Sensex, Nifty at the high point of the day; metal stocks rise for 2nd day

The domestic equity barometers were currently at the day`s high in morning trade, led by gains in Reliance, ICICI Bank and Infosys. The Nifty traded above the 17,650 mark. Metals shares witnessed across the board buying.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 411.54 points or 0.70% to 59,214.87. The Nifty 50 index added 114.40 points or 0.65% to 17,653.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.58% while the S&P BSE Small-Cap index advanced 0.90%.

The market breadth remained strong. On the BSE, 2301 shares rose and 955 shares fell. A total of 183 shares were unchanged.

Mixed jobs data in the US coupled with surging gas prices in Europe after Russia shut a major gas exports pipeline weighed on investor sentiment.

Buzzing Index:

The Nifty Metal index rose 1.76% to 5,991.20. The index has added 1.91% in two sessions.

Welspun Corp (up 2.86%), APL Apollo Tubes (up 2.58%), Hindalco Industries (up 2.58%), JSW Steel (up 2.16%) and Jindal Steel & Power (up 1.92%) were the top index gainers.

Among the other gainers were Adani Enterprises (up 1.91%), National Aluminium Company (up 1.75%), Vedanta (up 1.67%), Steel Authority of India (up 1.64%) and Tata Steel (up 1.42%).

Stocks in Spotlight:

Olectra Greentech advanced 2.26%. The company said that it has received letter of award (LoA) from one of the State Transport Corporations for 100 electric buses.

Chalet Hotel added 0.24%. The company and its wholly owned subsidiary viz. Chalet Airport Hotel Private Limited have executed the License Agreement with Delhi International Airport with regard to designing, developing, financing, operating, managing and maintaining of a terminal hotel at a site opposite to Terminal 3, at the IGI Airport, New Delhi.

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