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There is a sliver of the market which is outperforming, metal happens to be that. If one looks at international commodity prices, metal companies will make money. Since the rupee is weak, dollar denominated profits may be even stronger. Should one go all into metals or is it time to think logically and say these prices will not sustain?

The S&P BSE SENSEX Index declined 2.7% on Monday and gained 1.1% on Tuesday, trimming the losses this year to 8.3%. The failure of the index to hold the upper border of the so-called Ichimoku weekly cloud at 54,000 saw the benchmark test and hold important support in the 52,400 area.

As of 31-Dec-2021, promoters held 54.92 per cent stake in the company, while FIIs held 16.59 per cent and domestic institutional investors had 0.14 per cent.

The Nifty IT index was trading 1.45 per cent up at 35562.35.

Gold futures on MCX were trading higher by 1.62 per cent or Rs 871 at Rs 55,095 per 10 grams. Silver futures were trading up by 2.13 per cent or Rs 1,520 at Rs 72,905 per kg.

Phoenix Mills Ltd., incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 16072.66 Crore) operating in Real Estate sector.

A total of 25,064 shares changed hands on the counter till 10:41AM (IST).

The global cryptocurrency market cap jumped to $1.77 trillion, adding almost 3 per cent in the last 24 hours. Total cryptocurrency trading volume tumbled more than 8 per cent to $78.95 billion.

“Dr Reddy’s and Sun Pharma looks quite promising in the pharma pack. The recent correction in the market has given a decent room for a near-term upside. In the metal pack, Tata Steel looks like a value play from here. Vedanta also could do very well and the valuation looks quite promising.”

The recent slide has sent Nifty Bank into a bear market for the first time since March 2020. The index has fallen over 20 per cent from the peak on growing concerns that higher energy prices may curtail India’s GDP growth.