Broader market outperforms; metal stocks in demand

The key equity indices traded flat, with some positive bias in morning trade. The Nifty managed to hold above the 18,000 mark. Metal shares advanced for second consecutive session.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 5.51 points or 0.01% to 60,571.93. The Nifty 50 index added 9.50 points or 0.05% to 18,024.10.

In the broader market, the S&P BSE Mid-Cap index advanced 0.49% while the S&P BSE Small-Cap index gained 1.32%.

Dhani Services (up 9.97%), TTK Prestige (up 9.22%), Fertilizers and Chemicals Travancore (up 8.55%), JBM Auto (up 6.92%) and Equitas Small Finance Bank (up 7.48%) were the top broader market gainers.

Kalpataru Power Transmission (down 1.55%), Shilpa Medicare (down 1.64%), Alkem Laboratories (down 1.71%), Ajanta Pharma (down 1.58%) and Supreme Industries (down 1.61%) were the top losers in the broader market segment.

The market breadth was strong. On the BSE, 2355 shares rose, and 805 shares fell. A total of 125 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 2.20% to 6,504.35. The index has added 4.44% in two sessions.

National Aluminium Company (up 4.59%), Jindal Steel & Power (up 4.1%), Hindustan Copper (up 3.45%), Steel Authority of India (up 2.87%) and Welspun Corp (up 2.77%) were the top gainers.

Among the other gainers were Vedanta (up 2.67%), Hindalco Industries (up 2.4%), JSW Steel (up 2.34%), Tata Steel (up 2.19%) and APL Apollo Tubes (up 0.99%).

Stocks in Spotlight:

HEG zoomed 8.57%. The graphite electrode manufacturer said that it has incorporated a wholly owned subsidiary company named as TACC Limited on 26 December 2022. TACC Limited would manufacture graphite anode for Lithium-ion cells.

Khadim India fell 2.63%. The footwear maker on Monday (26 December 2022) said that its chief executive officer (CEO) Namrata Ashok Chotrani tendered her resignation. The resignation would be effective from the close of business hours on 23 March 2023.

Laurus Labs declined 1.61%. The pharmaceutical company informed about a flash fire occurred in one of the rooms in one manufacturing block of its API manufacturing plant (Unit-3) in the state of Andhra Pradesh.

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