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Indices trade higher; metal shares shine

Published on Apr 09, 2024 11:40

The headline equity indices traded with moderate gains in mid-morning trade. The Nifty hovered above 22,700 level. Metal shares witnessed buying demand for the third consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 301.21 points or 0.41% to 75,045.55. The Nifty 50 index added 73.45 points or 0.32% to 22,739.75.

The Nifty 50 and Nifty Bank clocked an all-time high of 22,768.40 and 48,940.35, respectively in morning trade. Further, the S&P BSE Sensex index also registered a fresh record high at 75,124.28 in early trade.

In the broader market, The S&P BSE Mid-Cap index rose 0.26% and the S&P BSE Small-Cap index added 0.47%.

The market breadth was positive. On the BSE, 2,001 shares rose and 1,595 shares fell. A total of 151 shares were unchanged.

Buzzing Index:

The Nifty Metal index gained 1.69% to 8,943.10. The index rallied 2.97% in three trading session.

Hindustan Copper (up 9.51%), Hindustan Zinc (up 6.2%), National Aluminium Company (up 3.31%), Steel Authority of India (up 3.21%), Hindalco Industries (up 2.12%), Tata Steel (up 2%), Vedanta (up 1.73%), NMDC (up 1.05%), JSW Steel (up 0.71%) and Jindal Stainless (up 0.55%) advanced.

Stocks in Spotlight:

Premier Explosives zoomed 13.66% after the company announced that its board will meet on Friday, 19 April 2024, to consider a proposal of sub-division/split in the face value of equity shares of the company.

UCO Bank rose 1.40% after the bank reported 15.92% rise in total advances to Rs 1.87 lakh crore as on 31 March 2024 as against Rs 1.62 lakh crore recorded as on 31 March 2023.

Sula Vineyards advanced 2.20% after the company announced that it has recorded highest ever Q4 net revenues, overall as well as for own brands and the wine tourism business.

Global Markets:

Most of the Asian stocks were advanced on Tuesday as investors awaited U.S. inflation numbers to assess the Federal Reserve�s rate cut path.

Japan�s consumer confidence index increased marginally to 39.5 in March as compared with 39.0 in February 2024.

US stocks remained largely range bound on Monday, with investors awaiting the consumer price index report out on Wednesday.

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