Shares trade with modest gains; metal stocks rise for 3rd day

6 Sep 2022 , 02:23 PM

The domestic equity barometers continued to trade with modest gains in mid-afternoon trade. The Nifty hovered near the 17,700 mark. Metal stocks advanced for third consecutive session. At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 87.33 points or 0.15% to 59,333.04. The Nifty 50 index gained 28.15 points or 0.16% to 17,693.95. In the broader market, the S&P BSE Mid-Cap index rose 0.49% while the S&P BSE Small-Cap index added 0.27%. The market breadth was positive. On the BSE, 1772 shares rose and 1630 shares fell. A total of 144 shares were unchanged. Economy: Indias overall coal production increased by 8.27% to over 58 million ton in August this year as compared to the same month last year. The Coal Ministry said that of the top 37 coal producing mines in the country, 25 mines produced more than 100% while the production level of five mines stood between 80% and 100%. At the same time, the coal despatch has also increased by 5.41% to over 63 million tonnes as compared to August last year. The Ministry said the overall power generation in August this year has been 3.14% higher than the power generated in August last year. Meanwhile, Indian Railways (IR) has recorded best ever August monthly freight loading of 119.32 MT in August 2022. The incremental loading has been 8.69 million tonnes, a growth of 7.86% over the same month last year. The Railway Ministry said with this, Indian Railways has had 24 straight months of best ever monthly freight loading. Numbers to Track: The yield on Indias 10-year benchmark federal paper slipped to 7.207 as compared with 7.218 at close in the previous trading session. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 79.8975, compared with its close of 79.7800 during the previous trading session. MCX Gold futures for 5 October 2022 settlement rose 0.21% to Rs 50,538. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was down 0.10% to 109.71. In the commodities market, Brent crude for November 2022 settlement advanced $1.52 or 1.63% to $94.54 a barrel. Buzzing Index: The Nifty Metal index rose 0.92% to 6,040.70. The index has gained 2.75% in the past three sessions. Adani Enterprises (up 2.58%), Hindustan Copper (up 1.54%), Jindal Steel & Power (up 1.35%), National Aluminium Company (up 0.76%) and Tata Steel (up 0.7%) advanced. Further Steel Authority of India (up 0.56%), MOIL (up 0.39%), APL Apollo Tubes (up 0.35%), Vedanta (up 0.23%) and Jindal Stainless (up 0.19%) edged higher. Meanwhile, Ratnamani Metals & Tubes (down 1.65%) and Welspun Corp (down 1.3%) edged lower. Powered by Capital Market – Live News