Indices pare some gains; metals shares extend losses for 4th day

The domestic equity barometers pared some of the early gains in morning trade. The Nifty traded below the 18,150 level after hitting the day's high at 18,201.25 in early trade. Metal shares extended their downfall for fourth consecutive session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 126.71 points or 0.21% to 61,068.38. The Nifty 50 index added 27.40 points or 0.15% to 18,145.95.

In the broader market, the S&P BSE Mid-Cap index shed 0.08% while the S&P BSE Small-Cap index was currently trading flat.

The market breadth turned positive. On the BSE, 1,709 shares rose, and 1,466 shares fell. A total of 171 shares were unchanged.

Results Today:

Maruti Suzuki India (up 0.10%), Indus Towers (down 0.32%), TVS Motor Company (down 0.48%), SBI Cards and Payment Services (down 0.93%), Pidilite Industries (down 0.14%), United Spirits (down 0.53%), Macrotech Developers (down 1.62%), Supreme Industries (up 1.50%), CG Power and Industrial Solutions (down 1.30%), Colgate Palmolive (India) (up 0.05%), Sona BLW Precision Forgings (up 1.22%), PNB Housing Finance (up 0.53%), HDFC Asset Management Company (down 1.01%), Motilal Oswal Financial Services (down 0.65%) and UCO Bank (down 1.81%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Metal index fell 0.38% to 6,752.05. The index has declined 2.23% in four sessions.

Steel Authority of India (down 1.56%), Jindal Stainless (down 1.44%), Hindustan Copper (down 1.12%), JSW Steel (down 0.97%) and Jindal Steel & Power (down 0.94%) were the top losers.

Among the other losers were Tata Steel (down 0.7%), National Aluminium Company (down 0.59%), Hindalco Industries (down 0.53%), APL Apollo Tubes (down 0.52%) and Ratnamani Metals & Tubes (down 0.5%).

On the other hand, Welspun Corp (up 1.5%), Hindustan Zinc (up 0.51%) and Adani Enterprises (up 0.4%) turned up.

Stocks in Spotlight:

FSN E-Commerce Ventures (Nykaa) rose 1.36%. Nykaa on Monday (23 January 2023) announced the appointment of P Ganesh as their chief financial officer to further strengthen and boost Nykaa's financial operations and key long-term business strategies.

Sterlite Technologies fell 2.60%. The company's board at their meeting held on 27 January 2023 will consider proposal of fund raising by way of equity shares or other securities through rights issue.

NBCC (India) advanced 1.86%. The company has secured the total business of Rs 309.10 crore in December 2022.

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