Indices scale intraday high; metal stocks shine

Key barometers scaled fresh intraday high and traded with decent profits in morning trade. The Nifty crossed 11,950 level. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 203.47 points or 0.5% at 40,562.88. The Nifty 50 index was up 57.1 points or 0.48% at 11,971.50.

In the broader market, the S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.36%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1104 shares rose and 674 shares fell. A total of 130 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 14 stocks declined.

The Nifty is trading above its 5 days simple moving average (SMA) placed at 11,959.31.

Buzzing Index:

The Nifty Metal index continued its winning run for a second session. After surging 2.05% in Friday's session, the Nifty Metal index was up by 1.94% at 2,570.10. The index has gained 4.03% in two trading sessions.

Jindal Steel & Power (up 4.68%), Tata Steel (up 3.22%), Steel Authority of India (up 2.72%), NMDC (up 2.29%), Hindalco Industries (up 2.21%), National Aluminium Company (up 2.16%), Vedanta (up 1.55%) and Hindustan Zinc (up 1.11%)

Stocks in Spotlight:

Ashoka Buildcon rose 6.43% to Rs 99.25 after the company said its subsidiary has received a letter of award for highway project in Telangana. Ashoka Buildcon said that the company's subsidiary viz. Ashoka Concessions (ACL) has received a Letter of Award (LOA) from National Highways Authority of India (NHAI) for the project viz. four laning of NH-161 from Kandi to Ramsanpalle in Telangana under Bharatmala Pariyojna on Hybrid Annuity Mode. The announcement was made on Saturday, 23 November 2019.

JMC Projects surged 1.69% after the construction company announced that it has secured new orders worth Rs 615 crore. The order consists of institutional and commercial building projects in East and South India totalling Rs 615 crores.

Indoco Remedies spurted 3.71% to Rs 155 after the pharma company announced it has received Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its sterile facility (Plant II) and solid dosages facility (Plant III) at Verna, Goa. The inspection was carried out from 7 October 2019 to 15 October 2019.

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