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Market extends gains; metals shine

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Key barometers further extended gains and hit fresh intraday high in mid-morning trade. Buying was supported by strength in other Asian shares. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 243.53 points or 0.59% at 41,695.88. The Nifty 50 index was up 70.75 points or 0.58% at 12,286.65.

In the broader market, the S&P BSE Mid-Cap index was up 0.79% while the S&P BSE Small-Cap index was up 0.98%.

The market breadth was positive. On the BSE, 1473 shares rose and 637 shares fell. A total of 125 shares were unchanged. In Nifty 50 index, 40 stocks advanced while 10 stocks declined.

Buzzing Index:

The Nifty Metal index surged 1.5% to 2,848.90, rising 3% in last two sessions.

Steel Authority of India (up 3.61%), Hindustan Zinc (up 3.28%), Vedanta (up 2.56%), National Aluminium Company (up 1.76%), Hindalco Industries (up 1.42%), NMDC (up 1.33%), Hindustan Copper (up 1.17%) and Jindal Steel & Power (up 1.16%) advanced.

Stocks in Spotlight:

Shares of BSE were up 0.89% at Rs 505.60. The stock exchange announced that it has received certification of registration from Insurance Regulatory Development Authority of India (IRDAI) to commence Insurance broking business. BSE EBIX plans to launch insurance business by early February 2020.

Delta Corp rose 3.35% to Rs 203.75 after the company said its subsidiary received a license for operating a casino at the Marriot Hotel in Nepal. The operations of the casino are expected to commence soon, the company said in a statement after market hours yesterday, 9 January 2019.

Foreign Markets:

Most Asian markets were trading higher on Friday following the easing of US-Iran tensions, and after US stocks shot to record highs.

In US, stocks swept to record highs once again on Thursday as investors focused on progress on the trade pact with China due to be signed next week and amid an easing of concerns about war in the Middle East.

China's Vice Premier Liu He, the head of the country's negotiating team in trade talks with the United States, will sign a "Phase 1" deal in Washington, DC, next week, the commerce ministry said on Thursday. Liu will visit the US capital from January 13 to 15, said Gao Feng, a spokesman at the commerce ministry.

In economic data, the number of Americans who applied for unemployment benefits fell in early 2020 for the fourth week in a row, putting new jobless claims back near the lowest level in about 50 years. Initial jobless claims declined by 9,000 to 214,000 in the seven days ended 4 Jan 2020.

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

First Published: Fri, January 10 2020. 11:28 IST
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