Metal, PSU stocks shine in subdued trade

The markets continue to move sideways owing to lack of any major cues from the overseas markets. However, the metal and PSU stocks have extended gains on the back of selective buying in these two sectors.

The Sensex is now up 12 points at 18,248. The Nifty is up two points at 5480. The BSE Metal index has moved up 1.6% to 15,227, and the PSU index has jumped over 1% to 9,834.

Tata Steel leads the gainers list for the metal pack. The stock has surged 3.5% to Rs 520. It is followed by Hindalco up nearly 2% at Rs 167. Sterlite, SAIL and JSW Steel are the other major gainers.

Among the PSU stocks - State Bank of Travancore has surged nearly 5% to Rs 913. ONGC has flared up 3.5% to Rs 1,327.

BPCL and HPCL have rallied around 3% each to Rs 787 and Rs 540, respectively. Gail India and IOC have also logged smart gains. Corporation Bank, MTNL, UCO Bank, HMT, Balmer Lawrie, Dena Bank and Shipping Corporation of India are the other prominent gainers among the PSU pack.

J&K Bank has slumped 6% to Rs 798. Oriental Bank of Commerce and Dredging are the other notable losers.

Depsite subdued trading activity - the market breadth is fairly positive - out of 2,864 stocks traded so far on the BSE, 1,634 have advanced and 1,115 have declined.