Sensex, Nifty Expands Earnings Through Purchase of Metal Securities

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Mid and small cap stocks also attracted strong buying interest

Benchmarks of Indian stocks extended gains in afternoon trading, led by gains in metal and auto counters like JSW Steel, Tata Steel, Hindalco, Vedanta, Tata Motors and Eicher Motors . The Sensex rose 456 points and the Nifty 50 index hit an intraday high of 14,984. Benchmarks opened higher and prolonged gains in midday trading ahead of the weekly index futures expiration. and option contracts.

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At 2:05 p.m., the Sensex was up 343 points to 50,005 and the Nifty 50 Index was up 136 points to 14,954.

Purchases were visible across sectors as all 11 sector indicators compiled by the National Stock Exchange traded higher, dragged down by the 6% gain in the Nifty Metal Index. The nifty computer, auto and real estate indexes also rose by more than 1% each.

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Mid- and small-cap stocks also saw strong buying interest, with the Nifty Midcap 100 index increasing 1% and the Nifty Smallcap 100 index increasing 1.6%.

On the primary market front, Macrotech Developers IPO was 29 percent underwritten until 2:00 p.m. on the second day of issue.

JSW Steel was Nifty’s best winner, the stock rose 11 percent to Rs 625. Tata Steel, Shree Cements, Hindalco, Titan, Tech Mahindra, Tata Motors, UltraTech Cement, Britannia Industries, Larsen & Toubro, Coal India and Wipro have also increased between 1 to 7 percent.

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On the other hand, Bajaj Auto, Bajaj Finance, SBI Life, Sun Pharma, NTPC, Power Grid, HDFC Bank and State Bank of India were among the losers.

The overall scale of the market was positive as 1,881 stocks rose while 930 fell due to BSE.

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