Key benchmark indices hovered with small gains in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 46.52 points or 0.12% at 37,738.41. The Nifty 50 index was up 16.05 points or 0.14% at 11,403.15. Metal and mining stocks were in demand as copper prices rose in global commodity markets. Shares of index heavyweights HDFC and HDFC Bank gained.
Stocks trimmed initial gains amid mild volatility in early trade. The Sensex and the Nifty, both, scaled record high in early trade. Indices hovered with small gains in a tidy range in morning trade. Key benchmark indices reversed gains and hit intraday low in negative zone in mid-morning trade. Volatility ruled the roost in early afternoon trade as key benchmark indices once again regained positive zone . Key benchmarks were trading with small gains in afternoon trade.
The S&P BSE Mid-Cap index was down 0.22%. The S&P BSE Small-Cap index was down 0.25%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1224 shares rose and 1407 shares fell. A total of 139 shares were unchanged.
Index heavyweight HDFC Bank gained 0.88% to Rs 2,133.90
Index heavyweight HDFC rose 0.8% to Rs 1,991.40
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Metal and mining stocks were in demand as copper prices rose in global commodity markets.
NMDC (up 6.33%), Tata Steel (up 2.55%), Vedanta (up 1.12%), JSW Steel (up 1.08%), Steel Authority of India (Sail) (up 1.79%), Hindustan Zinc (up 0.4%), Jindal Steel & Power (up 2.9%) and Hindalco Industries (up 0.83%) gained. Hindustan Copper (down 1.1%) and National Aluminium Company (down 0.9%) fell.
Copper edged higher in the global commodities market. High Grade Copper for September 2018 delivery was currently up 0.62% at $2.7485 per pound on the COMEX.
Overseas, European stocks were trading higher Tuesday, as investors monitored global trade tensions and the latest batch of corporate earnings. Most Asian stocks rose on positive leads from earnings-led gains on Wall Street. The three major US stock indexes closed higher on Monday amid a strong US earnings season, with results from Berkshire Hathaway impressing and Facebook lifting the Nasdaq after a report it was planning new services.
Meanwhile, the Trump administration moved to restore some US sanctions on Iran and reaffirmed plans to impose tougher penalties on the country's oil sales in November. President Donald Trump signed an executive order on Monday restricting purchases of dollar banknotes by Iran, preventing the government from trading gold and other precious metals and blocking the nation from selling or acquiring various industrial metals. The measures, which take effect from today, also target the auto industry, and will ban imports of Persian carpets and pistachios to the U.S.
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