The benchmark indices were trading with modest gains in mid-morning trade. The undertone of the market continued to be upbeat amid positive global cues. At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 240.47 points or 0.76% at 31,955.82. The Nifty 50 index was up 62.45 points or 0.67% at 9,355.95.
In the broader market, the S&P BSE Mid-Cap index added 0.45% while the S&P BSE Small-Cap index rose 0.47%. Both these indices trailed the Sensex.
There were more buyers than sellers. On the BSE, 1117 shares rose and 817 shares fell. A total of 154 shares were unchanged. In Nifty 50 index, 31 stocks advanced while 19 stocks declined.
Buzzing Index:
The Nifty Metal index rose 0.84% to 1,728.25, reversing some of the losses acquired in the previous sessions. The index slumped 7.86% in the previous session.
JSW Steel (up 3.27%), Jindal Steel & Power (up 2.69%), Steel Authority of India (up 1.39%), Tata Steel (up 1.39%), Vedanta (up 1.37%), Hindalco Industries (up 1.08%), Hindustan Zinc (up 1.05%) and NMDC (up 1.01%) advanced.
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NALCO (down 1.82%) and Hindustan Copper (down 0.41%) declined.
Stocks in Spotlight:
Container Corporation of India (CONCOR) rose 0.42% to Rs 350. CONCOR on Monday (4 May 2020) said it is surrendering its 15 terminals with a turnover of Rs 277.50 crore to the Indian Railways due to commercial and business viability considerations. These terminals, spread across various states, have 'net block' worth Rs 64.84 crore, the company said. According to the company's assessment, the surrender or handover of the terminals to the railways will not impact the business of the company materially, it said.
Thermax added 0.48% to Rs 707.50 after Nalanda India Equity Fund raised its stake in the company by 0.83% to 5.44% on 29 April 2020. On 29 April 2020, Nalanda India Equity Fund purchased 9.90 lakh equity shares or 0.83% stake in Thermax. Post transaction, the fund's stake in Thermax has increased to 5.44% from 4.61% held earlier.
Kalpataru Power Transmission gained 0.69% to Rs 220.35. The company in a regulatory filing today announced that it has successfully completed sale of its entire 100% stake in Kalpataru Satpura Transco (KSTPL) to CLP India. Consequently, KSTPL has ceased to be a subsidiary of the company with effect from 20 November 2019. The Company has received full consideration towards sale of its stake in KSTPL to CLP in November 2019.
Global Markets:
Overseas, Asian stocks are trading higher on Tuesday after tech and oil shares rose on easing coronavirus restrictions and prospects of an economic recovery. Markets in China, Japan and South Korea are shut on account of holiday.
The Reserve Bank of Australia is expected to announce its interest rate decision on Tuesday.
US stocks ended higher on Monday as increases in large tech and internet companies and oil price gains outweighed concerns about the latest US-China tensions and downbeat sentiment from the annual meeting of Warren Buffett's Berkshire Hathaway.
Stocks initially stumbled amid rising tensions between the United States and China. President Donald Trump last week threatened China could face new tariffs over its handling of the coronavirus outbreak.
In economic data, U.S. factory orders sank 10.3% in March, and orders for long-lasting goods slumped 14.7%.
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