Sensex, Nifty Gain For Third Day In A Row Led By Metal Stocks

The Indian equity benchmarks rose for third day in a row on Thursday paced by gains in metal and information technology shares. The benchmarks opened higher and extended gains in noon deals wherein the Sensex rose as much as 456 points and Nifty 50 index briefly surpassed its important psychological level of 14,950. However, selling pressure in banking and financial services shares in the last hour of trade led to index come off intraday highs.

The Sensex ended 84 points or 0.17 per cent higher at 49,746 and Nifty 50 index climbed 55 points to settle at 14,874.

Six of 11 sector gauges compiled by the National Stock Exchange ended higher led by Nifty Metal index’s over 4 per cent surge. FMCG, IT, auto and realty shares also witnessed buying interest.

On the other hand, banking, financial services, PSU Bank and Private Bank indices ended with a negative bias.

Mid- and small-cap shares outperformed their larger peers as Nifty Midcap 100 index rose 0.53 per cent and Nifty Smallcap 100 index rose 1.24 per cent.

JSW Steel was top Nifty gainer, the stock rallied as much as 13.62 per cent to hit fresh 52-week high of Rs 638.90 after crude steel production rose 6 per cent to 4.19 million tonnes in quarter ended March 2020. Its production of rolled products: flat advanced 4 per cent to 2.99 million tonnes and production rolled products: long rose 11 per cent to 1.05 million tonnes.

Tata Steel, Shree Cements, UltraTech Cement, Hindalco, Titan, tech Mahindra, Tata Motors, Britannia Industries, Nestle India, TCS, Bajaj Finserv and Adani Ports also rose between 1-5 per cent.

On the flipside, Sun Pharma, IndusInd Bank, SBI Life, ONGC, Bajaj Finance, Bajaj Auto, Power Grid, HDFC Bank, Axis Bank and State Bank of India were among the losers.

The overall market breadth was positive as 1,858 shares ended higher while 1,062 closed lower on the BSE.

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