Metal & mining stocks gain

Key benchmark indices were trading with small gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 35.65 points or 0.14% at 25,996.43. The Nifty 50 index was currently up 3.75 points or 0.05% at 8,006.05. Earlier, key indices hovered in a narrow range around the flat line. The Sensex was currently trading below the psychological 26,000 mark after alternately moving above and below that mark in intraday trade. The Nifty was currently hovering tad above the psychological 8,000 level after falling below that mark in morning trade. Firmness in Asian stocks supported gains on the domestic bourses.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,515 shares rose and 722 shares fell. A total of 140 shares were unchanged. Buying was witnessed in mid-cap and small-cap stocks for the second day running after witnessing a recent strong selling pressure in these counters. The BSE Mid-Cap index was currently up 0.39%. The BSE Small-Cap index was currently up 0.65%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian stocks extended previous session's gains as investors tried to share in the exuberance of Wall Street's record run. Japanese stock markets were closed for a holiday. US stocks closed at record highs for a second straight session yesterday, 22 November 2016. The Dow Jones Industrials Average and S&P 500 cleared psychological milestones but major indexes simultaneously reached record highs for a second straight day with Dow closing above the 19,000 level for the first time. US markets have been in a strong uptrend since the presidential election two weeks ago. Donald Trump's unexpected victory was viewed as a positive for Wall Street, because the president-elect is expected to advocate for policiesincluding massive corporate tax cuts and financial and environmental deregulationseen as supportive for economic growth.

Metal & mining stocks gained for the second day in a row. JSW Steel (up 0.91%), Bhushan Steel (up 1.42%), Hindustan Copper (up 0.98%), Vedanta (up 4.62%), Hindalco Industries (up 4.05%), Hindustan Zinc (up 2.08%), Jindal Steel & Power (up 0.37%), Tata Steel (up 2.2%), Steel Authority of India (Sail) (up 1.46%), National Aluminum Company (up 0.19%) and NMDC (up 1.54%) gained.

Realty stocks rose on bargain hunting after suffering recent steep losses on worries of slowing demand post government's recent move to demonetize higher denomination notes in crackdown on black money as this sector is known to have a high volume of cash transactions, being the preferred route for stowing back money. DLF (up 3.6%), D B Realty (up 2.56%), Indiabulls Real Estate (up 6.54%), Unitech (up 2.39%), NBCC (up 1.35%), Godrej Properties (up 0.27%), Housing Development & Infrastructure (HDIL) (up 2.93%), and Anant Raj (up 4.74%) edged higher. Sobha shed 4.39%.

Aurobindo Pharma rose 0.92% after the company with respect to news reports suggesting that Vietnam Government blacklisted Aurobindo Pharma on quality issues, clarified during market hours today, 23 November 2016 that it has not been blacklisted and continues to export to Vietnam. Vietnam regulatory authority has introduced an additional step of analysis on importing medicines in Vietnam before release of batches and the total sales estimated is around $1million per annum and it is immaterial, company added. The company is appropriately responding and the event has no perceived impact on the operations and exports.

Sunil Hitech Engineers lost 4.33% to Rs 167.80 on BSE after a bulk deal of 4.24 lakh shares was executed on the scrip at Rs 171.70 per share in opening trade on BSE.

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