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Budget News

  • Metal and mining stocks decline
  • April 25,2019  14:35
  • A divergent trend was witnessed in mid-afternoon trade as the barometer index, the S&P BSE Sensex, was trading with small losses while the Nifty 50 index was trading with small gains. At 14:22 IST, the barometer index, the S&P BSE Sensex, was down 14.16 points or 0.04% at 39,040.52. The Nifty 50 index was up 8.70 points or 0.07% at 11,734.85. Metal and mining stocks declined.

    Trading was volatile as traders roll over positions in the F&O segment from the near month April 2019 series to May 2019 series. The April 2019 F&O contracts expire today, 25 April 2019.

    Key indices nudged higher in early trade on buying demand in index pivotals. Stocks hovered in positive zone after an initial upmove. The market extended gains in mid-morning trade. Indices pared gains in afternoon trade.

    The S&P BSE Mid-Cap index was down 0.3%. The S&P BSE Small-Cap index was up 0.18%.

    The market breadth, indicating the overall health of the market, was negative. On the BSE, 1116 shares rose and 1251 shares fell. A total of 154 shares were unchanged.

    Maruti Suzuki India fell 0.76% ahead of its January-March 2019 quarterly earnings today, 25 April 2019. Maruti Suzuki India before market hours today announced that the ex-showroom price of Baleno RS petrol variant and diesel variants will be hiked with immediate effect.

    Metal and mining stocks declined. Vedanta (down 2%), JSW Steel (down 0.51%), Steel Authority of India (Sail) (down 0.35%), Jindal Steel & Power (down 1.57%), Hindalco Industries (down 0.87%), NMDC (down 1.42%), Hindustan Copper (down 0.51%) edged lower. National Aluminium Company (up 0.19%) and Hindustan Zinc (up 0.05%) rose.

    Syngene International rose 1.21% after the company said its board recommended issuing one bonus equity share for each share held. The announcement was made after market hours yesterday, 24 April 2019.

    On a consolidated basis, net profit of Syngene International rose 18.46% to Rs 100.10 crore on 30.51% rise in net sales to Rs 533.90 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 24 April 2019.

    Overseas, shares in Europe and Asia traded lower Thursday, after data showing a surprise deterioration in German business morale stoked fears of slowing global growth.

    The Bank of Japan kept policy unchanged at a review on Thursday but pledged to keep interest rates very low at least until early 2020. The Bank of Japan also said it would explore lending exchange traded funds to the market. Japan's central bank also lowered growth and price projections for 2020.

    US stocks closed lower Wednesday, a day after the S&P 500 and Nasdaq carved out their first records in months, following earnings from high-profile companies, including Dow components Boeing Co. and Caterpillar Inc., that offered a mixed picture of American corporations.

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