Equity indices in positive zone, metal stocks shine

Equity benchmark indices ticked up by over half per cent during early hours on Thursday following global cues and gains in metal scrips.

At 10:15 am, the BSE S&P Sensex was up by 248 points or 0.68 per cent at 36,577 while the Nifty 50 edged higher by 67 points or 0.62 per cent at 10,773.

Except for Nifty auto, all sectoral indices at the National Stock Exchange were in the green with Nifty metal up by 2.6 per cent, pharma by 0.9 per cent, private bank by 0.8 per cent and financial service by 0.7 per cent.

Among stocks, Hindalco gained by 5.1 per cent to Rs 163 per share. Tata Steel moved up by 3 per cent, Vedanta and JSW Steel by 2.2 per cent each.

Private lenders IndusInd Bank and Axis Bank were up by 1.5 per cent and 1.2 per cent respectively while home loan lender HDFC added gains of 2 per cent. Adani Ports, IndianOil Corporation and GAIL too traded in the positive terrain.

However, auto stocks fell with Hero MotoCorp down by 1.6 per cent, Maruti Suzuki by 1.2 per cent, Tata Motors by 0.4 per cent and Bajaj Auto by 0.3 per cent.

Meanwhile, Asian equity markets were up as investors tried to look beyond gathering US-China tension and renewed coronavirus lockdowns.

MSCI's broadest index of Asia Pacific shares outside Japan rose by 0.6 per cent and touched a 20-week high as Chinese stocks extended their extraordinary rally. Japan's Nikkei edged ahead by 0.2 per cent.

China's blue-chip index rose for an eighth straight session in early trade by gaining 0.6 per cent to touch a five-year high. The Shanghai Composite was up by the same margin and at its highest level since early 2018.

-ANI