Market breadth depicts strength

Key benchmark indices moved in a narrow range near the flat line in negative terrain during morning trade after witnessing a slightly lower opening. At 10:20 IST, the barometer index, the S&P BSE Sensex was down 39.94 points or 0.15% at 26,723.52. The Nifty 50 index was currently down 5.75 points or 0.07% at 8,197.85. Weakness in Asian stocks weighed on sentiment. Metal and capital goods stocks bucked the weak trend.

In overseas markets, Asian stocks edged lower as investors sought refuge in safe-haven assets amid festering concerns over the 23 June 2016 referendum that could see Britain exit the European Union. US stocks dropped yesterday, 9 June 2016 after three days of gains as crude oil futures pulled back from 10-month highs.

Closer home, the broad market depicted strength despite the market trading in negative terrain. There were almost two gainers against every loser on BSE. 1,246 shares rose and 635 shares fell. A total of 95 shares were unchanged The BSE Mid-Cap index was currently up 0.25%. The BSE Small-Cap index was currently up 0.56%. Both these indices outperformed the Sensex.

Capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 3.05%), Havells India (up 0.29%), ABB India (up 0.39%), Bharat Electronics (up 0.84%), L&T (up 0.42%), Thermax (up 0.07%), and Siemens (up 0.7%) gained.

Metal & mining stocks gained. JSW Steel (up 0.67%), Bhushan Steel (up 3.13%), Vedanta (up 2.57%), Hindalco Industries (up 1.22%), Hindustan Zinc (up 1.02%), Jindal Steel & Power (up 1.94%), Tata Steel (up 0.37%), Steel Authority of India (Sail) (up 1.56%), National Aluminum Company (up 0.6%) and NMDC (up 0.49%) gained. Hindustan Copper dropped 1.68%.

KCP rose 4.87% after the company said it has decided to expand the production capacity of its cement unit located at Andhra Pradesh to 3.5 million tons per annum (mtpa), from 1.8 mtpa with an expected outlay of Rs 400 crore. The announcement was made after market hours yesterday, 9 June 2016.

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