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Barometers hit record high; metal stocks decline

Capital Market 

The key equity indices hit fresh record highs in mid morning trade. The Nifty continued to trade above the 16,300 mark. Metal shares witnessed selling pressure for the second consecutive session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 293.73 points or 0.54% to 54,696.58. The Nifty 50 index added 73.10 points or 0.45% to 16,331.35.

The Sensex hit a record high of 54,772.07 while the Nifty hit a record high of 16,359.25 in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index slipped 0.24%.

The market breadth was negative. On the BSE, 1163 shares rose and 1899 shares fell. A total of 111 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 203,356,472 with 4,302,588 global deaths.

India reported 388,508 active cases of COVID-19 infection and 428,682 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Metal index slipped 0.22% to 5,719.55. The index had declined by 2.09% in two sessions.

MOIL (down 1.32%), Adani Enterprises (down 1.23%), NMDC (down 0.92%), APL Apollo Tubes (down 0.90%), Hindustan Zinc (down 0.88%), Jindal Steel & Power (down 0.61%), Welspun Corp (down 0.31%) and Tata Steel (down 0.21%) declined.

Meanwhile, Ratnamani Metals Tubes (down 2.67%), SAIL (up 0.45%) and Vedanta (up 0.05%) advanced.

JSW Steel slipped 0.45% to Rs 744. The company's crude steel production grew 11% to 13.82 lakh tonnes in July 2021 as against 12.46 lakh tonnes in July 2020. While the production of flat rolled products declined 1% to 9.34 lakh tonnes, production of long rolled products surged 28% to 3.06 lakh tonnes in July 2021 over July 2020.

Coal India rose 0.31% to Rs 143.70. The PSU miner announced that the mines at Tikak, Tipong and Tirap were temporarily suspended from 3 June 2020 due to non- availability of forest and other statutory clearances. North Eastern Coalfields mines are managed directly by Coal India.

Stocks in Spotlight:

Reliance Industries (RIL) added 1.51% to Rs 2108.55. RIL, along with strategic investors Paulson & Co. Inc. and Bill Gates and a few other investors, has announced an investment of $144 million in Ambri Inc, an energy storage company based in Massachusetts, USA.

The investment, which is being done by RIL's wholly owned subsidiary Reliance New Energy Solar (RNESL), will help Ambri commercialise and grow its long-duration energy storage systems business globally. RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in Ambri.

Isgec Heavy Engineering rose 2.17% to Rs 785.80. The company has received an order for a 175 KLPD Multi-feed Distillery from Dwarikesh Sugar Industries for their site at Bareilly, Uttar Pradesh. It is a repeat order from Dwarikesh Sugar Industries Ltd. after the successful execution of a Distillery project of 109 KLPD capacity for their Bundki Unit.

Global Markets:

Asian stocks were mixed on Tuesday following overnight declines for the Dow Jones Industrial Average and S&P 500 on Wall Street.

Worries about the impact of COVID on global growth continued to weigh on investor sentiment, with countries grappling with the spread of the highly transmissible delta variant of the virus.

In US, the S&P 500 dipped on Monday, as fuel demand worries during a resurgent pandemic sent energy stocks lower but rising U.S. Treasury yields lifted financials stocks, keeping Wall Street's benchmark index near record levels.

Two Federal Reserve officials said on Monday that the U.S. economy is growing rapidly and that while the labor market still has room for improvement, inflation is already at a level that could satisfy one leg of a key test for the beginning of interest rate hikes.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, August 10 2021. 11:27 IST