Auto, metal stocks gain

Amid a divergent trend among various index constituents, key benchmark indices alternately swung between positive and negative zone near the flat line in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 29.99 points or 0.12% at 24,936.41. The Nifty 50 index was currently down 7.90 points or 0.1% at 7,607.20. The Sensex was currently hovering below the psychologically important 25,000 mark after alternately moving above and below that level in intraday trade.

The Sensex fell 130.84 points, or 0.52% at the day's low of 24,835.56 in mid-morning trade, its lowest level since 18 March 2016. The barometer index rose rose 87.33 points, or 0.35% at the day's high of 25,053.73 in morning trade. The Nifty fell 32.85 points, or 0.43% at the day's low of 7,582.25 in mid-morning trade, its lowest level since 18 March 2016. The index rose 30.70 points, or 0.4% at the day's high of 7,645.80 in morning trade.

The market breadth indicating the overall health of the market was weak. On BSE, 1,440 shares declined and 895 shares rose. A total of 163 shares were unchanged. The BSE Mid-Cap index was currently down 0.04%. The fall in this index was lower than Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 0.26%. The fall in this index was higher than Sensex's decline in percentage terms.

In overseas stock markets, European shares edged higher as trading resumed after a four-day break for the Easter holiday. Asian stocks witnessed a mixed trend ahead of a speech from Federal Reserve Chairwoman Janet Yellen on the US economy and monetary policy. Yellen will deliver a speech at the Economic Club of New York today, 29 March 2016. Markets globally expect Yellen to drop hints about future rate hike path.

Metal and mining stocks rose. Tata Steel (up 2.08%), Hindustan Zinc (up 1.31%), Hindalco Industries (up 2.16%), Vedanta (up 0.39%), JSW Steel (up 0.95%), National Aluminium Company (up 0.4%) and NMDC (up 0.41%) edged higher. Jindal Steel & Power (down 3.34%), Steel Authority of India (Sail) (down 0.24%) and Hindustan Copper (down 1.07%) declined.

Copper edged lower in the global commodities market. High Grade Copper for May 2016 delivery was currently off 1.11% at $2.221 per pound on the COMEX.

Auto stocks gained. Tata Motors (up 2.99%), Maruti Suzuki India (up 1.98%), Eicher Motors (up 0.09%), Bajaj Auto (up 0.58%), Hero MotoCorp (up 0.34%) and TVS Motor Company (up 0.54%) rose. Mahindra & Mahindra (M&M) slipped 0.35%.

Ashok Leyland rose 2.03%. Shares of IndusInd Bank rose 1.37% to Rs 929.15. Ashok Leyland announced before market hours today, 29 March 2016, that it has on 28 March 2016 sold 32.63 lakh equity shares held in IndusInd Bank in the open market at a price of Rs 915.96 per share.

Dish TV India rose 3.58% to Rs 82.55, with the stock recovering on bargain hunting after recent slide. Shares of Dish TV India declined 6.29% in the preceding two trading sessions to settle at Rs 79.70 yesterday, 28 March 2016, from its close of Rs 85.05 on 22 March 2016.

Excel Industries surged 15.16% to Rs 231.70 after the company said its board of directors approved buyback of equity shares at a price not exceeding Rs 275 per share for a maximum amount of Rs 18 crore. The announcement was made before market hours today, 29 March 2016.

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