Nifty slides below 15,700; metal stocks decline

The key indices pared early gains and slipped into the negative terrain in morning trade. The Nifty slipped below the 15,700 level after hitting the day's high of 15,797.45 in early trade. Metal shares witnessed significant selling pressure.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 117.84 points or 0.22% to 52,790.09. The Nifty 50 index lost 56.35 points or 0.36% to 15,695.70.

In the broader market, the S&P BSE Mid-Cap index slipped 0.04% while the S&P BSE Small-Cap index gained 0.13%.

The market breadth was positive. On the BSE, 1,729 shares rose and 1,265 shares fell. A total of 190 shares were unchanged.

Stocks in Spotlight:

CSB Bank gained 1.25%. The private lender said that its total deposits increased 8.65% to Rs 20,266.77 crore as of 30 June 2022 as against Rs 18,652.80 crore as of 30 June 2021. Gross advances surged 16.16% YoY to Rs 16,332.81 crore as on 30 June 2022.

National Fertilizers (NFL) advanced 3.38%. The company's total fertilizer sales jumped 47% to 15.58 lakh MT (metric tonne) in April-June 2022 compared with 10.62 lakh MT recorded during the same period last year.

Angel One jumped 4%. The brokerage firm said its client base jumped 96.9% to 10.41 million in June 2022 as against 5.29 million in June 2021.

Buzzing Index:

The Nifty Metal index tumbled 2.59% to 4,574.85. The index had advanced 0.76% to end at 4,696.50 on Friday.

Among the index constituents, JSW Steel (down 4.91%), Hindalco Industries (down 2.89%), Tata Steel (down 2.6%), Steel Authority of India (down 2.58%) and Jindal Steel & Power (down 2.48%) were the top losers.

Among the other losers were Hindustan Copper (down 2.04%), NMDC (down 1.41%), Jindal Stainless (down 1.05%), APL Apollo Tubes (down 0.71%) and National Aluminium Company (down 0.58%).

On the other hand, Ratnamani Metals & Tubes (up 0.87%), Adani Enterprises (up 0.63%) and Hindustan Zinc (up 0.26%) edged higher.

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