Equity indices swing down, metals stocks drag

Equity benchmark indices swung lower during early hours on Friday tracking mixed global cues.

At 10:15 am, the BSE S&P Sensex was down by 236 points or 0.45 per cent at 52,087 while the Nifty 50 slipped by 83 points or 0.53 per cent to 15,608.

All sectoral indices at the National Stock Exchange were in the red with Nifty metal down by 2.9 per cent, realty by 2 per cent, PSU bank by 1.7 per cent and auto by 1.3 per cent.

Among stocks, JSW Steel cracked by 2.8 per cent to Rs 676.50 per share while Tata Steel lost by 2.5 per cent and Hindalco by 1.6 per cent.

ONGC, State Bank of India, Tata Motors, Coal India and Power Grid Corporation also traded lower with thin margins. However, Adani Ports, Infosys, HDFC Bank and HDFC Life traded in the green.

Meanwhile, Asian shares inched higher but were set for a weekly loss as investors continued to digest comments from the US Federal Reserve projecting interest rate hikes in 2023.

MSCI’s broadest index of Asia Pacific shares outside Japan edged up 0.01 per cent. Hong Kong’s Hang Seng index gained 0.53 per cent and Seoul’s Kospi was up 0.16 per cent. Japan’s Nikkei rose 0.31 per cent.

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