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Barometers recover; NMDC slumps

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The benchmark indices inched higher in the mid-afternoon trade. The Nifty regained 11,000 level. At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 32.49 points or 0.09% at 37,434.98. The Nifty 50 index was down 15.75 points or 0.14% at 11,038.45.

The S&P BSE Mid-Cap index was down 0.56%. The S&P BSE Small-Cap index was down 0.53%. On the BSE, 841 shares rose and 1482 shares fell. A total of 141 shares were unchanged.

Auto stocks contributed the most to recovery of indices. Maruti Suzuki India (up 3.21%), Mahindra and Mahindra (up 2.27%), Tata Motors (up 2.24%), Hero MotoCorp (up 1.41%) and Bajaj Auto (up 0.96%) made the biggest up move.

Metal stocks were trading lower. Hindustan Copper (down 4.33%), Steel Authority of India (down 3.88%), Hindustan Zinc (down 2.1%), National Aluminium Company (down 1.34%), Hindalco Industries (down 1.1%), Jindal Steel & Power (down 1%), Vedanta (down 0.66%) and Tata Steel (down 0.4%) slumped.

NMDC slumped 10.36%. Karnataka government has reportedly decided to cancel the lease given to NMDC for the Donimalai iron ore mine and to put it under auction. Last month, the high court had allowed the firm to resume operations at the Donimalai mine.

Welspun Enterprises announced that it has received 'BWR A1+' from Brickwork Ratings India for the company's commercial paper of Rs 300 crore. The stock was trading 0.41% lower at Rs 97.6.

SeQuent Scientific announced that the company's wholly owned subsidiary, SeQuent Research has received Establishment Inspection Report (EIR) from USFDA for its GLP compliant, Analytical Services laboratory at Bengaluru. The Bengaluru laboratory which was set up in 2017 caters to the growing analytical requirements of large pharmaceutical and FMCG majors in the region. On BSE, the stock was trading 2.94% higher at Rs 71.7.

In the commodities market, Brent crude for October 2019 settlement was up 27 cents at $60.01 a barrel. The contract rose $1.1 or 1.87% to settle at $59.74 a barrel in the previous trading session.

MCX Gold futures for 5 August 2019 settlement declined 0.25% at Rs 37,730.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.7325, compared with its close of 71.4350 during the previous trading session.

The yield on 10-year benchmark federal paper rose to 6.597% at 14:24 IST compared with 6.581% at close in the previous trading session.

Overseas, European stocks were trading higher. Finnish central bank governor Olli Rehn said on Monday that the European Central Bank (ECB) was determined to act if the medium-term inflation outlook continues to miss its target of below but close to 2%. This follows the German finance minster indicating over the weekend that the government is prepared to deploy fiscal stimulus to boost its ailing economy,

Asian stocks were trading higher Tuesday as the People's Bank of China published its new loan prime rates under a new mechanism that was unveiled over the weekend. The new 1-year LPR was set at 4.25%, as compared to 4.31% previously. The 5-year LPR was at 4.85%.

U.S. stocks rallied Monday, lifted by encouraging comments from President Donald Trump and other officials on trade talks, along with a move by China over the weekend to lower borrowing costs for companies.

The Commerce Department said Monday that it has given Chinese telecom giant Huawei Technologies Co. Ltd. another 90-day reprieve during which it can continue to do business with American companies, without the granting of case-by-case licences that would otherwise be needed, after the Commerce Department added it to its 'entity list' in May. At the same time, the Commerce Department added another 46 Huawei subsidiaries to the list that will be subject to the full sanctions after 19 November.

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

First Published: Tue, August 20 2019. 14:32 IST