Key benchmark indices reversed initial losses in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex was up 34.51 points or 0.17% at 27,962.96. The Nifty 50 index was currently up 20.05 points or 0.23% at 8,635.30.
In overseas stock markets, most Asian stocks dropped tracking overnight losses in US stocks. US stocks settled with modest losses yesterday, 27 October 2016 as a selloff in government bonds hit yield-sensitive sectors such as real estate and utilities.
Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,371 shares rose and 605 shares fell. A total of 156 shares were unchanged. The BSE Mid-Cap index was currently up 0.99%. The BSE Small-Cap index was currently up 0.82%. Both these indices outperformed the Sensex.
Metal & mining stocks gained. JSW Steel (up 2.27%), Hindustan Copper (up 0.25%), Hindalco Industries (up 0.44%), Hindustan Zinc (up 0.88%), Jindal Steel & Power (up 0.46%), Steel Authority of India (Sail) (up 0.6%), and National Aluminum Company (up 0.4%) gained. Bhushan Steel fell 1.2%.
High Grade Copper for December 2016 delivery was currently up 0.12% at $2.16 per pound on the COMEX.
Vedanta rose 1.33% ahead of its Q2 results today, 28 October 2016.
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NMDC gained 1.91% after the company said after market hours yesterday, 27 October 2016 that it has signed a tripartite memorandum of understanding (MOU) with Government of Madhya Pradesh and Madhya Pradesh State Mining Corporation (MPSMCL) for geological & geophysical exploration of various minerals in Madhya Pradesh. NMDC had made intentions to invest during the global investors summit held in October 2016 for exploration for different minerals in various districts of Madhya Pradesh over an area of approximately 7,200 square kilometers. As per the MOU, on successful establishment of mineral blocks through this proposed exploration, NMDC would be forming a joint venture with MPSMCL with equity 51:49 (NMDC-MPSMCL) for mining of such blocks.
Tata Steel rose 1.59% after the company announced equity partnership for its Canadian Iron Ore mines, significant milestone in Kalinganagar India and continued pursuit of its European strategy. The announcement was made after market hours yesterday, 27 October 2016. Tata Steel Mineral Canada together with its parent companies signed definitive agreements for concluding investments of C$125 million as equity and C$50 million as debt with Government of Quebec's investment entities. Resources Quebec (RQ) and Investment Quebec (IQ) respectively, totalling C$175 million. The investment will result in 18% equity stake for Resources Quebec in Tata Steel Minerals Canada in line with the carrying value of the investment in Canadian iron ore assets for Tata Steel. Consequently, the shareholdings of Tata Steel and New Millennium iron will be adjusted to 77.68% and 4.32% respectively.
Auto stocks also gained. Ashok Leyland (up 0.88%), Maruti Suzuki India (up 0.72%), Eicher Motors (up 0.64%), Hero MotoCorp (up 0.46%), Tata Motors (up 2.53%) and TVS Motor Company (up 0.09%) gained. Mahindra & Mahindra (M&M) shed 0.03%.
Bajaj Auto rose 0.58% ahead of its Q2 today, 28 October 2016.
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