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Metal and mining stocks shine

Capital Market 

Volatility hit bourses in morning trade as the key benchmark indices regained positive zone soon after erasing early gains to hit intraday low in negative zone. At 10:18 IST, the barometer index, the S&P Sensex, was up 22.60 points or 0.07% at 32,348.01. The index was up 7.55 points or 0.08% at 10,073.95.

Trading for the week kicked-off on a positive note as domestic stocks drifted higher in early trade in sync with Asian stocks.

The S&P Mid-Cap index was up 0.74%. The S&P Small-Cap index was up 0.78%. Both these indices outperformed the

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,275 shares rose and 699 shares fell. A total of 108 shares were unchanged.

Overseas, Asian markets were trading higher after an upbeat US employment report helped sentiment behind demand for goods from Asia. US stocks closed higher on Friday, 4 August 2017 with the Dow ending at a record for an eighth straight session following a read on the labor market that came in above expectations, a sign that current valuations may be supported by current economic activity.

On the economic front, the July payrolls report showed the US created 209,000 new jobs in July. The government raised its estimate of new jobs created in June to 231,000 from 222,000. Separately, the unemployment rate moved to 4.3% from 4.4%, retouching a 16-year low. The data is seen as crucial for the Federal Reserve as it decides whether to raise interest rates one more time this year.

Back home, metal and mining stocks were in demand on renewed buying. Tata Steel gained 3.04% ahead of its Q1 result today, 7 August 2017.

Jindal Steel & Power (up 3.79%), Hindalco Industries (up 0.82%), NMDC (up 1%), Hindustan Copper (up 0.56%), Vedanta (up 1.02%), JSW Steel (up 0.91%), Steel Authority of India (Sail) (up 1.14%) and Hindustan Zinc (up 0.42%) edged higher. National Aluminium Company (down 0.36%) declined.

Cement stocks saw mixed trend. Ambuja Cements (down 0.95%) and ACC (down 0.04%) fell. UltraTech Cement (up 0.48%) and Shree Cement (up 0.05%) gained.

Grasim Industries was up 0.58%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

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

First Published: Mon, August 07 2017. 10:23 IST