Metal and mining stocks shine

A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with minor losses. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 17.59 points or 0.05% at 36,842.69. The Nifty 50 index was down 6.40 points or 0.06% at 11,127.90. Metal and mining stocks gained.

A bout of volatility was seen in early trade as stocks regained positive zone soon after erasing intraday gains. The Sensex scaled a record high in early trade boosted by data showing that FPIs and DIIs were net buyers of equities yesterday, 24 July 2018.

As per provisional data released by the stock exchanges, foreign portfolio investors (FPIs) bought shares worth a net Rs 104.34 crore while domestic institutional investors (DIIs) bought shares worth a net Rs 513.78 crore yesterday, 24 July 2018.

The S&P BSE Mid-Cap index was up 0.14%. The S&P BSE Small-Cap index was up 0.44%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1227 shares rose and 714 shares fell. A total of 96 shares were unchanged.

Overseas, most Asian stocks were trading lower. US equity benchmarks finished Tuesday mostly higher, led by technology and health-care companies.

Back home, metal and mining stocks gained. Jindal Steel & Power (up 5.6%), Hindalco Industries (up 2.29%), Vedanta (up 1.69%), JSW Steel (up 2.47%), Tata Steel (up 1.14%), Steel Authority of India (Sail) (up 1.81%), National Aluminium Company (up 2.05%), Hindustan Zinc (up 1.32%), NMDC (up 3.18%) and Hindustan Copper (up 0.78%) edged higher.

Oil India rose 0.87%. Oil India said it has signed a joint venture (JV) agreement at Guwahati on 20 July 2018 in connection with formation of a JV company for construction of North-East gas grid pipeline in the eight North-Eastern states, viz. Assam, Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland, Tripura and Sikkim. The proposed JV company will have equal equity contribution from all the five PSU JV partners. The announcement was made after market hours yesterday, 24 July 2018.

Andhra Bank rose 0.47%. Andhra Bank said it has received Rs 2019 crore towards contribution of the central government in the preferential allotment of equity shares of the bank. The result was announced after market hours yesterday, 24 July 2018.

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