Sensex, Nifty at the day's high; metal stocks outperform

The benchmark indices hit fresh intraday high in morning trade. The Nifty hovered near the 18,500 mark. Metal stocks extended gains for seventh day.

At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 474.5 points or 0.77% to 61,780.45. The Nifty 50 index added 158.70 points or 0.87% to 18,497.25.

In the broader market, the S&P BSE Mid-Cap index rose 1.20% while the S&P BSE Small-Cap index gained 0.97%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2010 shares rose and 949 shares fell. A total of 161 shares were unchanged.

High-paced vaccination drive, reviving economies across the world, easing inflation, and RBI's dovish stance are some of the factors that continued to fuel the rally in domestic equity markets. However, rising global crude oil prices and a weakening Indian rupee against the greenback remained on investors watchlist.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 240,665,365 with 4,898,487 deaths. India reported 189,694 active cases of COVID-19 infection and 452,290 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

A total of 97,74,54,119 COVID-19 vaccine doses have been administered in the country so far, with over 12.02 lakh doses being given yesterday, according to the Co-WIN dashboard.

Buzzing Index:

The Nifty Metal index rose 3.17% to 6,210.20, extending gains for seventh day. The index has added 10.36% in seven sessions while the benchmark Nifty 50 index has risen 4.71% during the same period.

Hindustan Zinc (up 10.90%), National Aluminum Company (up 7.81%), Hindustan Copper (up 7.22%), Vedanta (up 6.57%), Hindalco Industries (up 5.25%), JSW Steel (up 3.01%) and Tata Steel (up 2.46%) advanced. Further, NMDC (up 2.31%), Coal India (up 1.55%), SAIL (up 1.37%), Jindal Steel & Power (up 1.09%) and Welspun Corp (up 1.02%) edged higher.

Stocks in Spotlight:

Antony Waste Handling Cell tumbled 6.69% to Rs 359.85. The company said that the Income Tax Department conducted a search at the company's premises and that of three of its subsidiary companies. The search proceedings were concluded on 15 October 2021, the company said.

Cyient rose 1.64% to Rs 1,178.85 after the company's consolidated net profit added 5.47% to Rs 121.30 crore on a 5.04% increase in revenue from operations to Rs 1,111.60 crore in Q2 September 2021 over Q2 June 2021. The company's consolidated net profit jumped 44.57% while revenue from operations surged 10.79% in Q2 FY22 over Q2 FY21.

During the quarter, the group EBIT margin stood at 14%, leading its highest ever operating profit. The order intake grew by 23% Y-o-Y. The offshoring was at 50%, its highest in the past ten quarters.

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