Nifty scales above 13,100; metal stocks rise for 3rd day

The equity barometers surged to hit fresh intraday high in mid-afternoon trade. The Nifty was currently trading above the 13,100 mark. At 14:24 IST, the barometer index, the S&P BSE Sensex, soared 531.31 points or 1.20% at 44,681.03. The Nifty 50 index spurted 141.40 points or 1.09% at 13,110.35.

The sentiment was boosted as India's economy recovered faster than expected in the September quarter. The optimism over progress in COVID-19 vaccine development also supported buying.

The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index rose 0.78%. The S&P BSE Small-Cap index gained 0.88%.

Buyers outpaced sellers. On the BSE, 1851 shares rose and 945 shares fell. A total of 175 shares were unchanged.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 73.5675 as compared to its previous closing of 74.05.

The yield on 10-year benchmark federal paper rose to 5.92% compared with its closing of 5.911% in the previous trading session.

MCX Gold futures for 4 December 2020 settlement slipped 0.18% to Rs 47,705.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 91.922.

In the commodities market, Brent crude for February 2020 settlement rose 24 cents to $48.12 a barrel. The contract lost 0.76% or 37 cents to end at $47.88 in the previous trading session.

Buzzing Index:

The Nifty Metal index rose 0.98% to 2,954.50. The index has added 4.9% in three sessions.

Welspun Corp (up 7.37%), APL Apollo Tubes (up 2.86%), Jindal Steel & Power (up 2.79%), NMDC (up 2.70%), MOIL (up 2.63%), SAIL (up 1.65%), JSW Steel (up 1.68%) and Tata Steel (up 1.15%) advanced.

Stocks in Spotlight:

Mindtree fell 1.20% to Rs 1398.20. The IT solutions provider has partnered with Databricks, the data and AI company, to help customers implement cloud-based data platforms for advanced analytics. Databricks offers a unified solution for data engineering, collaborative data science, full-lifecycle machine learning, and business analytics through a lakehouse architecture.

Indian Hotels Company rose 2.08% to Rs 120.45 after the company announced the signing of three Taj hotels - two in Kolkata, West Bengal and one in Patna, Bihar. These new hotels are in partnership with Ambuja Neotia Group, who have already partnered with Indian Hotels Company, (IHCL), for two other hotels in the East - Taj Chia Kutir, Darjeeling, West Bengal and Taj Guras Kutir in Gangtok, Sikkim. These five projects will culminate to a total of 500 rooms.

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