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Strong market breadth; metal stocks shine

Capital Market 

Key benchmarks traded near the flat line in mid-morning trade. The Nifty 50 index held firm above the crucial 12,300 mark. At 11:29 IST, the S&P BSE Sensex, was down 32.92 points or 0.08% at 41,826.77. The Nifty 50 index was down 1.45 points or 0.01% at 12,328.10.

The broader market traded higher amid positive global cues. The S&P BSE Mid-Cap index was up 0.6% while the S&P BSE Small-Cap index was up 0.69%.

The market breadth was strong. On the BSE, 1284 shares rose and 811 shares fell. A total of 135 shares were unchanged. In Nifty 50 index, 34 stocks advanced while 16 stocks declined.

Economy:

The Government on Tuesday appointed Michael Patra as deputy governor of Reserve Bank of India (RBI) for three years. Patra will replace Dr. Viral Acharya, who left his office on 23 July 2019.

Meanwhile, the all-India general CPI inflation jumped to 7.35% in December 2019, compared with 5.54% in November 2019. The inflation accelerated for the fifth straight month, remaining the highest rate since July 2016. Main upward pressure came from cost of food and beverages (12.16%), namely cereals (4.36%), milk (4.22%), vegetables (60.5%), fruits (4.55%) and pulses (15.44%). The food price index alone jumped to 14.12%, the highest since November 2013.

The corresponding provisional inflation rate for rural area was 7.26% and urban area 7.46% in December 2019 as against 5.27% and 5.76% in November 2019.

Buzzing Index:

The Nifty Metal index was up 1.25% at 2,910.15, extending its gains to fourth consecutive session. The index has risen 5.16% in four trading session. Metal stocks were in demand ahead of signing of a "phase one" US-China trade deal on 15 January 2020.

Vedanta (up 2.93%), Steel Authority of India (up 2.8%), Tata Metaliks (up 2.31%), Nalco (up 2.07%), Tata Steel (up 1.85%), JSW Steel (up 1.51%), Hindalco Industries (up 1.18%), National Aluminium Company (up 0.76%) and Hindustan Zinc (up 0.7%) were top gainers in metal segment.

NMDC gained 1.22% to Rs 124.70 after the company said it completed the execution of mining lease agreements of four mines in Chhattisgarh. The leases of Bailadila Deposit No. 5, Bailadila Deposit No. 10, Bailadila Deposit No. 14 and Bailadila Deposit No. 14 NMZ have been extended upto September 2035.

Stocks in Spotlight:

Shares of IRCTC were trading 3.04% higher at Rs 967.40. The Ministry of Railways gave its approval to IRCTC to operate Ahmedabad-Mumbai Central Tejas Express for six days a week. This train will have its inaugural run on 17 January 2020 and will start its commercial run from 19 January 2020, IRCTC said in a statement after trading hours on Monday, 13 January 2020.

Foreign Markets:

Asian markets were trading higher on Tuesday as investors await China's trade data ahead of a long-anticipated phase one deal signing with the US this week. Optimism also rose as the US removed China from a list of currency manipulators.

In US, the S&P 500 and Nasdaq hit all-time high on Monday, as investors awaited the planned signing of a phase one US-China trade deal later in the week and prepared for fourth-quarter earnings season to move into full swing.

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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, January 14 2020. 11:30 IST
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