Metal and mining stocks gain

Key benchmark indices hovered in positive terrain in mid-morning trade as firmness in most Asian stocks boosted sentiment. At 11:20 IST, the barometer index, the S&P BSE Sensex gained 94.24 points or 0.29% at 32,600.96. The Nifty 50 index rose 31.40 points or 0.31% at 10,216.25.

Market edged higher in early trade on firm Asian stocks. Stocks extended gains in morning trade.

The S&P BSE Mid-Cap index rose 0.28%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.77%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,484 shares rose and 927 shares declined. A total of 105 shares were unchanged.

Metal and mining stocks rose as copper prices in global markets gained. JSW Steel (up 1.44%), Vedanta (up 2.51%), Hindalco Industries (up 0.11%), Hindustan Zinc (up 0.53%), Tata Steel (up 1.89%), Jindal Steel & Power (up 2.63%), National Aluminum Company (up 2.06%), NMDC (up 1.16%), and Steel Authority of India (Sail) (up 1.78%) gained. Hindustan Copper declined 0.23%.

High Grade Copper for December 2017 delivery was currently up 1.22% at $3.2275 per pound on the COMEX.

Cement stocks gained in firm market. ACC (up 0.94%), and UltraTech Cement (up 1.1%) gained. Shree Cement declined 0.49%.

Ambuja Cements rose 0.85% ahead of its Q3 results today, 24 October 2017.

Grasim Industries advanced 1.47%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

S Chand & Company rose 6.24% to Rs 483.50 after HDFC Mutual Fund bought 2.96 lakh shares, or 0.85% equity, of the company at Rs 455 each on NSE yesterday, 23 October 2017. As on 30 September 2017, HDFC Mutual Fund held 12.04 lakh shares, or 3.46% equity, of S Chand & Company.

Oriental Hotels surged 10.36% after the company reported net profit of Rs 3.14 crore in Q2 September 2017, compared with net loss of Rs 1.42 crore in Q2 September 2016. Oriental Hotels' total income rose 12.34% to Rs 92.88 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 23 October 2017.

Overseas, most Asian stocks shrugged off overnight declines in the US stocks, where a gauge of equity volatility climbed as market participants assessed the recent rally in global stocks before a slew of earnings reports. China's ruling Communist Party approved an amendement to its constitution directly mentioning Chinese President Xi Jinping's name and his Xi Jinping Thought on Socialism with Chinese Characteristcs for a New Era.

Japanese manufacturing activity expanded in October at a slower pace than the previous month, a preliminary gauge of activity showed. The Markit/Nikkei Japan Manufacturing flash Purchasing Managers Index (PMI) fell to a seasonally adjusted 52.5 in October from a final reading of 52.9 in September.

US stocks began the week with losses yesterday, 23 October 2017 as industrial and technology companies and retailers all stumbled. The Chicago Fed national activity index for September improved to 0.17 in September from negative 0.37 in August.

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