Benchmarks trade near flat line; metal stocks rise for second day

The domestic equity barometers were trading almost flat in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 23.91 points or 0.05% to 47,770.13. The Nifty 50 index rose 1 point or 0.01% to 13,982.95.

The S&P BSE Sensex hit a record high of 47,865.56 while the Nifty index hit 14,010.15 in morning trade.

The broader market was trading firm. The S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index gained 0.39%.

Buyers outpaced sellers. On the BSE, 1734 shares rose and 1191 shares fell. A total of 171 shares were unchanged.

 

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 8,27,09,354 with 18,05,035 deaths. India reported 2,57,656 active cases of COVID-19 infection and 1,48,738 deaths while 98,60,280 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

As per the Reserve Bank of India, India's current account surplus shrank to $15.5 billion in the July-September quarter from a record $19.2 billion in April-June as its merchandise trade deficit grew. The surplus stood at 2.4% of the gross domestic product in the latest quarter, compared with a deficit of $7.6 billion, or 1.1% of GDP, in the same period a year ago, RBI data showed.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 73.0675 as compared to its previous closing of 73.31.

The yield on 10-year benchmark federal paper fell 5.895% as compared to its previous close of 5.899%.

MCX Gold futures for 5 February 2021 settlement added 0.02% to Rs 50,147.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.12% to 89.57.

In the commodities market, Brent crude for February 2020 settlement slipped 25 cents to $51.38 a barrel. The contract gained 0.49% or 25 cents to settle at $51.34 in the previous trading session.

Buzzing Index:

The Nifty Metal index rose 0.76% to 3,255.30 The index has added 2.05% in two sessions.

On a year-to-date (YTD) basis, the metal index has gained 16.54% while the benchmark Nifty 50 index has added 14.72% during the same period.

SAIL (up 6.45%), National Aluminum Co. (up 4.45%), Mishra Dhatu Nigam (up 2.06%), APL Apollo Tubes (up 2.95%), Hindalco Industries (up 1.18%) and Tata Steel (up 1.16%) advanced.

Hindustan Copper (down 1.77%) and Welspun Corp (down 1.04%) declined.

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