After initial volatility, key benchmark indices traded near the flat line in morning trade. Metal stocks were in demand. The Nifty regained the 11,900 mark after briefly slipping below that level in early trade.
At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 11.1 points or 0.03% at 40,456.25. The Nifty 50 index was up 1.9 points or 0.02% at 11,923.40.
The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was down 0.12%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 823 shares rose and 829 shares fell. A total of 118 shares were unchanged. In Nifty 50 index, 28 stocks advanced and 22 stocks declined.
Economy:
India's real GDP growth in 2019-20 fiscal is expected to be slightly below 5% as the impact of stimulus measures will take time to filter through to the economy, IHS Markit has said. Financial sector fragilities continue to weigh on India's economic growth momentum, with the high level of non-performing loans on the balance sheets of the public sector banks, constraining their new lending, IHS said in a report.
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Buzzing Index:
The Nifty Metal index was up 0.85% at 2,557.45 amid US-China trade deal optimism. The index fell 2.62% in the past two trading sessions.
Hindalco Industries (up 1.59%), Vedanta (up 1.37%), Steel Authority of India (up 1.31%), Tata Steel (up 1.28%), Jindal Steel & Power (up 0.86%), Hindustan Zinc (up 0.26%), Hindustan Copper (up 0.26%) and NMDC (up 0.14%) edged higher.
Stocks in Spotlight:
KEC International was up 0.51% after the company announced that it has secured new orders of Rs 1,025 crore across its various businesses.
Multi Commodity Exchange of India (MCX) was down 1.6% to Rs 1120 after the company's Chief Financial Officer, Sanjay Wadhwa, resigned from the post with effect from 6 December 2019.
Shares of Dilip Buildcon were up 0.54% at Rs 381.40. The construction company announced that it has received a completion certificate for construction of Dharamkot Bypass in the state of Punjab. The cost of the completed project is worth Rs 346.5 crore.
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