Nifty hovers below 24,600 level; metal shares drop

Business Standard

2 days ago

The key domestic indices continued to trade with significant losses in morning trade pressured by weak global cues. Investors will closely monitor key events such as the RBI MPC meeting, auto sales numbers, and global trade developments. The Nifty hovered below the 24,600 level. Metal shares tumbled for the second consecutive trading session.
At 10:28 IST, the barometer index, the S&P BSE Sensex declined 574.82 points or 0.70% to 80,881.76. The Nifty 50 index fell 161.85points or 0.65% to 24,588.65.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index added 0.37%.
The market breadth was positive. On the BSE, 1,936 shares rose and 1,766 shares fell. A total of 221 shares were unchanged.
Economy:
India's GDP growth touched a four-quarter high of 7.4% in Q4 FY25, with full-year growth ending at 6.5%, according to data released by the government post market hours Friday. The GDP growth, higher than the previous quarter of 6.4%, was lower than the 8.4% growth logged in Q4 FY24.
Meanwhile, Indias fiscal deficit for FY25 stood at 4.8% of GDP, meeting the revised estimate, according to data released by the Comptroller General of Accounts on Friday. The central governments fiscal deficit stood at Rs 15.77 lakh crore, or 100.5% of the revised annual target, compared with 95.4% a year before.
New Listing:
Shares of Schloss Bangalore (The Leela) were currently trading at Rs 424.90 at 10:20 IST on the BSE, representing a discount of 2.32% compared with the issue price of Rs 435.
The scrip was listed at Rs 406.50, exhibiting a discount of 6.55% to the issue price.
So far, the stock has hit a high of 426.90 and a low of 404.45. On the BSE, over 2.60 lakh shares of the company were traded in the counter so far.
Shares of Aegis Vopak Terminals were currently trading at Rs 228.95 at 10:14 IST on the BSE, representing a discount of 2.57% compared with the issue price of Rs 235.
The scrip was listed at Rs 220, exhibiting a discount of 6.38% to the issue price. So far, the stock has hit a high of 235.75 and a low of 220. On the BSE, over 6.57 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty Metal index declined 1.35% to 9,069.30. The index fell 3.02% in the two trading sessions.
JSW Steel (down 1.61%), Steel Authority of India (down 1.36%), Lloyds Metals & Energy (down 1.35%), Tata Steel (down 1.26%), Vedanta (down 0.98%), Hindalco Industries (down 0.9%), NMDC (down 0.89%), APL Apollo Tubes (down 0.84%), Welspun Corp (down 0.74%) and Jindal Stainless (down 0.59%) declined.
Stocks in Spotlight:
IRCON International rose 1.78% after the company said that it has received an engineering, procurement, and construction (EPC) contract from the East Central Railway, Indian Railway, worth Rs 1,068.34 crore.
Titagarh Rail Systems advanced 1.24%. The company reported 18.36% decline in consolidated net profit to Rs 64.45 crore on 4.45% fall in revenue from operations to Rs 1,005.57 crore in the quarter ended 31 March 2025 over the quarter ended 31 March 2024.
Genesys International Corporation fell 0.82%. The company reported 27.60% jump in consolidated net profit to Rs 18.95 crore on 32.30% surge in revenue from operations to Rs 94.16 crore in Q4 FY25 over Q4 FY24.