Breaking the range bound movement the Sensex has moved higher irrespective of the subdued cues from the European markets. All the major indices are flat including FTSE, CAC and DAX. However, the picture is better in the Asian markets. Nikkei is up 2% at 9,516 and Hang Seng has inched up 0.1% at 21,725.The Sensex is up 145 points at 19,492 and the Nifty is at 5,855 gaining 60 points. The broader markets continue to underperform with regards to the benchmark index.
Among the sectoral indices, metals lead followed by Oil & Gas. Earlier the day, the metal index was in the red. This surge is after after LMEX a gauge of six metals jumped 3% in last two trading days on the London Metal Exchange (LME). Alumiuium, aluminum alloys, tin and lead prices have gained 1-2% on LME last night.
All the frontline metal stocks such as Steel Authority of India (SAIL), Hindalco Industries, Tata Steel, JSW Steel, National Aluminum, Sterlite Industries and Sesa Goa are trading 1-2% higher on the BSE. Among these SAIL is the largest gainer which gained more than 2% at Rs 205. The company has signed a joint venture (JV) with RITES Ltd. for setting up a wagon manufacturing unit at Kulti, in West Bengal, with a capacity to handle 1500 wagons per annum.
The gainers on the Sensex are ONGC, Reliance Industries, Maruti Suzuki and Wipro up 2% each are the top gainers on the Sensex followed by Hindalco, Tata Steel, Infosys, TCS and HDFC Bank gaining 1% each.
The losers on the Sensex are Tata Motors, Sate Bank of India and JP Associates down 1% each.Jindal Steel, Hindustan Unilever,DLF and BHEL shedding 0.4% -0.7% are the other major losers.
