Benchmarks trade with modest losses; breadth turns negative

The key equity indices traded with moderate losses in the morning trade. The Nifty slipped below the 18,150 mark. Metal shares declined for the second day in a row.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 283.21 points or 0.46% to 61,010.99. The Nifty 50 index lost 87.20 points or 0.48% to 18,145.35.

In the broader market, the S&P BSE Mid-Cap index slipped 0.62% while the S&P BSE Small-Cap index shed 0.35%.

The market breadth was negative. On the BSE, 1,241 shares rose and 1,941 shares fell. A total of 152 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 628.07 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 350.57 crore in the Indian equity market on 3 January, provisional data showed.

Buzzing Index:

The Nifty Metal index declined 1.61% to 6,739.80. The index has slipped 2.13% in two trading sessions.

Hindalco Industries (down 3.31%), National Aluminium Company (down 3.31%), Vedanta (down 2.82%), JSW Steel (down 2.51%), Steel Authority of India (down 2.49%), Jindal Stainless (down 2.25%), Welspun Corp (down 2.08%), Jindal Steel & Power (down 2.07%), Tata Steel (down 1.82%) and Hindustan Copper (down 1.76%) declined.

Stocks in Spotlight:

Godrej Properties slipped 1.58%. The realtor said that the ratings for Commercial Paper (CP) have been reaffirmed/assigned at [ICRA] A1+ and CRISIL A1+, respectively. The real estate developer announced the enhancement in CP limits to Rs 1750 crore from Rs 1500 crore by ICRA and CRISIL.

Avenue Supermarts (DMart) declined 2.02%. The retailer on Tuesday announced that the total number of DMart stores as of 31 December 2022 stood at 306. DMart has reported a standalone revenue of Rs 11,304.58 crore in quarter ended 31 December 2022, up 24.71% from Rs 9,065.02 crore reported in the same period a year ago.

RailTel Corporation of India rose 3.16% after the company received an order worth Rs 186.19 crore from South Eastern Coalfields (SECL) for providing MPLS VPN services at 529 locations under SECL command area for five years.

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