Nifty hovers above 24,650; metal shares shine for 5th day

The key equity benchmarks continued to trade with minor gains in the morning trade. The Nifty hovered above the 24,650 level. Metal shares extended gains for the fifth consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, advanced 110.34 points or 0.14% to 81,620.39. The Nifty 50 index added 56.65 points or 0.21% to 24,662.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.17% and the S&P BSE Small-Cap index advanced 0.33%.

The market breadth was positive. On the BSE, 2,172 shares rose and 1,492 shares fell. A total of 153 shares were unchanged.

Buzzing Index:

The Nifty Metal index advanced 1.09% to 9,578.35. The index rallied 3.77% in five consecutive trading sessions.

Vedanta (up 4.66%), Hindustan Zinc (up 3.33%), National Aluminium Company (up 1.58%), Hindalco Industries (up 1.46%), Steel Authority of India (up 1.33%), Welspun Corp (up 1.14%), Hindustan Copper (up 1.05%), Tata Steel (up 0.98%), Jindal Stainless (up 0.95%) and NMDC (up 0.68%) advanced.

On the other hand, APL Apollo Tubes (down 0.85%) edged lower.

Stocks in Spotlight:

Saakshi Medtech and Panels hit an upper circuit of 10% after the company announced that it has received a letter of business award (LoBA) worth Rs 250 crore from Mahindra & Mahindra for supply of EV panels.

Royal Orchid Hotels advanced 1.24% after the company announced a signing of a new Regenta Property in Mulshi, Pune, Maharashtra.

Senco Gold added 0.30%. The company announced that its board has approved the opening of the issue of qualified institutional placement (QIP) of equity shares with a floor price of Rs 1,139.49 per share.

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