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  • Indices hit day's low; metal stocks tumble
  • October 22,2021  12:25
  • The domestic equity benchmarks reversed gains and hit the day's low in early afternoon trade. The Nifty dropped below the 18,150 mark. Metal stocks declined for the fourth consecutive session.

    At 12:24 IST, the barometer index, the S&P BSE Sensex, was down 41.31 points or 0.07% to 60,882.19. The Nifty 50 index lost 28.35 points or 0.16% to 18,149.75.

    In the broader market, the S&P BSE Mid-Cap index fell 1.14% while the S&P BSE Small-Cap index declined 0.89%.

    The market breadth, indicating the overall health of the market, was negative. On the BSE, 1338 shares rose and 1814 shares fell. A total of 161 shares were unchanged.

    Derivatives:

    The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.31% to 17.62. The Nifty 28 October 2021 futures were trading at 18,157.10, at a premium of 7.35 points as compared with the spot at 18,149.75.

    The Nifty option chain for 28 October 2021 expiry showed maximum Call OI of 58.2 lakh contracts at the 18,500 strike price. Maximum Put OI of 43 lakh contracts was seen at 18,200 strike price.

    Buzzing Index:

    The Nifty Metal index slumped 3.09% to 5,687.20, extending losses for fourth day in a row. The index has declined by 9.05% in four sessions.

    Vedanta (down 6.76%), National Aluminum Co. (down 4.56%), Hindustan Copper (down 4.09%), Hindalco Industries (down 3.96%), Coal India (down 3.38%), Hindustan Zinc (down 3.16%) and NMDC (down 2.36%) edged lower.

    Further, Jindal Steel & Power (down 2.24%), JSW Steel (down 2.10%), Tata Steel (down 2.09%), Adani Enterprises (down 1.66%), Ratnamani Metals Tubes (down 1.64%) and SAIL (down 1.60%) declined while Welspun Corp (up 4.44%) outperformed.

    Stocks in Spotlight:

    Zee Entertainment Enterprises fell 3.24% to Rs 310.65. According to the media reports, the Bombay High Court on Thursday asked the media company to call an extraordinary general meeting (EGM) as requisitioned by shareholders Invesco Developing Market Funds and OFI Global China Fund.

    Tanla Plaforms was locked in an upper circuit of 5% at Rs 1,062.5 after the IT software company posted a 67% increase in net profit to Rs 136.17 crore on a 44.3% rise in net sales to Rs 841.62 crore in Q2 FY22 over Q2 FY21. The company's customer base expanded with addition of 87 new customers. Revenues from >Rs 10 million+ customers grew by 46% year-over-year.

    Macrotech Developers gained 3.49% to Rs 1063. The real estate developer posted a consolidated net profit of Rs 223.36 crore in Q2 FY22 as compared to a net loss of Rs 362.58 crore posted in Q2 FY21. The realty major Lodha Group, listed as Macrotech Developers posted a 135% jump in net sales to Rs 2,123 crore in Q2 FY22 as compared to Rs 900.76 crore posted in Q2 FY21.

    In a separate filing, the company said that its board has approved the proposal of raising of funds by way of further issuance of securities through any of the permissible modes (in one or more tranches), for an aggregate amount not exceeding Rs 4000 crore.

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