Metal and mining stocks decline

Stocks gyrated in a small range with positive bias in early afternoon trade. At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 138.83 points or 0.4% at 35,089.75. The Nifty 50 index was up 29.95 points or 0.28% at 10,553.95. Metal and mining stocks declined.

The Sensex was currently trading above the psychological 35,000 level after regaining that level in opening trade. Domestic stocks saw a positive opening led by buying demand in index pivotals. Stocks trimmed gains in morning trade. Key indices hovered in positive zone in mid-morning trade.

The S&P BSE Mid-Cap index was off 0.06%. The S&P BSE Small-Cap index was up 0.35%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1302 shares rose and 961 shares fell. A total of 154 shares were unchanged.

Metal and mining stocks declined. Vedanta (down 6.56%), JSW Steel (down 0.98%), Tata Steel (down 0.17%), Steel Authority of India (Sail) (down 0.08%), National Aluminium Company (down 0.56%), Jindal Steel & Power (down 0.03%), Hindalco Industries (down 0.99%) and NMDC (down 4.2%) edged lower. Hindustan Zinc (up 0.08%) and Hindustan Copper (up 0.19%) rose.

Adani Gas gained 4.95% after the company announced that in order to leverage India's rapidly growing gas market, the company has planned to invest over Rs 8000 crore in the next 5 years to consolidate its position as the largest private company in the sector. It is noteworthy that India's current city gas distribution (CGD) consumption is about 15-18% of domestic gas production and even at peak demand, consumption will be around 25-30%. The announcement was made after market hours yesterday, 5 November 2018.

Minda Industries rose 0.51% after the company said that its board approved setting up a controller and telematics manufacturing plant for two-wheelers and four wheelers in Pune, Maharashtra, for supplies to OEMs. The outlay of the project is pegged at Rs 76.52 crore. The start of production is expected by Q3, 2019-2020. The announcement was made after market hours yesterday, 5 November 2018.

Overseas, Asian stocks were mixed as investors looked to the US midterm elections set for later in the day. US stocks logged a mixed performance yesterday, 5 November 2018, ahead of an updated policy statement from the Federal Reserve and midterm elections that could alter the balance of power in Washington.

Midterm congressional elections, which are expected to see Democrats take control of the House and Republicans maintain a grip on the Senate, take place Tuesday. On Thursday, the Fed concludes a two-day policy meeting, which isn't expected to deliver a change in rates, but may offer fresh insights to investors about the pace of coming rate increases and the effects of trade clashes between the US and China on the domestic economy.

In US economic data, the ISM services index slipped to 60.3 in October, down from 61.6 in September.

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