Metal & mining stocks gain

Key benchmark indices continued to hover in positive zone in early afternoon trade amid divergent trend in index pivotals. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 59.92 points or 0.18% at 34,070.53. The Nifty 50 index was up 8 points or 0.08% at 10,539.50. Gains in the Sensex were more in percentage terms than those for the Nifty. Metal and mining stocks gained. IT stocks declined.

A divergent trend was seen in early trade as the barometer index, the S&P BSE Sensex, traded with small gains while the Nifty 50 index traded with marginal losses. The Sensex and the Nifty scaled record high in morning trade.

Among secondary indices, the S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index was up 0.49%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,467 shares rose and 1,107 shares fell. A total of 172 shares were unchanged.

L&T shed 0.11% to Rs 1,268.15. The construction arm of Larsen &Toubro has won orders worth Rs 1125 crore across various business segments. The Metallurgical & Material Handling Business has bagged orders worth Rs 710 crore in the metallurgical sector, in the area of product business and add-on jobs. Other businesses of L&T Construction have received orders worth Rs 415 crore. The announcement was made during market hours today, 27 December 2017.

Metal and mining stocks gained. Hindustan Copper (up 6.08%), JSW Steel (up 0.19%), National Aluminium Company (up 0.61%), Tata Steel (up 0.39%), Steel Authority of India (up 1.38%) and Vedanta (up 1.37%) rose. Hindustan Zinc (down 0.34%), Hindalco Industries (down 0.04%) and NMDC (down 0.86%) fell.

Jindal Steel & Power (JSPL) rose 1.19% after the company said it has successfully completed a 250 ton basic oxygen furnace (BOF) marking the completion of its 6 million tones per annum (MTPA) integrated steel project at Angul, Odisha. With the completion of the new steel making facility, JSPL will utilize the full capacity of its 4 MTPA mega blast furnace, the largest in India. The BOF will also enable the company to achieve significantly higher cost effectiveness and efficiencies for steel making. The announcement was made after market hours yesterday, 26 December 2017.

The 250 ton basic oxygen furnace will produce 3 million tonnes of high-grade steel per annum. JSPL's Angul steel making complex is the largest and most modern integrated steel plant in the state of Odisha that has been established at an investment of Rs 33000 crore. The BOF is the last major installation at the 6 MTPA integrated steel plant, marking the completion of JSPL's expansion and capital expenditure program.

IT stocks declined. TCS (down 0.39%), HCL Technologies (down 0.41%), Hexaware Technologies (down 0.25%), Infosys (down 0.48%) and Wipro (down 0.54%) edged lower. fell. Tech Mahindra (up 1.39%) rose.

Vakrangee fell 2.36% to Rs 417.90 on profit booking after a recent rally. Shares of Vakrangee rose 12.57% in three trading sessions to settle at Rs 428 yesterday, 26 December 2017, from its close of Rs 380.20 on 20 December 2017.

Prataap Snacks rose 4.28% after the company said it has forayed into sweet snacks market. The announcement was made after market hours yesterday, 26 December 2017.

Prataap Snacks has entered the category of sweet snacks market through its wholly owned subsidiary with the launch of its new brand 'Rich Feast'. The first product under the new brand is 'Yum Pie', a three layered treat with sponge cake, flavoured jam and chocolate. The company has set up a fully automated manufacturing plant by its wholly owned subsidiary Pure n Sure Food Bites in Indore to manage the production of Yum-Pie.

Yum Pie is a 100% vegetarian product launched at an affordable price point of Rs 5. The products have been designed and targeted towards kids in the age group of 4-14. Yum Pie is available in orange, strawberry and mixed fruit flavours.

Overseas, Asian markets were mixed in trading thinned by a holiday-shortened week. China's industrial-profit growth slowed sharply in November, due to slower growth in prices for industrial goods and higher production costs. China's industrial profits in November rose 14.9% compared with the same period a year ago, decelerating from a 25.1% increase in October, the National Bureau of Statistics said today, 27 December 2017.

US stocks closed lower in light volume trade yesterday, 26 December 2017 as shares of Apple tumbled, offsetting gains in energy stocks as oil prices hit their highest in more than two years. European markets were closed yesterday, 26 December 2017 in observance of Boxing Day.

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