 "Markets lose sheen on weak global cues; Sensex dips 100 points")
Markets have turned weak in the late trades with Nifty trading below the crucial 7,500 mark mirroring losses in the global peers with European indices trading 1% lower.
At 1:55 pm, the S&P BSE Sensex was at 24,543, down by 103 points while Nifty50 was at 7,451, down 33 points.
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(updated at 1:55 pm)
Markets continue to trade in a tight range with Nifty holding on to its 7,500 mark with metal stocks leading the rally after base metal prices soared across the globe. However, losses in banks and technology stocks have capped the upside.
At 1:55 pm, the S&P BSE Sensex was at 24,543, down by 103 points while Nifty50 was at 7,451, down 33 points.
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(updated at 1:55 pm)
Markets continue to trade in a tight range with Nifty holding on to its 7,500 mark with metal stocks leading the rally after base metal prices soared across the globe. However, losses in banks and technology stocks have capped the upside.
At 10:40 am, the S&P BSE Sensex was at 24,711, up by 65 points while Nifty50 was at 7,506, up 20 points.
METAL PACK
Metal stocks are gaining for the eight straight day on the back of surge in the base metal prices. Among individual names, Steel Authority of India (SAIL), NMDC and GMDC have rallied more than 5% each on the BSE. Hindustan Copper, Vedanta, National Aluminium, Tata Steel, Jindal Steel & Power (JSPL) and Hindustan Zinc were up 2%-5%.
ALSO READ: Metal shares rally; SAIL, NMDC up over 5%
ALSO READ: Metal shares rally; SAIL, NMDC up over 5%
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BANK STOCKS
Banks have taken a hit in today’s session on account of profit booking at higher and attractive levels. Bank of Baroda, SBI, Punjab National Bank, Kotak Mahindra Bank, ICICI Bank, YES Bank, Axis Bank and HDFC Bank shed 0.2%-3.5%.
SUGAR RALLY
Sugar stocks are surging across the board on prospects of sugar price hike in local markets following global trends and the possibility of export incentives by the government of Maharashtra to move surplus stock out of the country. Bajaj Hindusthan Sugar, Balrampur Chini Mills, Shree Renuka Sugars, Dhampur Sugar Mills, Triveni Engineering and Industries and Mawana Sugars have jumped between 2%-10%.
STOCKS IN NEWS
Coal India gains 1% after the company said in a notice to BSE that its board approved dividend of Rs.27.50 per share.
Shares of Apollo Tyres have climbed 1% after the company decided to foray into the two-wheeler segment. Apollo Tyres will begin rolling out tyres from its upcoming plant in Hungary by January 2017.
Tata Motors rises 2.1 and Bharat Forge climbed 1% after Tata Motors tied up with Bharat Forge Ltd and US-based General Dynamics Land Systems Inc. (GDLS) for the Indian defence ministry’s futuristic infantry combat vehicle (FICV) programme.
Energy majors ONGC and RIL have surged 1.5% each after crude oil prices jump to as high as $41.04 per barrel on Monday, extending their recovery from a 12-year trough of $27.10 hit in January.