Sensex, Nifty remain firm; Metal stocks gain

Markets are trading firm in the late noon trades on hopes of economic reforms in the month-long winter session of Parliament starting today. However, investors will keenly wait for the CAD data which is set to be released later during the day.

 

Earlier, Nifty breached the 8,500 mark for the first time and hit the all-time high of 8,529 while Sensex hit the fresh record high of 28,514.98.

 

At 1 PM, the 30-share Sensex has gained 131 points at 28,466 and the 50-share Nifty climbed 37 points at 8,515.

 

In the broader market, BSE midcap and BSE smallcap indices are up between 0.1- 0.4%. Market breadth in BSE is weak with 1,402 declines against 1,356 advances.

 

In the winter session, key legislative proposals including the Goods and Services Tax (GST) Bill and Insurance Amendment Bill are to be considered.

 

Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 122.50 crore on Friday, as per provisional stock exchange data.

 

The rupee is marginally higher at 61.73 versus its Friday's close of 61.76.Dealers expect the rupee to hold in a 61.50 to 61.80 range during the day. Foreign fund flows into the share market will be crucial for direction.

 

Sectors and Key stocks:

 

On the sectoral front, BSE Metal index is the top gainer up over 2% followed by IT, Realty, Teck and Consumer Durables indices up between 1-2%. However, BSE FMCG, Oil & Gas indices are losing sheen and are down between 0.3-0.8%.

 

Banking stocks continue to rally on the bourses, with the market value of the ICICI Bank, crossing the Rs two lakh crore mark. The private sector lender has become the third bank and ninth company in current list of companies having m-cap of over Rs 200,000 crore.

 

ICICI Bank scrip up 1.8% to Rs 1,765 on the BSE, taking its market value to Rs 2,04,395 crore at 1121 hours, the BSE data shows. The bank is at the ninth positions in overall market capitalization (m-cap) ranking. HDFC Bank and Axis Bank are up 0.5%.

 

Shares of Infosys is trading higher by nearly 2% at Rs 4,213 in early trade on BSE after the company said it has fixed record date as December 3, 2014 for the purpose of allotment of bonus shares/stock dividend. TCS and Wipro have climbed over 1% each.

 

Shares of metal companies are trading higher by up to 4% following the unexpected rate cut by China.

 

Hindalco, Jindal Steel and Power (JSPL), Sesa Sterlite, Tata Steel, Steel Authority of India and JSW Steel are trading higher between 2-4% on the National Stock Exchange (NSE).

 

The China has cut benchmark interest rates for the first time since July 2012 as leaders step up support for the world's second-largest economy.

 

The shares of defence suppliers gained after the government approved the purchase of $2.6 billion worth mounted gun systems. Tata Power Company gained 3%.

 

Oil prices could plunge to $60 a barrel if OPEC does not agree on a significant output cut when it meets in Vienna this week. Brent crude futures have fallen 34% since June to touch a four-year low of $76.76 a barrel on Nov 14, and could tumble further if OPEC does not agree to cut at least 1 million barrels per day (bpd). RIL and ONGC have declined over 1% each.

 

Auto space is witnessing fresh selling. Tata Motors, M&M, Maruti Suzuki and Bajaj Auto have declined between 0.2-1%.

 

Index heavyweight ITC is down 0.4% on profit booking.

 

Among other shares, Global Offshore Services has soared 8% to Rs 588 on the back of heavy volumes on the National Stock Exchange (NSE) after the company said its subsidiary firm has taken delivery of platform supply vessel.

 

KNR Constructions has gained close to 4% to Rs 326.25 in BSE on winning an order worth Rs 109.56 crore from the Madhya Pradesh Road Development Corporation Limited.