Metal and mining stocks shine

A bout of volatility was seen in morning trade as the key benchmark indices regained positive zone soon after erasing intraday gains. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 4.24 points or 0.01% at 33,916.05. The Nifty 50 index was up 4.95 points or 0.05% at 10,495.70. Metal and mining stocks logged gains across the board. Shares of telecom and telecom tower infrastructure providers rose.

Amid divergent trend in index pivotal, domestic stocks registered small gains in early trade.

Trading could be volatile during the day as traders roll over positions in the futures & options (F&O) segment from the near month December 2017 series to January 2018 series. The December 2017 derivatives contracts expire today, 28 December 2017.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.04%. The S&P BSE Small-Cap index gained 0.24%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,276 shares rose and 1,011 shares fell. A total of 137 shares were unchanged.

Overseas, Asian markets were trading higher following a rally in oil and copper prices this week. Trade was thin ahead of the long New Year's weekend. US stocks eked out a positive close yesterday, 27 December 2017 with gains in real estate and utilities offsetting declines in energy and telecommunications stocks. In US economic reports, the Conference Board's consumer confidence index fell to 122.1 in December from 128.6 in November.

Back home, metal and mining stocks logged gains across the board. Hindustan Copper (up 6.76%), JSW Steel (up 2.13%), National Aluminium Company (up 2.4%), Hindalco Industries (up 2.71%), Jindal Steel & Power (JSPL) (up 1.54%), Hindustan Zinc (up 0.59%), Tata Steel (up 0.91%), Steel Authority of India (up 1.15%) and Vedanta (up 1.38%) rose. NMDC (down 0.11%) fell.

Shares of telecom and telecom tower infrastructure providers rose. Reliance Communications (up 12.04%), Bharti Infratel (up 0.07%), Idea Cellular (up 0.79%) and MTNL (up 3.74%) edged higher. Bharti Airtel fell 0.43%.

Star Cement rose 5.56% after the company alongwith its subsidiary Star Cement Meghalaya, received Rs 158.82 crore towards capital investment subsidy claims from the central government. This amount has been utilized towards repayment of loans. The announcement was made after market hours yesterday, 27 December 2017.

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