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The key equity barometers continued to extend losses in mid-morning trade. The Nifty slipped below the 19,550 mark. Oil & gas shares extended losses for the second consecutive trading session.
The barometer index, the S&P BSE Sensex, was down 657.74 points or 0.99% to 65,801.57. The Nifty 50 index lost 204.90 points or 1.04% to 19,528.65.
In the broader market, the S&P BSE Mid-Cap index slipped 0.91% while the S&P BSE Small-Cap index declined 0.42%.
The market breadth was positive. On the BSE, 1,381 shares rose and 2,011 shares fell. A total of 177 shares were unchanged.
Buzzing Index:
The Nifty Oil & Gas index declined 1.24% to 8,009.80. The index slipped 1.61% in two trading sessions.
GAIL (India) (down 3.2%), Gujarat Gas (down 2.76%), Petronet LNG (down 2.7%), Hindustan Petroleum Corporation (down 2.53%), Mahanagar Gas (down 2.18%), Oil India (down 1.86%), Castrol India (down 1.7%), Bharat Petroleum Corporation (down 1.64%), Indraprastha Gas (down 1.42%) and Reliance Industries (down 1.28%) edged lower.
The Nifty Metal index declined 1.07% to 6,697.45. The index had advanced 2.87% in the past three sessions.
Tata Steel (down 2.19%), National Aluminium Company (down 1.88%), Jindal Stainless (down 1.53%), Hindalco Industries (down 1.31%) and Jindal Steel & Power (down 1.23%) were the top losers.
Among the other losers were JSW Steel (down 1.11%), Hindustan Copper (down 0.66%), Steel Authority of India (down 0.63%), APL Apollo Tubes (down 0.58%) and NMDC (down 0.47%).
Stocks in Spotlight:
Metro Brands rallied 4.53% after the company's standalone net profit rose 2.9% to Rs 106.19 crore in Q1 FY24 as compared with Rs 103.17 crore in Q1 FY23. Revenue from operations jumped 11.7% to Rs 555.57 crore during the quarter as compared with Rs 497.23 crore posted in corresponding quarter last year.
Godrej Agrovet rose 1.08% after the company's consolidated net profit rose 27.34% to Rs 105.32 crore on 0.01% increase in net sales to Rs 2499.31 crore in Q1 June 2023 over Q1 June 2022.
Adani Total Gas added 0.01%. The natural gas distribution company reported 7.1% increase in net profit to Rs 147.69 core in Q1 FY24 from Rs 137.84 crore recorded in Q1 FY23. Revenue from operations rose marginally to Rs 1,055.58 crore in Q1 FY24 as against Rs 1,042.35 crore posted in Q1 FY23.
Ambuja Cements slipped 1.65%. The cement major's consolidated net profit jumped 31.2% to Rs 1,135.46 crore on 8.47% increase in revenue from operations to Rs 8,712.90 crore in Q1 FY24 over Q1 FY23.
Adani Ports and Special Economic Zone was up 0.03%. The company said that it has recorded bumper cargo volumes of 34 MMT in July 2023, implying a YoY growth of 7%.
Eicher Motors fell 1.11%. The company's total motorcycles (Royal Enfield) sales jumped 32% to 73,117 units in July 2023 from 55,555 units sold in July 2022.
Som Distilleries & Breweries rose 1.15%. The company said its Indian Made Foreign Liquor (IMFL) brands receive approval for supply in Rajasthan.
Global Markets:
Asian stocks were trading lower Wednesday after ratings agency Fitch cut the US credit rating.
Wall Street stocks ended mostly lower on Tuesday amid a slew of corporate earnings results, while manufacturing sector data supported hopes that the central bank could skip another rate hike in September.
Fitch Ratings lowered the United States' long-term foreign currency issuer default rating to AA+ from AAA Tuesday night, citing ?expected fiscal deterioration over the next three years.?
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