Key benchmark indices hovered with modest gains in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 146.34 points or 0.41% at 35,603.50. The Nifty 50 index was up 29.65 points or 0.28% at 10,711.85. Shares of index heavyweight and cigarette major ITC advanced. Metal and mining stocks gained.
Domestic stocks opened on a firm note on buying demand in index pivotals. Stocks trimmed gains in morning trade. Indices hovered in a small range with positive bias in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.34%. The S&P BSE Small-Cap index was up 0.3%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1220 shares rose and 1127 shares fell. A total of 147 shares were unchanged.
Index heavyweight and cigarette major ITC advanced 1.48% to Rs 280.35
Yes Bank surged 6.59% after ICRA Ratings retained its overall long-term rating of 'ICRA AA+' on the bank. Yes Bank's overall long term issuer ratings have been retained by ICRA Ratings at AA+ with Rating watch with developing Negative Implications. The agency takes note that there has been no adverse impact on Yes Bank's deposit base and liquidity profile post recent developments, the bank said in a statement. The announcement was made on Saturday, 17 November 2018.
Metal and mining stocks gained. Vedanta (up 2.35%), JSW Steel (up 0.57%), Tata Steel (up 1.09%), Steel Authority of India (Sail) (up 0.94%), National Aluminium Company (up 2.5%), Jindal Steel & Power (up 2.85%), Hindalco Industries (up 2.69%), NMDC (up 0.55%), Hindustan Copper (up 0.2%) edged higher. Hindustan Zinc (down 0.13%) fell.
On the political front, second phase of assembly elections will be held in Chhattisgarh tomorrow, 20 November 2018. Assembly elections in Madhya Pradesh and Mizoram will be held on 28 November 2018. Polling in Rajasthan and Telangana will be held on 7 December 2018. Counting of votes will be held across all the five states on 11 December 2018.
Overseas, most Asian stocks were trading higher even as investors remained cautious of tensions between the US and China after a pan-Pacific summit ended without consensus on trade issues. On the data front, Japan's monthly balance of trade tumbled to a deficit of 449 billion yen ($3.95 billion) in October amid elevated trade tensions and ramped up pressure to cut its trade surplus with the US, data from the country's finance ministry showed Monday.
US stocks closed mostly higher on Friday, 16 November 2018 after comments from President Donald Trump once again sparked hopes that a trade dispute with China could be resolved in the near term. But the Nasdaq bucked the trend to finish lower as a decline in chip maker shares, led by Nvidia Corp., dented sentiment in the technology sector.
Industrial production rose just 0.1% in October, the Federal Reserve reported Friday. Compared to 12 months earlier, industrial production rose 4.1%.
In Europe, investors were closely watching developments in the UK, with Prime Minister Theresa May defiantly pledging her commitment to seeing Britain's exit from the European Union, despite several top-level resignations and growing doubts about her leadership.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
