Metal shares in demand

Key barometers came off day's low and were trading with small losses in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was down 45.22 points or 0.12% at 38,677.71. The Nifty 50 index was down 21.45 points or 0.18% at 11,670.45.

Trading was volatile as traders roll over positions in the F&O segment from the August 2018 series to September 2018 series. The August 2018 F&O contracts expire today, 30 August 2018.

Broader market traded with decent gains. Among secondary barometers, the BSE Mid-Cap index was up 0.38%. The BSE Small-Cap index was up 0.31%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1277 shares rose and 957 shares fell. A total of 116 shares were unchanged.

Metal shares were in demand. Hindustan Copper (up 5.07%), Jindal Steel & Power (up 2.35%), Tata Steel (up 2.09%), JSW Steel (up 1.83%), Steel Authority of India (up 1.69%), National Aluminium Company (up 1.17%), Vedanta (up 0.90%), Hindalco Industries (up 0.76%) and NMDC (up 0.18%), edged higher. Hindustan Zinc was down 0.42%.

Most auto stocks declined. Eicher Motors (down 0.68%), Maruti Suzuki India (down 0.61%), Tata Motors (down 0.4%), Hero MotoCorp (down 0.3%), Ashok Leyland (down 0.23%) and Escorts (down 0.03%), edged lower. Bajaj Auto (up 0.44%), TVS Motor Company (up 0.74%) and Mahindra & Mahindra (up 0.91%), edged higher.

Overseas, most Asian stocks gave up earlier gains and fell as concerns persist over the development of the Sino-US trade spat. The US stock market extended gains Wednesday as the S&P 500 and the Nasdaq closed at a record for a fourth session, while the Dow finished at its highest since February. Investor sentiments were also boosted by the announcement that Canada had rejoined the North American Free Trade Agreement (NAFTA) talks, following the deal reached by the US and Mexico earlier this week.

On the US data front, an update to second-quarter gross domestic product (GDP) came in showing growth at a 4.2% annualized pace, which represented the fastest pace of expansion in almost four years.

Pending-home sales declined 0.7% in July, the National Association of Realtors said. NAR's index, which tracks real-estate transactions where a contract has been signed but the deal has not yet closed, fell to a reading of 106.2.

Powered by Capital Market - Live News