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Market hits fresh record high; metal shares shine

Published on Dec 28, 2023 12:35

The domestic equity barometers extended gains and hit fresh day�s high in early afternoon trade. The Nifty marched above the 21,750 mark. Metal stocks egded higher for the fifth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 349.30 points or 0.48% to 72,387.73. The Nifty 50 index advanced 112.50 points or 0.52% to 21,767.25.

The benchmarks, Nifty50 and Sensex hit a fresh all-time high of 21,768.30 and 72,406.75 respectively. Further, the Nifty Bank index also registered its fresh record high today at 48,636.45.

In the broader market, the S&P BSE Mid-Cap index added 0.45% and the S&P BSE Small-Cap index gained 0.25%.

The market breadth was negative. On the BSE, 1,807 shares rose and 1,887 shares fell. A total of 141 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rallied 2.47% to 15.94. The Nifty 28 December 2023 futures were trading at 21,783.25, at a discount of 16 points as compared with the spot at 21,767.25.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 200.9 lakh contracts at the 21,800 strike price. Maximum Put OI of 258.1 lakh contracts were seen at 21,700 strike price.

Buzzing Index:

The Nifty Metal gained 0.84% to 7,913.30. The index jumped 6.63% in five trading sessions.

Hindustan Copper (up 10.75%), National Aluminium Company (up 5.81%), Steel Authority of India (up 4.81%), NMDC (up 2.33%), Vedanta (up 1.6%), Hindustan Zinc (up 1.01%), Hindalco Industries (up 0.99%), Jindal Stainless (up 0.78%), Jindal Steel & Power (up 0.55%) and JSW Steel (up 0.41%) advanced.

On the other hand, Ratnamani Metals & Tubes (down 0.74%), APL Apollo Tubes (down 0.51%) and Adani Enterprises (down 0.43%) slipped.

Stocks in Spotlight:

GE Power India rose 1.68% after the company announced that it has received orders from NTPC and Bokaro Power Supply Company (BPSCL), aggregating to Rs 20.38 crore.

KEC International added 0.43% after the firm announced that it has secured new orders worth Rs 1,566 crore across its various businesses.

Zomato declined 2.36% after the company received a show cause notice from the Directorate General of GST Intelligence, Pune Zonal Unit for an alleged tax liability of Rs 401.70 crore along with interest and penalty thereon.

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