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Benchmarks trade sideways; metal stocks shine

Published on Nov 24, 2023 12:35

The key equity indices continued to trade near the flat line in early afternoon trade. The Nifty hovered above the 19,800 level after hitting the day�s low of 19,786.60 in morning trade. Metal shares extended gains for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 8.96 points or 0.01% to 66,008.85. The Nifty 50 index added 2.60 points or 0.01% to 19,805.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.34%.

The market breadth was strong. On the BSE, 1,958 shares rose and 1,597 shares fell. A total of 157 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 1.36% to 11.16. The Nifty 30 November 2023 futures were trading at 19,849, at a premium of 43.1 points as compared with the spot at 19,822.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 96.8 lakh contracts at the 19,800 strike price. Maximum Put OI of 123.1 lakh contracts were seen at 19,800 strike price.

Buzzing Index:

The Nifty Metal index added 0.75% to 6,879.35. The index rose 1.28% in two trading sessions.

Hindustan Copper Ltd (up 2.96%), NMDC Ltd (up 2.44%), Hindalco Industries Ltd (up 1.8%), National Aluminium Company Ltd (up 1.37%), APL Apollo Tubes Ltd (up 1.22%), JSW Steel Ltd (up 1.18%), Jindal Steel & Power Ltd (up 0.92%), Adani Enterprises Ltd (up 0.49%), Jindal Stainless Ltd (up 0.44%) and Hindustan Zinc Ltd (up 0.25%) advanced.

Stocks in Spotlight:

Gland Pharma gained 3.25% after the company announced conclusion of US Food and Drug Administration (USFDA) inspection at Pashamylaram Facility in Hyderabad.

RailTel Corporation of India fell 0.26%. The firm announced on Thursday that it has received a work order from Gujarat Informatics aggregating Rs 52.87 crore.

Indian Hotels declined 0.35%. The company said that it has invested Rs 90 crore in its wholly owned subsidiaries (WOS) by way of subscription to rights issues.

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