400 level. Metal shares extended gains for fourth day in a row.

The barometer index, the S&P BSE Sensex, was down 82.21 points or 0.13% to 65,137.82. The Nifty 50 index lost 21.45 points or 0.11% to 19,375.

In the broader market, the S&P BSE Mid-Cap index gained 0.52% while the S&P BSE Small-Cap index rose 0.74%.

The market breadth was strong. On the BSE, 2078 shares rose and 1177 shares fell. A total of 169 shares were unchanged.

New Listing:

Shares of TVS Supply Chain Solutions were currently trading at Rs 200.35 at 10:20 IST on the BSE, representing a premium of 1.7% compared with the issue price of Rs 197.

The scrip was listed at a price of Rs 206.30, at a premium of 4.72% as compared to the issue price.

So far, the stock has hit a high of 208.50 and a low of 199. On the BSE, over 9.46 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of TVS Supply Chain Solutions was subscribed 2.78 times. The issue opened for bidding on 10 August 2023 and it closed on 14 August 2023. The price band of the IPO was fixed at Rs 187-197 per share.

Buzzing Index:

The Nifty Metal index rose 0.80% to 6,687.70. The index has added 3.20% in four sessions.

Hindalco Industries (up 2.48%), National Aluminium Company (up 1.8%), APL Apollo Tubes (up 1.72%), NMDC (up 1.32%) and Steel Authority of India (up 1.23%) were the top gainers.

Among the other gainers were Tata Steel (up 1.02%), Hindustan Copper (up 1%), Jindal Stainless (up 0.78%), Jindal Steel & Power (up 0.69%) and JSW Steel (up 0.41%).

Adani Enterprises (down 0.76%), Welspun Corp (down 0.39%) and Hindustan Zinc (down 0.24%) turned lower.

Stocks in Spotlight:

Tata Communications rose 1.23%. The company's board approved the issue of 1,75,000 NCDs of face value of Rs 1 lakh each aggregating Rs 1750 crore on private placement basis. The deemed date of allotment is 29 August 2023.

K P R Mill shed 0.72%. The company announced that U.S. based FII, Fidelity has acquired more than 1% stake in the company during last week.

NBCC (India) rose 0.12%. A memorandum of understanding (MoU) was signed between NBCC and DMRC to work together in the field of building & infrastructure development in overseas.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.19% to 7.204 from its previous close of 7.218.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9500, compared with its close of 82.9900 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement added 0.03% to Rs 58,593.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 103.48.

The United States 10-year bond yield declined 0.50% to 4.307.

In the commodities market, Brent crude for October 2023 settlement gained 17 cents or 0.20% to $84.20 a barrel.

Global Markets:

Asian stocks are mixed on Wednesday as investors assess private business activity surveys from Australia and Japan, as well as inflation figures from Singapore.

Australia's business activity contracted at the fastest pace in 19 months, according to Juno Bank, with its flash composite purchasing managers index coming in at 47.1 for August. Japan saw a faster expansion in its business activity, with its flash PMI for August at 54.3 compared to July's 53.8.

US stocks ended mixed on Tuesday ahead of a key speech later this week from Federal Reserve Chairman Jerome Powell.

CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY  -

Visit My Website : https://www.streetinvestment.in/

Visit My Facebook Page : https://bit.ly/3FPps3j

Visit My Website : https://bit.ly/3FUlvKK

Street Investment CALL US : 8989000006

#niftytradingtip #intradaycall #bestintradaytradingtip #beststock2023  #Nifty #bse #sharemarket #nifty50 #stockmarket 

#equity  #Metalindex #trading  #Stock2023 #StockToWatch,