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  • Mid-Session - Detailed News

Metal and mining stocks gain
28-Feb-19   11:37 Hrs IST

Key indices hovered in a small range in positive zone in mid-morning trade. At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 86.68 points or 0.24% at 35,992.11. The Nifty 50 index was up 22.30 points or 0.21% at 10,828.95. Metal and mining stocks rose. The Sensex was trading a tad below the psychological 36,000 level after regaining that level in opening trade.

Trading for the day began on positive note as the key benchmark indices drifted higher in early trade on buying demand in index pivotals. Stocks trimmed gains in morning trade.

Market may remain volatile as traders roll over positions in the F&O segment from the near month February 2019 series to March 2019 series. The February 2019 F&O contracts expire today, 28 February 2019.

The S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index was up 0.66%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1306 shares rose and 731 shares fell. A total of 105 shares were unchanged.

Metal and mining stocks rose. Vedanta (up 1.67%), JSW Steel (up 1.13%), Tata Steel (up 0.73%), Steel Authority of India (Sail) (up 0.72%), National Aluminium Company (up 0.2%), Hindustan Zinc (up 0.78%), Jindal Steel & Power (up 0.51%), Hindalco Industries (up 0.56%), NMDC (up 1.85%) and Hindustan Copper (up 0.22%) edged higher.

Jet Airways (India) fell 3.01% after the company said that seven more aircraft were grounded due to non-payment to lessors under their respective lease agreements. Jet Airways (India) said it is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity. Aircraft lessors have been supportive of the company's efforts in this regard. The announcement was made after market hours yesterday, 27 February 2019.

The company is also making all efforts to minimise disruption to its network and is proactively informing and re-accommodating its affected guests. The company also continues to provide required and periodic updates to the Directorate General of Civil Aviation in this regard.

On the economic front, the government will announce data on infrastructure output for January today, 28 February 2019. The government will also announce data on fourth quarter gross domestic product (GDP) today, 28 February 2019. The Indian economy advanced 7.1% year-on-year in the third quarter of 2018, well below 8.2% in the previous period.

Overseas, Asian stocks were trading lower on Thursday after cautious comments from US Trade Representative Robert Lighthizer dented some of the recent optimism towards China-US trade relations. US President Donald Trump and North Korean leader Kim Jong Un are beginning the second day of their high-stakes nuclear summit with a one-on-one discussion in the Vietnamese capital of Hanoi.

U.S. stocks bounced off intraday lows but still closed mostly lower Wednesday as investors focused on separate congressional testimonies from U.S. Trade Representative Robert Lighthizer on U.S.-China trade negotiations and a second day of Congressional hearings featuring Federal Reserve Chair Jay Powell.

Powell testified in front of the House, a day after he affirmed the central bank's wait-and-see approach to rate increases, citing slower global growth and its effect on the U.S. Lighthizer appeared before the House Ways and Means Committee on U.S.-China trade to provide more insight into the progress of negotiations between the world's two largest economies. He also said the U.S. plans to officially abandon an increase in tariffs on $200 billion of Chinese goods to 25%, from 10% currently.

In Europe, investors have been keeping tabs on Britain's tumultuous exit from the European Union with a March 29 deadline looming. British Prime Minister Theresa May on Tuesday said she would look to delay Brexit if a departure deal isn't agreed upon.

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