Indian equity benchmarks rose for the third day in a row, led by metal and information technology stocks
Indian equity benchmarks rose for the third day in a row, led by metal and information technology stocks. The benchmarks opened higher and extended gains in afternoon trade, with the Sensex rising 456 points and the Nifty 50 index briefly surpassing 14,950, a key psychological level. However, in the final hour of trading, selling pressure in banking and financial services stocks caused the index to retreat from intraday highs.
The Sensex rose 84 points, or 0.17 percent, to 49,746 points, and the Nifty 50 index rose 55 points to 14,874 points.
Six of the National Stock Exchange’s 11 sector indices ended the day higher, led by the Nifty Metal index, which gained over 4%. Buying interest was also seen in FMCG, IT, car, and real estate stocks. The finance, financial services, PSU Bank, and private bank indices, on the other hand, ended with a negative bias. The Nifty Midcap 100 index grew 0.53 percent, while the Nifty Smallcap 100 index rose 1.24 percent, outperforming their larger peers.
After crude steel production rose 6% to 4.19 million tonnes in the quarter ended March 2020, JSW Steel was the top Nifty gainer, rising as much as 13.62 percent to a new 52-week high of Rs 638.90. Its flat-rolled product production increased by 4% to 2.99 million tonnes, while its long rolled product production increased by 11% 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 all saw their stock rise by 1 to 5%.
IndusInd Bank, SBI Life, ONGC, Bajaj Finance, Bajaj Auto, Power Grid, HDFC Bank, Axis Bank, and State Bank of India, on the other hand, were among the losers. On the BSE, the overall market breadth was positive, with 1,858 shares closing higher and 1,062 shares closing lower.