Benchmarks hit fresh intraday high; metal stocks tumble

28 Nov 2022 , 11:30 AM

The key equity indices extended gains and hit fresh intraday high in morning trade. The Nifty traded above the 18,550 level. Metal stocks witnessed some bit of profit booking after advancing in the past two sessions. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 231.48 points or 0.37% to 62,525.12. The Nifty 50 index added 50.25 points or 0.27% to 18,563. In the broader market, the S&P BSE Mid-Cap index rose 0.67% while the S&P BSE Small-Cap index added 0.74%. The market breadth was strong. On the BSE, 2220 shares rose, and 1181 shares fell. A total of 187 shares were unchanged. Buzzing Index: The Nifty Metal index fell 1.01% to 6,389.90. The index had advanced 0.50% in the past two sessions. Hindalco Industries (down 2.33%), Jindal Steel & Power (down 1.96%), JSW Steel (down 1.52%), Vedanta (down 1.37%) and Steel Authority of India (down 1.2%) were the top losers. Among the other losers were Tata Steel (down 1.08%), National Aluminium Company (down 0.99%), Hindustan Copper (down 0.79%), APL Apollo Tubes (down 0.73%) and Ratnamani Metals & Tubes (down 0.47%). On the other hand, Welspun Corp (up 1.87%), MOIL (up 1.74%) and Jindal Stainless (up 0.76%) moved up. Stocks in Spotlight: Virtuoso Optoelectronics (VOEPL) rose 3.56%. The company said it has added a new manufacturing facility at Wadiware in Nashik, Maharashtra. The new facility is in line with the committed investment by the company for the PLI scheme for white goods and LED lighting, for which VOEPL received an approval last year. Astrazeneca Pharma India added 0.19%. The drug maker has received an import and market permission in Form CT-20 (subsequent new drug approval) from the Central Drugs Standard Control Organisation for Dapagliflozin tablets of 10 mg. The receipt of this permission paves way for the launch of Dapagliflozin (Forxiga) tablets of 10 mg in India for the specified additional/expanded indication, subject to the receipt of related statutory approvals. Global Markets: Asian stocks are trading lower on Monday amid unrest in China over its continued zero-Covid policy. Fears about a Covid-led dent to Chinas economic growth weighed on sentiment in the worlds second-largest economy after demonstrators and police clashed in Shanghai on Sunday. Thousands of protesters in major Chinese cities, including Shanghai, called for President Xi Jinping to resign. The unprecedented protests were spurred by frustration with Chinas strict lockdowns as part of its ?zero-COVID? policy. Over the weekend, the Peoples Bank of China announced it would cut the reserve requirement ratio for banks by 25 basis points to 7.8% and inject around 500 billion yuan in long-term liquidity. The National Bureau of Statistics said industrial profits for the first 10 months of the year fell 3% from the same period in 2021. Meanwhile, New Zealands central bank delivered a 75-basis point hike, reportedly the biggest rate hike ever in the central banks history. The Reserve Bank of New Zealand (RBNZ) governor Adrian Orr said that the banks sole target is to get the official cash rate to a point where inflation can be worn down. In a separate press release shortly after the decision, the RBNZ reportedly said, ?Committee members agreed that monetary conditions needed to continue to tighten further.? In Singapore, the countrys core inflation rate eased 0.2% to 5.1% in October on an annualized basis, the Ministry of Trade and Industry (MTI) reported – after seeing the same index at 5.3% in September. Inflation rate for all items also eased to 6.7% in October on an annualized basis after seeing a rate of 7.5% in September. Prices of energy and food commodities have come off the peaks reached earlier in the year, but remain high given ongoing supply constraints,? the ministry said in a statement. U.S. stocks ended mixed in a shortened trading session Friday, with markets subdued following Thursdays Thanksgiving holiday. Black Friday sales kicked off against the backdrop of high inflation and cooling economic growth. US shoppers reportedly spent a record $9.12 billion online this Black Friday, as consumers weathered the squeeze from high inflation and grabbed steep discounts on everything from smartphones to toys. Powered by Capital Market – Live News