Indices erase early gains, metal stocks shine

The domestic equity benchmarks traded near the flat line with small gains in morning trade. The Nifty traded below the 18,650 mark after hitting the day's high 18,679.55 in early trade. Metal, realty and auto stocks saw buying demand while IT, consumer durables and PSU bank shares corrected.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 33.9 points or 0.05% to 62,715.74. The Nifty 50 index gained 14.25 points or 0.08% to 18,632.30.

The Nifty 50 index hit an all-time high of 18,679.55 in early trade today.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index added 0.39%.

The market breadth was strong. On the BSE, 1,922 shares rose and 1,190 shares fell. A total of 172 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,241.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 744.42 crore in the Indian equity market on 29 November, provisional data showed.

Buzzing Index:

The Nifty Metal index rose 1.26% to 6,528.65. The index added 2.31% in two trading sessions.

Jindal Steel & Power (up 3.5%), Hindustan Copper (up 3.36%), Jindal Stainless (up 3.09%), Hindalco Industries (up 2.11%), National Aluminium Company (up 1.66%), Vedanta (up 1.34%), Steel Authority of India (up 1.21%), Hindustan Zinc (up 0.82%), Tata Steel (up 0.75%) and Welspun Corp (up 0.73%) edged higher.

On the other hand, Ratnamani Metals & Tubes (down 0.37%), MOIL (down 0.09%), declined.

Stocks in Spotlight:

Gland Pharma slipped 3.72%. The pharmaceuticals company announced that it has through its wholly owned subsidiary Gland Pharma International, Singapore entered into a Put Option Agreement to acquire 100% of Cenexi Group for an equity value not exceeding Euro 120 million (enterprise value of Euro 230 million). The company said that the transaction will be funded by internal resources with no recourse to third-party funding.

Kilpest India advanced 4.97% after its subsidiary, B BlackBio Biotech India announced the signing of a non-binding Letter of Intent (Lol) to acquire 100% shares of a European based manufacturer of life science products. The company said that this acquisition is a strategic investment in the related field of life science research and molecular diagnostics. It will be funded fully with internal accruals by 3B Blackbio Biotech India and its subsidiary, TRUPCR Europe.

IDFC rose 0.68%. The company received approval from SEBI for change in control of IDFC Mutual Fund. In April this year, a consortium of Bandhan Bank's parent Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital and Singapore's sovereign fund GIC had announced the acquisition of IDFC Asset Management Company for Rs 4,500 crore.

Powered by Capital Market - Live News