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Benchmarks extend gains; metal stocks in demand

Published on Jul 05, 2022 10:25

The key equity benchmarks extended gains and hit fresh intraday high in morning trade. The Nifty traded above the 15,950 level. Metal stocks rose across the board following a sell-off yesterday. Positive cues from other Asian shares supported buying.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 459.03 points or 0.86% to 53,693.80. The Nifty 50 index added 136.10 points or 0.86% to 15,971.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.60% while the S&P BSE Small-Cap index gained 1.02%.

The market breadth remained strong. On the BSE, 2152 shares rose and 764 shares fell. A total of 117 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.33% to 4,711.65. The index had declined 0.99% to end at 4,649.95 yesterday.

Hindalco Industries (up 2.83%), Vedanta (up 2.05%), APL Apollo Tubes (up 1.89%), Welspun Corp (up 1.83%) and Tata Steel (up 1.81%) were the top index gainers.

Further, National Aluminium Company (up 1.79%), JSW Steel (up 1.69%), Hindustan Copper (up 1.55%), Jindal Stainless (up 1.55%) and NMDC (up 1.52%) edged higher.

Stocks in Spotlight:

Marico shed 0.87%. The company increased its stake in Apcos Naturals by 4.14% to 56.52% for undisclosed consideration.

Cipla gained 1.41%. The United States Food and Drug Administration conducted a pre-approval inspection at the company`s Indore plant from June 27 to July 1. It has received two observations on FDA Form 483 with respect to ANDA filed for the product to be manufactured at the said plant.

Kotak Mahindra Bank rose 0.91%. The Reserve Bank of India imposed a penalty of Rs 1.05 crore due to inability of bank to credit amount involved in unauthorised electronic transactions within 10 working days. The Bank did not maintain/apply required margin on advances to stockbrokers. It failed to credit required amount to depositor education fund.

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