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Metal and mining stocks decline

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Local stocks trimmed gains in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 63.74 points or 0.16% at 39,416.41. The Nifty 50 index was up 7.60 points or 0.06% at 11,835.85. Metal and mining stocks declined. Shares of index heavyweight Reliance Industries and HDFC gained.

Key indices nudged higher in early trade on buying demand in index pivotals with the Sensex and the Nifty, both, scaling record high. A bout of volatility was seen in morning trade as stocks regained strength soon after trimming gains. Stocks hovered in positive zone in mid-morning trade.

The S&P BSE Mid-Cap index was off 0.24%. The S&P BSE Small-Cap index was off 0.1%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 982 shares rose and 1320 shares fell. A total of 137 shares were unchanged.

Index heavyweight and housing finance major HDFC gained 2.11% to Rs 2,162.05.

Index heavyweight Reliance Industries advanced 2.07% to Rs 1,352.95

Metal and mining stocks declined. Vedanta (down 0.99%), JSW Steel (down 1.22%), Tata Steel (down 1.78%), Steel Authority of India (Sail) (down 0.68%), National Aluminium Company (down 3.39%), Hindustan Zinc (down 1.53%), Hindalco Industries (down 1.18%), NMDC (down 1.04%), edged lower. Hindustan Copper (up 1.22%) and Jindal Steel & Power (up 0.42%) rose.

Overseas, most Asian shares were trading higher after Washington temporarily eased trade restrictions imposed last week on China's Huawei, although fears of a further escalation in tensions kept investors on edge.

US stocks fell on Monday as the White House's restrictions on Chinese telecoms equipment maker Huawei Technologies Co weighed on the technology sector and raised concerns that the move would further inflame trade tensions between the United States and China.

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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, May 21 2019. 12:34 IST