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Nifty hovers around 10,600 mark; NALCO, Hindalco stocks drop

Benchmark indices opened higher on Tuesday led by gains in banking and financials and FMCG stocks; Reliance Industries supported the market, while correction in metals and technology stocks capped gains.

At 11:19 AM, the BSE Sensex was trading at 34,581, up 130 points, while the Nifty50 index was trading at 10,599, up 15 points.

The BSE Midcap and the BSE Smallcap indices were up by 0.54% and 0.43%, respectively.

Metal stocks declined on falling aluminium prices, as US hinted at easing of sanctions on Russian firm Rusal. The Nifty Metal index was down over 3% dragged by losses in MOIL, Coal India, JSW Steel, SAIL, Hindustan Zinc, Hindalco and NALCO. The stock of NALCO fell 9% followed by Hindalco, which plunged over 8.5% as well.

Sugar stocks gained on expectations that the government may impose a subsidy on sugarcane. Balarampur Chini Mills and Dhampur Sugar stocks rose over 2%.

Yes Bank (+3%), Lupin (+2.6%), ICICI Bank (+2%), Dr.Reddy’s (+1.7%) and Sun Pharma (+1.7%) were the top gainers on Nifty50.

Hindalco (-8.2%), Vedanta (-3.5%), Wipro (-2.6%), Infratel (-2.2%) and Tata Steel (-1.7%) were the top losers in today’s trade.

Out of 2,036 stocks traded on the NSE, 975 advanced, 622 declined and 439 remained unchanged today.

A total of 36 stocks registered a fresh 52-week high in trade today, while 29 stocks touched a new 52-week low on the NSE.

Rusal jumped 31% after U.S. softened its position on sanctions against the company.