Sensex gains 351 pts, metal stocks shine

The frontline indices traded with modest gains in morning trade. The Nifty traded near the 17,150 mark. Barring the Nifty Oil & Gas index, all the sectoral indices on the NSE were in the green.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 350.85 points or 0.61% to 58,251.04. The Nifty 50 index gained 105.60 points or 0.62% to 17,148.90.

In the broader market, the S&P BSE Mid-Cap index added 0.70% while the S&P BSE Small-Cap index rose 0.83%.

The market breadth was strong. On the BSE, 2,195 shares rose and 936 shares fell. A total of 78 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 4.33% to 15.52.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,086.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,121.94 crore in the Indian equity market on 14 March, provisional data showed.

Buzzing Index:

The Nifty Metal index gained 1.76% to 5,614.50. The index witnessed bargain hunting after declining 2.91% in the past three trading sessions.

Jindal Stainless (up 4.67%), Hindustan Zinc (up 3.43%), Hindalco Industries (up 2.1%), Jindal Steel & Power (up 2.07%), National Aluminium Company (up 1.95%), Tata Steel (up 1.88%), Steel Authority of India (up 1.32%), JSW Steel (up 1.23%), Hindustan Copper (up 1.17%) and Vedanta (up 1.16%) edged higher.

On the other hand, Ratnamani Metals & Tubes (down 0.2%), APL Apollo Tubes (down 0.09%) and Adani Enterprises (down 0.06%) declined.

Stocks in Spotlight:

Paras Defence and Space Technologies rallied 4.27% after the firm said that it has entered into MoU with Israel based-CONTROP Precision Technologies, to create new opportunities and expand both parties' business in the Indian and Global Defence sector.

KPIT Technologies rose 1.65% after the company announced its partnership with Honda to realize the journey of Honda's Software-Defined Mobility (SDM).

Ramkrishna Forgings jumped 8.06% after the company's consortium with Titagarh Wagons emerged as the lowest (L-1) bidder for supply of forged wheels to the Ministry of Railways, Government of India. The consortium has to manufacture and supply around 15,40,000 wheels to the Indian Railways over a period of twenty years.

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