Market turns range bound; metal shares shine

Domestic equity benchmarks traded sideways in mid-morning trade. The Nifty traded above the 19,800 level. Metal stocks edged higher for the third consecutive trading session.

At 11.30 IST, the barometer index, the S&P BSE Sensex, was down 36.73 points or 0.06% to 65,933.31. The Nifty 50 index gained 21.65 points or 0.11% to 19,816.35.

In the broader market, the S&P BSE Mid-Cap index declined 0.06% while the S&P BSE Small-Cap index gained 0.16%.

The market breadth was strong. On the BSE, 1,989 shares rose and 1,616 shares fell. A total of 208 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index gained 1.71% to 6,991.55. The index advanced 2.93% in three trading sessions.

Adani Enterprises (up 8.9%), Hindalco Industries (up 1.72%), NMDC (up 1.33%), Welspun Corp (up 1.3%), Steel Authority of India (up 1.18%), Hindustan Copper (up 0.55%), National Aluminium Company (up 0.44%), Vedanta (up 0.37%) and Tata Steel (up 0.32%) edged higher.

On the other hand, Jindal Stainless (down 2.37%), APL Apollo Tubes (down 1.71%) and Ratnamani Metals & Tubes (down 0.82%) edged lower.

Stocks in Spotlight:

Goldiam International rallied 8.24% after the company received export orders worth Rs 20 crore for diamond studded gold jewellery. The order for diamond studded gold jewellery includes 50% of orders of lab-grown diamonds jewellery. The said order will be executed on or before 31 December 2023.

KPI Green Energy rose 0.95% after the company said that its wholly owned subsidiary, Sun Drops Energia received new orders of 4.66 MW for executing solar power projects under captive power producer segment of the company.

Global Markets:

Most of the Asian stocks were trading lower on Tuesday, as investors remained convinced the US Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week.

Investors will focus this week on the Fed`s preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on the where inflation is headed. Fed Chair Jerome Powell is due to speak on Friday. His words will be scrutinized by traders to gauge where rates may head.

European Central Bank President Christine Lagarde said on Monday the central bank`s fight to contain price growth is not yet done, citing a still strong wage growth and an uncertain outlook even as inflation pressures in euro zone ease.

US stocks edged lower on Monday, with investors taking a post-Thanksgiving pause as the holiday shopping season kicked into high gear.

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