Key indices hit fresh intraday high; metal shares in demand

The key equity indices extended gains and hit fresh intraday high in morning trade. The Nifty continued to trade above the 19,600 mark. Metal shares witnessed buying demand for fourth consecutive session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 596.07 points or 0.92% to 65,529.94. The Nifty 50 index added 188.75 points or 0.97% to 19,632.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.70% while the S&P BSE Small-Cap index advanced 1.06%.

The market breadth was strong. On the BSE, 2332 shares rose and 1090 shares fell. A total of 185 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.62% to 6,822.65. The index has added 3.38% in four sessions.

Hindalco Industries (up 4.53%), Jindal Steel & Power (up 2.56%), National Aluminium Company (up 2.55%), JSW Steel (up 2.25%) and Tata Steel (up 1.86%) were the top gainers.

Among the other gainers were APL Apollo Tubes (up 1.31%), Hindustan Zinc (up 1.1%), Vedanta (up 1.01%), Steel Authority of India (up 0.91%) and Welspun Corp (up 0.9%).

On the other hand, NMDC (down 2.28%) and Jindal Stainless (down 0.41%) turned lower.

Stocks in Spotlight:

Adani Energy Solutions was up 0.03%. The distribution arm of Adani Energy Solutions Ltd., Adani Electricity Mumbai Ltd., announced a tender offer to buyback up to $120 million of its outstanding $1,000 million of 3.949% senior secured notes due 2030. The tender offer is being fully funded through its cash surplus and internal accruals.

Rail Vikas Nigam (RVNL) added 2.42%. The company received a Rs 311 crore LoA from Central Railways for the construction of tunnels and bridges in Madhya Pradesh. The time period by which the order is to be executed is 18 months.

IDFC First Bank gained 0.93%. The company received a PFRDA nod for the merger of IDFC and IDFC Financial Holding Co. with IDFC First Bank. The company also received BSE and NSE`s nods for the merger of IDFC and IDFC Financial Holding Co. with itself.

Knowledge Marine & Engineering Works tumbled 5.82%. The company bagged a project from the Mumbai Port Authority for the hiring of two dock tugs for a period of 7 years for an amount of Rs. 34.49 crore.

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