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Metal and mining stocks shine

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Stocks gyrated in a small range in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 29.22 points or 0.08% at 36,365.81. Metal and mining stocks gained sharply.

Domestic stocks eked out small gains in early trade ahead of release of key domestic macro economic data. Key indices reversed direction to sink in negative zone in morning trade. Key indices hovered in a small range in mid-morning trade.

The S&P BSE Mid-Cap index was up 0.05%. The S&P BSE Small-Cap index was down 0.41%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 992 shares rose and 1230 shares fell. A total of 142 shares were unchanged.

Metal and mining stocks gained sharply. Vedanta (up 3.81%), JSW Steel (up 4.75%), Tata Steel (up 3.24%), Steel Authority of India (Sail) (up 6.58%), Hindustan Zinc (up 1.28%), Jindal Steel & Power (up 9.41%), Hindalco Industries (up 1.1%), NMDC (up 1.49%) and Hindustan Copper (up 5.64%) edged higher. National Aluminium Company (down 0.19%) fell.

Gujarat Narmada Valley Fertilizers & Chemicals lost 9.67% after net profit fell 27.3% to Rs 165.72 crore on 23.4% decline in net sales to Rs 1,219.16 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 11 February 2019.

On the macro front, data of Consumer Price Index (CPI) for January and Index of Industrial Production (IIP) for December 2018 is slated to be released after maket hours today, 12 February 2019. India's industrial production growth slowed sharply to 0.5% year-on-year in November 2018 from an upwardly revised 11-month high of 8.4% in the previous month.

Overseas, most Asian stocks rose with investors looking to a new round of Sino-US trade talks as the world's two largest economies try to resolve a tariff dispute that has put a dent on global growth and corporate earnings.

US stocks closed mostly higher Monday after a choppy session as a round of US-China tariff negotiations in Beijing commenced and as the threat of another partial government shutdown loomed.

The latest round of trade negotiations between the US and China began Monday with working-level talks in Beijing, while Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer are reportedly due to arrive Thursday for more high-level discussions.

In Europe, the UK, meanwhile, is bracing to exit the European Union on March 29 with or without a trade agreement in hand.

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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, February 12 2019. 12:33 IST
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