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Metal and mining stocks shine as copper prices rise

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Key benchmark indices trimmed gains in mid-morning trade after an initial upmove. At 11:15 IST, the barometer index, the BSE Sensex, was up 106.78 points or 0.3% at 36,301.08. The index was up 19.15 points or 0.18% at 10,895.90. Metal and stocks gained as copper prices rose in global commodity markets. Gains in Asian stocks and US index futures following a cease-fire on tariffs between and over the weekend boosted sentiment.

Domestic stocks opened on a firm note tracking upbeat Asian stocks and US index futures following a cease-fire on tariffs between and over the weekend. Stocks held firm in morning trade.

The BSE Mid-Cap index was up 0.78%. The BSE Small-Cap index was up 0.44%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1243 shares rose and 906 shares fell. A total of 113 shares were unchanged.

Overseas, Asian stocks and US index futures jumped following a cease-fire on tariffs between and at the Group of 20 meeting in over the weekend. Trading in US index futures indicated that the Dow could surge 485 points at the opening bell today, 3 December 2018.

US stocks ended higher Friday, as investors turned positive on the outlook for trade ahead of a meeting between the American and Chinese presidents.

and Chinese approved the deal on Saturday in It offers Beijing a reprieve from a planned increase in tariffs, scheduled for 1 January 2019, on $200 billion in Chinese goods exports to the US Tariffs were scheduled to rise to 25% from 10%. The postponement relies on progress in talks that both sides aim to complete in the next 90 days covering broader issues, including intellectual property protection.

On the data front, the MNI Chicago business barometer jumped 8 points to 66.4 in November to a 4 year high, ending a streak of three straight declines. The survey is often seen as a bellwether for the broader US

Back home, fell 7.72%. According to media reports, stock markets regulator Sebi is likely to reopen an case against as well as probe alleged lapses by some of its promoters and other entities in raising funds overseas. The development comes after a whistleblower reportedly approached Sebi with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others, reports added.

In August 2017, Sun Pharmaceutical Industries, its MD Dilip Shanghvi, and nine other entities settled an probe on payment of Rs 18 lakh towards settlement charges. Sebi is likely to reopen the case. The markets regulator has powers to reopen cases of settlement related to on various grounds, reports suggested.

With reference to news item captioned "Governance cloud over Sun, stock at 6-mth low.", the company issued a clarification on Thursday, 29 November 2018, that the article refers to a note circulated by one of the securities firm. The points raised in this note pertain to historic events, some of which are dated as far back as 10-15 years. Certain points raised in the said note are incomplete and have been presented in a negative manner. The supporting information to the points raised in the note has been sourced from public domain and hence this information/data is already available in public domain. Further, there is no material impact of the news article on the company.

Meanwhile, announced before trading hours today, 3 December 2018, that it has received final approval from (USFDA) for its abbreviated new drug application (ANDA) for generic version of Ganirelix Acetate Injection, 250 mcg/0.5 The generic version is therapeutic equivalent to Organon's Ganirelix Acetate injection, 250 mcg/0.5 As per IQVIA, Ganirelix Acetate injection, 250 mcg/0.5 had annual sales of approximately $67 million in the US for the 12 months ended September 2018. The commercialization of this product in the US market is expected in Q4FY2019.

Metal and stocks gained as copper prices rose in global commodity markets. Vedanta (up 4.19%), (up 1.54%), (up 2.74%), (Sail) (up 2.71%), (up 0.37%), (up 1.24%), (up 5.78%), (up 3.77%), NMDC (up 0.68%) and (up 1.87%) edged higher.

Copper edged higher in the global commodities market. High Grade Copper for March 2019 delivery was currently up 1.97% at $2.8425 per pound on the COMEX.

On the macro front, India's (GDP) rose 7.1% in July-September, down from 8.2% in the previous quarter though it still marked a comforting uptick compared to the previous year's 6.3% reading in the same quarter. The expanded 7.4% following 13.5% surge in the previous quarter while the agriculture sector grew 3.8% from 5.3% in the previous quarter. Trade, Hotel, Transport, Communication &Services related to rose 6.80%, almost matching the growth in previous quarter. Financial, Real Estate & Professional Services expanded 6.30%, easing slightly from a 6.52% in previous quarter. The data was released by the government after market hours on Friday, 30 November 2018.

The combined Index of stood at 134.8 in October, 2018, which was 4.8% higher as compared to the index of October, 2017. Its cumulative growth during April to October, 2018-19 was 5.4%. The comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). The data was released by the government after market hours on Friday, 30 November 2018.

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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, December 03 2018. 11:30 IST
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