Key benchmark indices trimmed gains in early afternoon trade. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 61.92 points or 0.23% at 26,455.93. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently up 29.70 points or 0.36% at 8,171.85. Gains in most Asian stocks boosted sentiment on domestic bourses.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,525 shares rose and 753 shares declined. A total of 185 shares were unchanged. The BSE Mid-Cap index was currently up 0.57%. The BSE Small-Cap index was currently up 0.94%. Both these indices outperformed the Sensex.
Metal and mining stocks as copper prices fell in global commodity markets. Vedanta (down 2.32%), Tata Steel (down 0.54%), Steel Authority of India (Sail) (down 0.09%), National Aluminium Company (down 2.09%), Hindustan Zinc (down 2.55%), Jindal Steel & Power (down 0.07%), Hindalco Industries (down 1.34%), NMDC (down 1.07%), Hindustan Copper (down 1.75%) edged lower. JSW Steel rose 0.18%.
Copper edged lower in the global commodities market. High Grade Copper for March 2017 delivery was currently off 0.67% at $2.5925 per pound on the COMEX.
Sarda Energy & Minerals rose 6.26% after the company said that the operations at its iron ore mine in Chhattisgarh have been restored. On 9 March 2016, Sarda Energy & Minerals announced temporary suspension of operation at its iron ore mine in Dongarbore (Chhattisgarh) after a naxalite attack on 7 March 2016, which caused death of one employee and damage of a few vehicles. The announcement was made after trading hours yesterday, 30 November 2016.
Hindustan Construction Company rose 1.18% after the firm said it proposes to hold a board meeting on 2 December 2016, to consider issue of equity shares and also optionally convertible debentures on preferential basis. The announcement was made after market hours yesterday, 29 November 2016.
Among macro economic data, India's gross domestic product (GDP) for the quarter ended September 2016 (Q2) is slated to be released today, 30 November 2016. India's GDP growth rate slowed to 7.1% in Q1 June 2016 from 7.9% expansion in Q4 March 2016. Also India's infrastructure output for October 2016 will be released today, 30 November 2016. Infrastructure output in India went up 5% year-on-year in September, following a 3.2% growth in August.
Overseas, most Asian stocks were trading higher ahead of key global events set to take place this week, including a meeting today, 30 November 2016 between the world's largest oil producers and the release of the US nonfarm payroll report on Friday, 2 December 2016. US stocks closed higher yesterday, 29 November 2016 with the Nasdaq touching a record, but the market failed to make much headway as oil futures slumped ahead of a key meeting of major crude producers. Organization of the Petroleum Exporting Countries (OPEC) are set to meet in Vienna, Austria today, 30 November 2016 and marketmen are awaiting decision regarding an oil production cut. In September, OPEC had outlined a deal to cut output by approximately 1 million barrels per day. In economic news, the second read on US third-quarter GDP came in at an annualized rate of 3.2%, above a previous reading of 2.9%. The Consumer Confidence Index hit 107.1 in November, up from 98.6 in October.
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