Barometers trade with deep cuts; metal shares lose sheen

The key equity benchmarks continued to extend losses in the morning trade. The Nifty tanked below the 24,300 mark. Metal shares witnessed profit booking after advancing in the past six consecutive trading sessions.

At 10:29 IST, the barometer index, the S&P BSE Sensex, declined 956.91 points or 1.18% to 80,333.05. The Nifty 50 index dropped 275.95 points or 1.12% to 24,272.75.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.43% and the S&P BSE Small-Cap index tumbled 1.68%.

Sellers outnumbered buyers. On the BSE, 949 shares rose and 2,699 shares fell. A total of 154 shares were unchanged.

Buzzing Index:

The Nifty Metal index slipped 2.20% to 9,298.30. The index gained 2.89% in the past six consecutive trading sessions.

Steel Authority of India (down 4.45%), NMDC (down 4.01%), Tata Steel (down 2.73%), Hindustan Copper (down 2.68%), JSW Steel (down 2.49%), Hindalco Industries (down 2.25%), Welspun Corp (down 1.89%), National Aluminium Company (down 1.88%), Vedanta (down 1.62%) and Jindal Steel & Power (down 1.61%) declined.

On the other hand, Adani Enterprises (up 0.44%) edged higher.

Stocks in Spotlight:

Siyaram Silk Mills surged 9.20% after the company announced the launch of Cadini Italy Perfumes in India under the Cadini Italy brand.

Ashok Leyland fell 1.02%. The company announced that it has received an order worth Rs 345.58 crore from the Tamil Nadu State Transport Corporation (TNSTC) for the supply of 1,475 BSVI Diesel Fuel Type Passenger Bus Chassis.

G R Infraprojects shed 0.49%. The company received a letter of intent for the establishment of a pooling station near Bijapur (Vijayapura) worth Rs 107.7 crore from PFC Consulting under the transmission scheme for the integration of Bijapur REZ in Karnataka.