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  • Market advances further; metal shares jump
  • June 20,2019  14:23
  • Key benchmarks further extended gains and hit fresh intraday high in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 261.56 points or 0.67% at 39,374.30. The Nifty 50 index was up 73 points or 0.62% at 11,764.45.

    Global shares rallied after a dovish US Federal Reserve opened the door to further rate cuts. Following the Fed meeting on Wednesday, the US central bank left interest rates unchanged but opened the door for a possible rate cut in the future.

    In broader market, the S&P BSE Mid-Cap index was up 0.93%. The S&P BSE Small-Cap index was up 0.58%.

    The market breadth, indicating the overall health of the market, turned positive. On the BSE, 1247 shares rose and 1160 shares fell. A total of 135 shares were unchanged.

    Wind turbine maker Suzlon Energy surged 19.4% to Rs 4 after media reports suggested that the company's lenders will meet tomorrow to decide on the debt restructuring proposal for the company.

    Jet Airways India soared 41.54% to Rs 46.85. A consortium of 26 bankers led by the State Bank of India earlier this week took the airline to the National Company Law Tribunal (NCLT) for the speedy recovery of their dues.

    NCLT will pass an order at 17:00 IST today, 20 June 2019, on whether the bankruptcy case will be admitted, reports suggested.

    Metal stocks advanced. Steel Authority of India (up 2.72%), Vedanta (up 2.05%), Jindal Steel & Power (up 1.89%), Hindalco Industries (up 1.66%), National Aluminium Company (up 1.16%), Tata Steel (up 0.74%), Hindustan Copper (up 0.65%) and Hindustan Zinc (up 0.47%), advanced. While, NMDC (down 0.05%) was the only metal stock down.

    Most jewellery stocks gained. Tribhovandas Bhimji Zaveri (up 11.61%), Gitanjali Gems (up 4.72%), PC Jeweller (up 3.71%), Rajesh Exports (up 2.54%) and Titan Company (up 1.36%), edged higher. While, Tara Jewels (down 3.95%) and Thangamayil jewellery (down 0.24%), edged lower.

    MCX Gold futures for 5 August 2019 settlement was up 2.19% at Rs 33,805.

    In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.5900, compared with its close of 69.6850 during the previous trading session.

    In the commodities market, Brent crude for August 2019 settlement was up $1.45 at $63.27 a barrel. The contract fell 32 cents or, 0.51% to settle at $61.82 a barrel in the previous trading session.

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