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Sensex, Nifty trim gains; metal stocks shine

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Key benchmark indices came off the day's high and traded with decent gains in the morning trade. Gains in metal stocks were negated by losses in IT stocks. The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.93% at 14.7675.

At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 109.62 points or 0.29% at 37,380.44. The Nifty 50 index was up 30.6 points or 0.28% at 11,066.30.

The S&P BSE Mid-Cap index was up 0.53%. The S&P BSE Small-Cap index was up 0.84%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1314 shares rose and 486 shares fell. A total of 70 shares were unchanged.

On domestic macro front, India's retail inflation rate for August 2019 and industrial production data for July 2019 will be announced after market hours today, 12 September 2019.

Titan Company was up 0.92% after credit rating agency ICRA assigned ICRA A1+ on company's commercial paper worth Rs 900 crore.

Dr. Reddy's Laboratories was up 0.39% to Rs 2772.5 after the company announced that it has launched Fosaprepitant for Injection in the U.S. Market. Fosaprepitant is a therapeutic generic equivalent of EMEND. According to IQVIA Health, the EMEND for Injection brand had an U.S. sales of approximately $279 million for the most recent twelve months ending in July 2019. Dr. Reddy's Fosaprepitant for injection is available in 150 mg single dose vial for reconstitution.

Walchandnagar Industries jumped 10.72% to Rs 66.60 after the company said it secured an order worth Rs 77.20 crore from the Vikram Sarabhai Space Centre of ISRO at Thiruvananthapuram. The order is towards manufacturing and supply of head, middle and nozzle bid segments for the GSLV M KIII launch vehicle. It is the company's second largest single order from ISRO and the largest as far as the GCV-M KIII launch vehicle is concerned. The announcement was made after market hours yesterday, 11 September 2019.

Metal stocks were in demand. Jindal Steel & Power (up 4.79%), Hindustan Copper (up 3.57%), Tata Steel (up 2.97%), Steel Authority of India (up 1.9%), National Aluminium Company (up 1.35%), NMDC (up 1.19%), Hindalco Industries (up 0.98%), Vedanta (up 0.75%) and Hindustan Zinc (up 0.65%) advanced.

The S&P BSE Metal was up 1.07% at 9,076.67.

Most IT shares declined as rupee edged higher. Hexaware Technologies (down 1.38%), Tech Mahindra (down 0.83%), Oracle Financial Services Software (down 0.64%), Zensar Technologies (down 0.61%), TCS (down 0.42%), Wipro (down 0.34%), Infosys (down 0.34%), MphasiS (down 0.2%), HCL Technologies (down 0.02%) declined.

The S&P BSE IT was down 0.39% at 15,852.07.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.375, compared with its close of 71.6625 during the previous trading session.

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

First Published: Thu, September 12 2019. 10:20 IST