Key benchmark indices once again regained positive zone in early afternoon trade amid high intraday volatility. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 23 points or 0.06% at 36,262.62. The Nifty 50 index was up 3.30 points or 0.03% at 10,950.55. Metal and mining stocks dropped sharply as copper prices slumped in global commodity markets.
Volatility struck bourses in early trade as the key benchmark indices reversed initial losses triggered by negative Asian stocks. Indices extended gains and hit intraday high in morning trade. Fresh selling at higher levels once again pulled the key benchmark indices in negative zone in mid-morning trade.
The S&P BSE Mid-Cap index was off 0.49%. The S&P BSE Small-Cap index was off 0.18%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1032 shares rose and 1297 shares fell. A total of 132 shares were unchanged.
Metal and mining stocks dropped sharply as copper prices slumped in global commodity markets.
Vedanta (down 3.47%), JSW Steel (down 1.34%), Tata Steel (down 2.08%), Steel Authority of India (Sail) (down 3.63%), National Aluminium Company (down 2.85%), Hindustan Zinc (down 3.63%), Jindal Steel & Power (down 3.75%), Hindalco Industries (down 3.51%), NMDC (down 1.2%) and Hindustan Copper (down 1.77%) edged lower.
Copper edged lower in the global commodities market. High Grade Copper for September 2018 delivery was currently off 3.57% at $2.7380 per pound on the COMEX.
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