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  • Metal stocks in demand
  • January 03,2018  10:22
  • Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 151.33 points or 0.45% at 33,963.59. The Nifty 50 index was up 53 points or 0.51% at 10,495.20. Positive cues from other Asian stocks boosted sentiment.

    The Sensex rose 186.11 points, or 0.55% at the day's high of 33,998.37 in morning trade, its highest level since 1 January 2018. The index rose 54.24 points, or 0.16% at the day's low of 33,866.50 in early trade. The Nifty rose 61.40 points, or 0.59% at the day's high of 10,503.60 in morning trade. The index rose 18.35 points, or 0.18% at the day's low of 10,460.55 in early trade.

    Among secondary barometers, the BSE Mid-Cap index was up 0.61%. The BSE Small-Cap index was up 1.06%. Both these indices outperformed the Sensex.

    The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,798 shares rose and 563 shares fell. A total of 87 shares were unchanged.

    Metal shares were in demand. Hindustan Copper (up 3.85%), Jindal Steel & Power (up 2.53%), JSW Steel (up 2.31%), Vedanta (up 1.83%), Steel Authority of India (up 1.80%), NMDC (up 1.48%), Hindalco Industries (up 1.42%), National Aluminium Company (up 1.23%), Hindustan Zinc (up 1.18%) and Tata Steel (up 0.85%), edged higher. Bhushan Steel was down 0.45%.

    Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for March 2018 delivery was currently down 0.47% at $3.2625 per pound on the COMEX.

    Power generation stocks were in demand. Adani Power (up 1.85%), NHPC (up 1.26%), JSW Energy (up 1.17%), Jaiprakash Power Ventures (up 1.05%), Tata Power (up 0.70%), Torrent Power (up 0.68%), CESC (up 0.50%), Reliance Infrastructure (up 0.29%), NTPC (up 0.28%) and GMR Infrastructure (up 0.23%), edged higher. Reliance Power was down 2.28%.

    State-run Coal India was up 0.18%. State-run Power Grid Corporation of India was up 0.80%.

    Yash Papers jumped 10.61% after the company said that the commercial production of tableware unit (phase - 1) of the company started from 2 January 2018. The announcement was made after market hours yesterday, 2 January 2018.

    Overseas, most Asian shares were trading higher, tracking positive cues from US market. Japanese market was shut.

    US stocks jumped overnight, with major indexes rallying to record levels in a broad rally. The Dow Jones Industrial Average rose 0.4%. The S&P 500 rose 0.8%. The Nasdaq Composite Index gained 1.5%.

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