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The key equity indices traded in a narrow range with heavy losses in the afternoon trade. The Nifty traded below the 17,600 level. Metal stocks drop for fourth consecutive session. At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 1185.46 points or 1.97% to 59,019.60. The Nifty 50 index lost 378.15 points or 2.11% to 17,513.80. Concurrently, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 20.11% to 17.60. In the broader market, the S&P BSE Mid-Cap index fell 2.03% while the S&P BSE Small-Cap index declined 2.39%. Sellers outnumbered buyers. On the BSE, 660 shares rose, and 2,853 shares fell. A total of 102 shares were unchanged. Numbers to Track: The yield on India's 10-year benchmark federal paper rose to 7.399 from its close of 7.347 recorded in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.5725, compared with its close of 81.6100 during the previous trading session. MCX Gold futures for 3 February 2023 settlement lost 0.46% to Rs 56,699. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 101.82. The United States 10-year bond yield rose 1.36% to 3.539. In the commodities market, Brent crude for March 2023 settlement added 55 cents or 0.63% to $87.87 a barrel. Buzzing Index: The Nifty Metal index tumbled 4.44% to 6,405.85. The index has fallen 7.24% in six sessions. Adani Enterprises (down 14%), Welspun Corp (down 5.06%), Jindal Stainless (down 4.09%), Vedanta (down 2.79%) and Hindustan Copper (down 2.67%) were the top losers. Among the other losers were Hindalco Industries (down 2.56%), Steel Authority of India (down 2.22%), Jindal Steel & Power (down 1.65%), Hindustan Zinc (down 1.48%) and MOIL (down 1.41%). Stocks in Spotlight: AIA Engineering advanced 3.34%. The company's consolidated net profit increased by 155% to Rs 352.46 crore in Q3 FY23 from Rs 138.16 crore in Q3 FY22. Total revenue from operations rose by 45% YoY to Rs 1,226.85 crore during the quarter. Bikaji Foods International tumbled 4.07%. The company's consolidated net profit surged 196.2% to Rs 33.06 crore on 15.7% rise in net sales to Rs 507.23 crore in Q3 FY23 over Q3 FY22. Powered by Capital Market - Live News
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