Stock Market
Sensex, Nifty slip in morning trade as metal stocks retreat; Shankesh Jewellers, Sunshine Pictures debut higher
Mumbai/IBNS: India’s key equity benchmarks traded with modest losses in morning trade on Tuesday, with the Nifty slipping below the 24,150 mark as metal stocks retreated after three consecutive sessions of gains.
At 10:30 IST, the S&P BSE Sensex was down 231.23 points, or 0.30 percent, at 77,137.88. The Nifty 50 declined 94.80 points, or 0.39 percent, to 24,119.60.
The weakness extended to the broader market, with the BSE 150 MidCap index falling 0.16 percent and the BSE 250 SmallCap index declining 0.34 percent.
Market breadth remained negative, indicating broader selling pressure.
On the BSE, 1,597 shares were trading higher, while 2,133 shares declined and 260 remained unchanged.
Metal stocks retreat after three-session rally
Metal shares emerged as one of the main areas of weakness in morning trade after the sector had advanced sharply over the previous three sessions.
The Nifty Metal index fell 0.98 percent to 13,249.80. The index had gained 2.73 percent over the preceding three trading sessions.
Hindustan Copper was among the biggest decliners, falling 6.37 percent. Hindustan Zinc declined 2.10 percent, while National Aluminium Company dropped 1.64 percent.
Hindalco Industries slipped 1.09 percent and Adani Enterprises declined 0.99 percent. Vedanta fell 0.94 percent, while JSW Steel and Tata Steel shed 0.84 percent and 0.78 percent, respectively.
APL Apollo Tubes declined 0.55 percent, while Lloyds Metals & Energy was down 0.49 percent.
The retreat across metal counters came after the sector's strong run over the previous three sessions.
Shankesh Jewellers makes positive market debut
Shares of Shankesh Jewellers made a positive debut on the BSE, listing at Rs 102.20, representing a 9.89 percent premium over its issue price of Rs 93.
At 10:15 IST, the stock was trading at Rs 100, still 7.53 percent above its issue price.
The shares touched an intraday high of Rs 103.14 and a low of Rs 98.30 during the session.
More than 20.25 lakh shares had changed hands on the BSE by that time, indicating active trading in the newly listed counter.
Sunshine Pictures opens above issue price
Sunshine Pictures also made a positive debut on the BSE.
The stock opened at Rs 394, a 9.44 percent premium over its issue price of Rs 360.
At 10:15 IST, the shares were trading at Rs 379.45, representing a 5.40 percent premium to the issue price.
The stock touched a high of Rs 395 and a low of Rs 375.65 during the session.
More than 6.74 lakh Sunshine Pictures shares had been traded on the BSE by 10:15 IST.
The positive debut of both newly listed stocks came against the backdrop of a weaker broader equity market.
VA Tech Wabag gains attention on Kuwait order
Among stocks in focus, VA Tech Wabag declined 0.27 percent in morning trade.
The company announced that it had signed a “mega” contract for the Doha SWRO Desalination Plant with Recarbonation System Stage II in Kuwait.
The announcement placed the water technology and desalination company among the stocks drawing market attention during the session.
Puravankara rises on Bengaluru development agreement
Puravankara gained 0.93 percent after announcing a joint development agreement for a 7.83-acre land parcel in south-east Bengaluru.
The company said the project has an estimated gross development value (GDV) of Rs 1,100 crore.
The agreement adds to the real estate developer’s development pipeline in Bengaluru, one of the country's key residential and commercial property markets.
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