SSPL WEALTH PVT LTD

Mid - Session

Market behaviours during the course of the trading session.

Benchmarks turn range bound; metal shares extent gains for 5th day

20-Jan-25 14:37 Hrs IST

The headline equity benchmarks traded in a narrow range with substantial gains in mid-afternoon trade. The Nifty traded above the 23,300 level after hitting the day's low of 23,170.65 in the morning trade. Metal shares witnessed buying demand for the fifth consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, rallied 528.48 points or 0.69% to 77,147.81. The Nifty 50 index added 124.45 points or 0.54% to 23,327.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.64% and the S&P BSE Small-Cap index gained 0.80%.

The market breadth was positive. On the BSE, 2,470 shares rose and 1,532 shares fell. A total of 172 shares were unchanged.

Economy:

India's foreign exchange (forex) reserves declined $8.714 billion to $625.871 billion in the week ended January 10, according to the latest RBI data.

For the week ended January 10, foreign currency assets, a major component of the reserves, decreased by $9.469 billion to $536.011 billion, the data released on Friday showed.

Gold reserves increased by $792 million to $67.883 billion during the week. The special drawing rights (SDRs) were down by $33 million to $17.781 billion, the RBI said.

India's reserve position with the IMF was down by $4 million at $4.195 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty Metal index gained 1.21% to 8,624.60. The index jumped 8.46% in five consecutive trading sessions.

National Aluminium Company (up 2.99%), Welspun Corp (up 2.5%), APL Apollo Tubes (up 2.1%), Vedanta (up 1.93%), Hindustan Zinc (up 1.54%), Adani Enterprises (up 1.52%), Jindal Steel & Power (up 1.40%), NMDC (up 1.31%), JSW Steel (up 0.92%) and Steel Authority of India (up 0.82%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.54% to 6.878 as compared with previous close 6.774.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.5525, compared with its close of 86.6025 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement shed 0.07% to Rs 78,967.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 109.10.

The United States 10-year bond yield gained 0.52% to 4.635.

In the commodities market, Brent crude for March 2025 settlement lost 34 cents or 0.42% to $80.45 a barrel.

Stocks in Spotlight:

Can Fin Homes advanced 2.69% after the company reported 6% rise in standalone net profit to Rs 212.12 crore on a 9.3% increase in total income to Rs 986.15 crore in Q3 FY25 as compared with Q3 FY24.

Advait Energy Transitions was locked in upper circuit of 5% after receiving letter of Award (LOA) from Solar Energy Corporation of India (SECI) for product linked incentive (PLI) to set up manufacturing alkaline electrolysers.