Metal and mining stocks shine

After an initial upmove, stocks held onto gains in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 154.63 points or 0.42% at 36,873.23. The Nifty 50 index was up 51.30 points or 0.46% at 11,136.05. Metal and mining stocks gained.

Stocks drifted higher in early trade, with the Sensex scaling record high.

The S&P BSE Mid-Cap index was up 1.29%. The S&P BSE Small-Cap index was up 1.53%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1496 shares rose and 459 shares fell. A total of 89 shares were unchanged.

Overseas, Asian stocks rose led by Chinese shares as the nation's assets came into focus after the government unveiled a package of measures to boost domestic demand amid simmering trade tensions that threaten to worsen an economic slowdown. In US, the S&P 500 and the Nasdaq close slightly higher Monday thanks to strong bank and technology shares but the Dow extended its losing streak to a third session.

Meanwhile, finance ministers and central bankers from the Group of 20 reportedly made little progress on trade tensions at a weekend meeting in Buenos Aires, as both US and European Union officials held their ground. Investors have been worried that spats between the US and other major trading partners could explode into a full-scale trade war, damaging economic growth and investments.

Back home, Wipro (down 0.82%), Reliance Industries (down 0.41%) and Yes Bank (down 0.36%) edged lower from the Sensex pack.

Metal and mining stocks gained. Vedanta (up 2.53%), JSW Steel (up 2.22%), Tata Steel (up 1.59%), Steel Authority of India (Sail) (up 1.65%), National Aluminium Company (up 4.26%), Jindal Steel & Power (up 2.96%), Hindalco Industries (up 3.66%), NMDC (up 2.73%) and Hindustan Copper (up 2.42%) edged higher. Hindustan Zinc (down 0.49%) rose.

L&T Technology Services surged 10.44% after consolidated net profit rose 102.14% to Rs 198.10 crore on 40.07% increase in net sales to Rs 1152.20 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 23 July 2018.

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