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Markets scrap early gains; Metal stocks in a nosedive; JSW Steel, Tata Steel, Hindalco top bears; Titan leads – Indiainfoline

A volatile session was recorded during Wednesday’s opening bell as investors headed into the highest close for derivative contracts in the last 3 months. Unlike Asian counterparts, Indian benchmarks Sensex and Nifty traded rather with lacklustre demand. Metal stocks were the worst hit, while media stocks entered a rally. In the early deals, Sensex jumped nearly 264 points with an intraday high of 50,901.18, while Nifty 50 climbed over 50 points with an intraday high of 15,258.60.

However, Sensex and Nifty 50 scrapped their early gains and were trading on a flat note.

At around 09.30 am, Sensex was trading at 50,683.44 up by 45.91 points or 0.09%. Nifty 50 performed at 15,221.35 up by 12.90 points or 0.08%.

In terms of top stocks, Titan was the lead gainer soaring 2.3% followed by UPL advancing 2%. SBI Life, Grasim and Tata Motors surged by more than 1% each.

Among the bears, the top three spots were occupied by major metal companies. JSW Steel took the lead by tumbling 3%, while Tata Steel and Hindalco followed plunging by nearly 2% and over 1% respectively. Power Grid and ICICI Bank also slipped around 1% each.

Stocks like Berger Paints, BPCL and Burger King will be in focus today ahead of their March 2021 quarterly result announcement.

Other companies set to announce their Q4 are – Allsec Technologies, Arvind, Astra Microwave Products, Cummins India, LT Foods, Datamatics Global Services, FDC, Hindustan Composites, Hindustan Foods, J Kumar Infraprojects, Manappuram Finance, Mold-Tek Packaging, Pfizer, Pricol, Saksoft, Sharda Cropchem, Shreyas Shipping & Logistics, Sicagen India, The Investment Trust Of India, UFO Moviez India and Vardhman Holdings.

Nifty Metal index underperformed nearly 1.7%, while the Nifty Media index outperformed by 1.8%. Nifty Realty also zoomed by 0.9%. Other sectoral indices witnessed cautious betting.

Asian stocks were broadly on a positive note after softer economic data spun US indices overnight. The US Federal Reserve officials have once again predicted transitory price pressures. The Reserve Bank of New Zealand will be announcing its interest rate decision later today.