Market Now: Nifty Metal index hits all-time high

NEW DELHI: While other sectoral indices, especially Nifty PSU Bank and realty, were experiencing steep fall, Nifty Metal index hit fresh all-time high of 3,440 and was trading more than 2 per cent up with shares of Hindalco Industries (up 5.07 per cent), Vedanta (up 4.10 per cent) and Tata Steel (up 3.64 per cent) as top gainers.

Notably, Hindalco Industries, on Monday, had announced that its board was considering raising up to Rs 4,400 crore by way of commercial papers and unsecured debentures.

Tata Steel surged after the company reported a consolidated net profit of Rs 921 crore for June quarter, compared with a loss of Rs 1,168 crore in the same quarter last year.

The Nifty Metal index was trading at 3,422, up 2.42 per cent around 11 am (IST).

Benchmark indices, Nifty and Sensex gave up on early gains due to sustained selling in banking, FMCG and realty stocks.

Nifty PSU Bank index was trading at 3,583, down 2.03 per cent, with all components trading in red, while Nifty Realty index was 2.05 per cent down at 279 and had only two gainers-- The Phoenix Mills (up 2.84 per cent) and Prestige Estates Projects (up 1.42 per cent).

Benchmark Nifty50 index was 61 points lower at 9,996, while the 30-share Sensex was 206 points down at 32,067 around 11 am (IST).

In the Nifty50 pack, 10 stocks were trading in green, while 41 stocks were in red.

On BSE, 494 stocks were advancing whereas 1,708 stocks were lagging.

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