Shares advance on bargain hunting; metal stocks shine

Key benchmark indices advanced in morning trade as bargain hunting emerged after a solid selloff in the previous session. At 10:33 IST, the barometer index, the S&P BSE Sensex, was up 573.57 points or 1.83% at 31,963.64. The Nifty 50 index was up 191.05 points or 2.08% at 9,388.45.

In the broader market, the S&P BSE Mid-Cap index was down 0.93%. The S&P BSE Small-Cap index was down 1.37%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 426 shares rose and 830 shares fell. A total of 58 shares were unchanged.

Sentiment improved after Dow Futures bounced back. Futures on the Dow Jones Industrial Average were up 802 points, implying a strong opening in the US market on Tuesday.

Buzzing Index:

The Nifty Metal index jumped 3.65% to 1,793.85. The index slumped 9.08% yesterday.

Coal India (up 6.43%), Jindal Steel & Power (up 5%), Vedanta (up 4.61%), Tata Steel (up 4.54%), National Aluminium Company (up 4.36%), Steel Authority of India (up 4.03%), NMDC (up 2.91%), JSW Steel (up 2.48%), Hindalco Industries (up 2.47%) and Hindustan Zinc Ltd (up 0.8%) were top gainers in metal segment.

Stocks in Spotlight:

Delta Corp said the casinos operated by the company and its subsidiaries in Goa will remain closed until 31 March, 2020, and will be reviewed thereafter for further course of action. The company said this I As a measure to prevent and contain corona virus (COVID-19) disease in Goa. The stock rose 1.74% to Rs 87.55.

Emami informed that it will meet on Thursday (19 March 2020) to consider a buyback of shares and an interim dividend. The board will consider second interim dividend for the financial year 2019-20 and the record date has been fixed at 27 March 2020. The announcement was made after trading hours yesterday, 16 March 2020. Shares of Emami were trading 1.11% lower at Rs 195.20.

Grasim Industries in a regulatory filing announced that the Competition Commission of India has passed an order under section 4 of the Competition Act 2002 imposing a penalty of Rs 301.61 crore on the company. The penalty imposed is in respect of its domestic Man-Made Fibre turnover. Shares of Grasim Industries were trading 0.76% higher at Rs 580.95.

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