2:19 am - Tuesday December 12, 2017

Metal stocks extend Monday’s gains on China’s economic reform plans

258 Viewed Alka Anand Singh 9 responds
Metal stocks extend Monday's gains on China's economic reform plans
Metal stocks extend Monday's gains on China's economic reform plans

A bout of volatility was witnessed as key benchmark indices recovered from lower level after giving away almost entire initial gains in morning trade. The barometer index, the S&P BSE Sensex, was up 42.59 points or 0.2%, up 40.46 points from the day’s low and off 41.07 points from the day’s high. The market breadth, indicating the overall health of the market, was strong. In the foreign exchange market, the rupee edged higher against the dollar, as most Asian currencies rose against the dollar.

Index heavyweight and cigarette major ITC fell in volatile trade. Metal stocks extended Monday’s gain triggered by China unveiling its boldest set of economic and social reforms in nearly three decades late last week. Small-car maker Maruti Suzuki India extended initial gains. Engineering and construction major L&T also extended initial gain.

Key benchmark indices edged higher in early trade. The Sensex and the 50-unit CNX Nifty, both, hit over 1-1/2-week high. A bout of volatility was witnessed as key benchmark indices recovered from lower level after giving away almost entire initial gains in morning trade.

The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Monday, 18 November 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 1158.57 crore on Monday, 18 November 2013, as per provisional data from the stock exchanges.

At 10:15 IST, the S&P BSE Sensex was up 42.59 points or 0.2% to 20,893.33. The index gained 83.66 points at the day’s high of 20,934.40 in early trade, its highest level since 7 November 2013. The index rose 2.13 points at the day’s low of 20,852.87 in morning trade.

The CNX Nifty was up 12.75 points or 0.21% to 6,201.75. The index hit a high of 6,210.40 in intraday trade, its highest level since 7 November 2013. The index hit a low of 6,186.15 in intraday trade.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,027 shares gained and 620 shares fell. A total of 109 shares were unchanged.

The total turnover on BSE amounted to Rs 446 crore by 10:20 IST, compred to Rs 131 crore by 09:25 IST.

Among the 30-share Sensex pack, 21 stocks gained and rest of them declined.

Index heavyweight and cigarette major ITC was off 0.6% at Rs 323.80 in volatile trade. The stock hit high of Rs 327.85 and low of Rs 323.50 so far during the day.

Metal stocks extended Monday’s gain triggered by China unveiling its boldest set of economic and social reforms in nearly three decades late last week. China is the world’s largest consumer of copper and aluminum.

Sesa Sterlite (up 0.72%), JSW Steel (up 2.37%), Tata Steel (up 1.15%), Sail (up 0.53%), NMDC (up 0.42%), Hindustan Copper (up 1.06%), Jindal Steel & Power (up 2.96%) and Hindalco Industries (up 4.08%) edged higher.

Small-car maker Maruti Suzuki India gained 1.91%, with the stock extending initial gains.

Engineering and construction major L&T rose 1.56%, with the stock extending initial gains.

IPCA Laboratories rose 1.6% after the company said it has entered into an agreement with Avik Pharmaceutical to acquire 50% of its paid-up equity share capital for Rs 6.51 crore. The announcement was made after market hours on Monday, 18 November 2013.

IPCA Laboratories said it has entered into an agreement with Avik Pharmaceutical (Avik) to acquire 50% of its paid-up equity share capital, partly through purchase of equity shares from its existing shareholders and partly through subscription to its fresh equity share capital on a preferential allotment basis, both aggregating to approx Rs 6.51 crore. Avik is an unlisted privately held company which was incorporated in the year 1979 and is currently engaged in the development, manufacturing and marketing of Active Pharmaceutical Ingredients (APIs) being Steroids and male & female hormones from its manufacturing facilities situated at Vapi in Gujarat, IPCA said.

Sabero Organics Gujarat fell 2.32% after the company said that the Gujarat Pollution Control Board advised the company to close production process at its Sarigam unit in Gujarat due to environmental concerns. The announcement was made after market hours on Monday, 18 November 2013.

Sabero Organics Gujarat said it received a letter dated 15 November 2013, from the Environmental Engineer, Gujarat Pollution Control Board (GPCB), Gandhi Nagar, advising the company to close its production process at its Sarigam unit in Gujarat, within 15 days of the letter, stating that there were certain non-compliances of the environmental parameters.

The company said it has been making significant investments in the last two years for improving the environmental infrastructure and has been adhering to the environmental standards. The company added that it is taking necessary steps to address the concerns expressed by GPCB and to seek their permission to continue the operations.

In the foreign exchange market, the rupee edged higher against the dollar, as most Asian currencies rose against the dollar. The partially convertible rupee was hovering at 62.28, compared with its close of 62.41/42 on Monday, 18 November 2013.

On the political front, the second and final phase of voting in Chhattisgarh is being held today, 19 November 2013.

Asian markets were mostly lower on Tuesday, 19 November 2013, after previous session’s hefty gains triggered by China’s economic reform plans. Key benchmark indices in China, Singapore, Japan and Indonesia fell by 0.08% to 0.41%. Key benchmark indices in Taiwan, Hong Kong, and South Korea rose by 0.37% to 1.03%.

Trading in US index futures indicated that the Dow could advance 7 points at the opening bell on Tuesday, 19 November 2013. Most US stocks fell on Monday, 18 November 2013, after cautious comments by activist investor Carl Ichan on the equities market.

Investors will closely watch minutes of the Fed’s October 29-30 meeting due tomorrow, 20 November 2013. Federal Reserve Chairman Ben Bernanke will speak at the National Economists Club in Washington later today, 19 November 2013.

At a Nov. 14 congressional hearing on her nomination to run the Fed, Vice Chairman Janet Yellen indicated she’ll press on with the central bank’s monetary stimulus until she sees a robust recovery, downplaying risks the policy is inflating asset bubbles.

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