Sensex, Nifty hover in positive terrain

Key benchmark indices held firm in positive terrain in afternoon trade. At 13:22 IST, the barometer index, the S&P BSE Sensex rose 124.05 points or 0.40% at 31,382.90. The Nifty 50 index advanced 44.55 points or 0.46% at 9,798.90.

Key indices opened the session higher on bargain hunting after registering losses in the preceding two trading sessions. Later, the indices witnessed volatility even as they almost confined to positive territory so far. Gains in European and Asian stocks also helped key indices to trade with gains.

Among secondary indices, the S&P BSE Mid-Cap index fell 0.08%. The S&P BSE Small-Cap index lost 0.15%. Both these indices underperformed the Sensex.

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,435 shares declined and 951 shares rose. A total of 135 shares were unchanged.

Metal shares rose. Hindalco Industries (up 2.36%), Bhushan Steel (up 2.13%), NMDC (up 1.32%), Vedanta (up 1.25%), Jindal Steel & Power (up 1.14%), National Aluminium Company (up 0.50%), Steel Authority of India (up 0.50%), Hindustan Copper (up 0.49%) and Tata Steel (up 0.04%), edged higher. Hindustan Zinc (down 0.33%) and JSW Steel (down 0.47%), edged lower.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for September 2017 delivery was currently up 0.82% at $3.0050 per pound on the COMEX.

FMCG shares were mixed. Tata Global Beverages (down 1.05%), Godrej Consumer Products (down 0.99%), Dabur India (down 0.33%), GlaxoSmithKline Consumer Healthcare (down 0.31%), Bajaj Corp (down 0.2%) and Britannia Industries (down 0.18%), edged lower. Nestle India (up 0.01%), Procter & Gamble Hygiene & Health Care (up 0.04%), Hindustan Unilever (up %), Jyothy Laboratories (up 0.2%), Colgate Palmolive (India) (up 0.46%) and Marico (up 0.62%), edged higher.

V-Mart Retail rose 2.69% to Rs 1,492, with the stock extending recent gains triggered by the company announcing strong Q1 results after market hours on Friday,18 August 2017, The stock had surged 19.03% to settle at Rs 1,452.85 yesterday, 21 August 2017.

V-Mart Retail's net profit spurted 138.6% to Rs 22.36 crore on 38.8% increase in net sales to Rs 315.13 crore in Q1 June 2017 over Q1 June 2016.

Overseas, European shares opened higher, rebounding from a three-day losing streak as results boosted heavyweight miners BHP Billiton and Antofagasta, while Provident Financial plunged after another profit warning.

Asian stocks edged higher as investors turned their attention to the US Federal Reserve's annual symposium in Jackson Hole at the end of the week. US stocks closed slightly higher yesterday, 21 August 2017, but a decline in tech and financials kept a lid on gains.

The annual Jackson Hole Economic Policy Symposium is scheduled for this Friday in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.

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