Metal stocks extend recent gains

Key benchmark indices continued to swing between gains and losses near the flat line in mid-afternoon trade amid slightly lower European stocks. At 14:20 IST, the barometer index, the S&P BSE Sensex, fell 5.78 points or 0.02% at 33,335.83. The Nifty 50 index lost 1.10 points or 0.01% at 10,282.50. Key indices swung between gains and losses in a narrow range around the flat line so far.

The S&P BSE Mid-Cap index rose 0.38%. The S&P BSE Small-Cap index advanced 0.66%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was strong. On BSE, 1,558 shares rose and 1,031 shares declined. A total of 151 shares were unchanged.

Oil & gas stocks were mixed. ONGC (up 0.45%), Reliance Industries (RIL) (up 1.12%), BPCL (up 0.11%), GAIL (India) (up 2.89%), and HPCL (up 0.28%) gained. Indian Oil Corporation (down 0.58%), Oil India (down 0.01%) and Petronet LNG (down 0.59%) declined.

Metal stocks gained for the third straight day. Bhushan Steel (up 0.94%), Hindustan Copper (up 1.86%), Vedanta (up 1.12%), Hindalco Industries (up 0.27%), Hindustan Zinc (up 0.72%), Jindal Steel & Power (up 5.43%), Tata Steel (up 0.25%), Steel Authority of India (Sail) (up 3.3%), National Aluminum Company (up 2.2%) and NMDC (up 1.04%) gained. JSW Steel dropped 0.54%.

S Chand & Company fell 2.18% after the company reported net loss of Rs 10.19 crore in Q2 September 2017, as compared with net loss of Rs 11.42 crore in Q2 September 2016. The announcement was made after market hours on Friday, 17 November 2017. S Chand & Company 's net sales dropped 38.18% to Rs 17.36 crore in Q2 September 2017 over Q2 September 2016.

Prataap Snacks rose 0.85% after the company said that its wholly owned subsidiary Pure N Sure Food Bites has commenced its commercial production and launched Yum-Pie, a variety of sweet snacks, under the brand name Rich Feast. The announcement was made after market hours on Friday, 17 November 2017.

Overseas, European stocks dropped and Asian stocks were mixed after a retreat on Wall Street on Friday, 17 November 2017, amid tax reform uncertainty. Meanwhile, among macroeconomic data from major economies, Japan's export growth held steady in October. Ministry of Finance (MOF) data showed that exports rose 14% year-on-year in October.

US stocks finished the week on a subdued note on Friday, 17 November 2017, as worries over US tax reform and a delay of the promises cut in corporate taxation, weighed on investors' minds. The US House of Representatives passed their version of a tax overhaul bill that would cut corporate taxes last week, but the Senate continued to wrangle over its rival tax bill, with investors uncertain about whether Congress will be able to reach a compromise.

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