Equity indices tick higher, metal and realty stocks in focus
Jan 07, 2021
Mumbai (Maharashtra) [India], January 7 : Equity benchmark indices advanced by half a per cent during early hours on Thursday due to broad-based buying amid positive Asian cues.
At 10:15 am, the BSE S&P Sensex was up by 165 points or 0.34 per cent at 48,339 while the Nifty 50 edged higher by 60 points or 0.42 per cent to 14,206.
Except for Nifty IT and pharma, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty metal gaining by 3 per cent, realty by 2.7 per cent and auto by 1.6 per cent.
Among stocks, Tata Steel added gains of 5.1 per cent at Rs 718.65 while Hindalco moved up by 3.6 per cent and JSW Steel by 2.5 per cent.
Godrej Realty gained by 2.7 per cent and DLF by 1.5 per cent after the Maharashtra state government decided a day earlier that 50 per cent discount will be given on all various premiums levied on construction projects till the year-end.
The other major gainers were Bharti Airtel, Adani Ports, IndusInd Bank, Mahindra & Mahindra and Eicher Motors.
However, IT stocks fell with Infosys tumbling by 1.3 per cent, Tata Consultancy Services by 1 per cent, HCL Technologies and Tech Mahindra by 0.8 per cent each.
Meanwhile, Asian stock markets rose in anticipation of a big borrowing and big spending by US Democrat administration driving growth, following runoff elections that gave the party control of both houses of US Congress.
MSCI's broadest index of Asia Pacific shares outside Japan rose by 0.5 per cent. Japan's Nikkei rose by 2 per cent to its highest since 1990.
Wall Street indexes eased overnight from session highs as police evacuated lawmakers and struggled for more than three hours to clear the Capitol of Trump supporters.
