Benchmarks pare losses to high fresh life highs; metal shares advance

The benchmark indices pared early losses and traded with modest gains in morning trade. The Nifty traded above the 23,950 mark. Metal shares gained after declining in the three consecutive trading sessions. Trading could be volatile due to monthly F&O series expiry today.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was up 343.74 points or 0.43% to 79,019.02. The Nifty 50 index added 100.10 points or 0.42% to 23,968.90.

The Sensex and Nifty clocked an all-time high of 79,033.91 and 23,974.70 respectively in morning trade. Further, the Nifty Bank registered a life high of 53,180.75 in morning trade.

In the broader market, the S&P BSE Mid-Cap index gained 0.67% and the S&P BSE Small-Cap index added 0.44%.

The market breadth was positive. On the BSE, 2,052 shares rose and 1,444 shares fell. A total of 175 shares were unchanged.

Buzzing Index:

The Nifty Metal index added 1.25% to 9,734.70. The index declined 1.45% in the three consecutive trading sessions.

JSW Steel (up 1.96%), Steel Authority of India (up 1.88%), Jindal Stainless (up 1.45%), Tata Steel (up 1.22%) and NMDC (up 1.18%), Hindustan Zinc (up 1%), Hindustan Copper (up 0.77%), Hindalco Industries (up 0.64%), Ratnamani Metals & Tubes (up 0.62%) and Adani Enterprises (up 0.57%) edged higher.

On the other hand, Welspun Corp (down 0.5%), National Aluminium Company (down 0.11%), slipped.

Stocks in Spotlight:

Ramky Infrastructure gained 4.86% after the company received two contracts worth Rs 107 crore and Rs 23 crore from PowerGrid Energy Services.

Dr Reddys Laboratories added 2.14% after the companys Switzerland subsidiary will acquire NorthStar Switzerland and related portfolios from Haleon for an upfront cash consideration of 458 million pounds. It will pay an additional performance-based contingent of 42 million pounds in 2025 and 2026.

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