The benchmark indices trimmed losses in afternoon trade. At 13:31 IST, the barometer index, the S&P BSE Sensex, was down 98.74 points or 0.24% at 40,257.95. The Nifty 50 index was down 12.55 points or 0.11% at 11,882.90.
In the broader market, the S&P BSE Mid-Cap index was up 0.29%. The S&P BSE Small-Cap index was up 0.27%.
The market breadth was negative. On the BSE, 1116 shares rose and 1257 shares fell. A total of 175 shares were unchanged. In Nifty 50 index, 28 stocks advanced while 22 stocks declined.
The Nifty Metal index rose 1.69% to 2,541.10, buoyed by the positive developments on the US-China trade front.
Hindalco Industries (up 3.06%), JSW Steel (up 2.27%), Hindustan Zinc (up 2.21%), Steel Authority of India (up 2.2%), Hindustan Copper (up 1.61%), Vedanta (up 1.55%), Jindal Steel & Power (up 1.29%), National Aluminium Company (up 0.95%) and NMDC (up 0.7%) advanced.
Tata Steel rose 3.93% to Rs 409.90. The steel maker's long-term rating has been reportedly affirmed by S&P at 'BB-'. The outlook has been revised to 'stable' from 'positive'.
The company, in an exchange filing post trading hours on Friday, informed about the completion of stake sale in NatSteel Vina Co (NSV). NatSteel Holdings (NSH), a step-down subsidiary of Tata Steel, signed an agreement with the Vietnam-based Thai Hung Trading joint stock company to divest its entire equity stake held in NSV (56.5%).
Stocks in Spotlight:
Sun Pharmaceutical Industries (up 3.04%), Hindalco Industries (up 2.96%), UPL (up 2.81%), Zee Entertainment Enterprises (up 2.62%) and JSW Steel (up 2.35%) advanced.
Yes Bank (down 3.42%), Bajaj Auto (down 1.63%), Britannia Industries (down 1.58%), Mahindra & Mahindra (down 1.37%) and Hero MotoCorp (down 1.29%) declined.
Tata Motors rose 1.36% to Rs 170.90. The company said that the board approved committee has approved allotment of 5000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) E28-A series of face value Rs 10 lakh each, at par, aggregating to Rs 500 crore in three tranches, on private placement basis.
Bharat Petroleum Corporation (BPCL) advanced 3.62% to Rs 524.20 after Finance Minister Nirmala Sitharaman reportedly said that the government will conclude the sale of Air India and BPCL by March 2020.
Speaking to the media, the finance minister confirmed that the government is focused on divesting the two state-run companies by the end of the financial year. This will form a crucial chunk of the government's plan to raise Rs 1 lakh crore in the current fiscal as India continues to tackle a steep demand slowdown, the reports added.
Telecom shares spurted after Finance Minister Niramla Sitharaman assured that the government does not want any telecom companies to shut down on account of Supreme Court's AGR verdict. FM also said that the Government is looking for ways to support the debt laden telecom sector.
Vodafone Idea advanced 18.75% to Rs 4.37. Bharti Airtel was up 3.83% at Rs 408.25.
Bharti Infratel was down 0.97% at Rs 225.50.
European stocks opened higher while most stocks in Asia traded higher Monday as investors look for further developments on US-China trade.
The US stock market finished session at fresh record highs on Friday on revived hopes for a US-China trade deal after White House Economic Adviser Larry Kudlow statement that the US and China were getting closer to reaching a resolution.
Chinese Vice Premier Liu He had a phone call Saturday morning with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer regarding a 'phase-one' trade deal, Chinese state media outlet Xinhua reported.
The two sides had "constructive discussions" about "each other's core concerns" and agreed to remain in close contact. The call came at the request of Mnuchin and Lighthizer, according to Xinhua.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)