The key equity indices extended losses in mid-morning trade. The Nifty slipped below the 15,600 mark. Metal stocks tumbled after China announced plans to release its state reserves of copper, aluminum and zinc to ensure stable prices of commodities.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 356.11 points or 0.68% to 51,967.22. The Nifty 50 index lost 122.70 points or 0.78% to 15,568.70.

In the broader market, the S&P BSE Mid-Cap index fell 1.75% while the S&P BSE Small-Cap index declined 1.99%.

The market breadth favored the sellers. On the BSE, 605 shares rose and 2388 shares fell. A total of 128 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 177,372,117 with 3,840,704 global deaths.

India reported 798,656 active cases of COVID-19 infection and 383,490 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Metal index slumped 3.65% to 4,909.20, extending decline for fifth day. The index has lost 9.20% in six sessions.

Jindal Steel & Power (down 6.27%), Vedanta (down 5.49%), SAIL (down 4.64%), JSW Steel (down 4.47%), Tata Steel (down 4.24%), MOIL (down 3.57%), Coal India (down 3.32%), National Aluminum Company (down 3.06%), NMDC (down 2.37%), APL Apollo Tubes (down 2.29%), Hindustan Zinc (down 2.21%), Welspun Corp (down 2.04%) and Hindalco Industries (down 1.35%) declined.

China's National Food and Strategic Reserves Administration on Wednesday said it will start releasing copper, aluminum and zinc stocks in several batches to downstream processors in the near term, a move seen as to ensure supply and stabilize prices in domestic markets. The statement by the administration did not provide details on quantities of metal to be sold, the auction process or which manufacturers will be allowed to bid.

Stocks in Spotlight:

Khadim India jumped 9.30% to Rs 211.45. The company's consolidated net profit stood at Rs 11.52 crore in Q4 FY21 compared with net loss of Rs 19.88 crore in Q4 FY20. Net sales surged 70.6% to Rs 269.95 crore in Q4 FY21 from Rs 158.22 crore in Q4 FY20.

Nava Bharat Ventures slumped 9.15% to Rs 104.20. The company's consolidated net profit slipped 13.9% to Rs 159.4 crore on 14.9% decline in revenue to Rs 688.67 crore in Q4 FY21 over Q4 FY20.

Global Markets:

Most Asian stocks were trading higher on Friday. The Bank of Japan on Friday announced its decision to hold steady on monetary policy as well as an extension of the duration of its pandemic relief program.

“For the time being, the Bank will closely monitor the impact of COVID-19 and will not hesitate to take additional easing measures if necessary, and also it expects short- and long-term policy interest rates to remain at their present or lower levels,” the Japanese central bank said in its monetary policy statement.

In US, the Dow Jones Industrial Average fell for a second day as investors digested the Federal Reserve's latest policy update, in which it moved up its timeline for interest rate hikes and forecast higher inflation. A fresh bout of rotation from cyclical stocks pushed the tech-heavy Nasdaq gauge to another record.

The number of Americans applying for unemployment benefits rose last week for the first time since April despite widespread evidence that the economy and the job market are rebounding steadily from the pandemic recession.

The Labor Department said on Thursday that jobless claims rose 37,000 from the week before to 412,000.

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