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Metal & mining stocks decline
09-Nov-18   14:31 Hrs IST

Stocks hovered in negative zone in mid-afternoon trade led by selling pressure in index pivotals Reliance Industries and Infosys. At 14:22 IST, the barometer index, the S&P BSE Sensex, was down 105.61 points or 0.3% at 35,132.07. The Nifty 50 index was down 22.40 points or 0.21% at 10,576. Sentiment was weighed down by negative global stocks. Metal and mining stocks declined.

Domestic stocks edged lower in early trade on negative Asian stocks. Stocks cut losses in morning trade. Indices extended intraday recovery with the Sensex and the Nifty regaining the positive zone in mid-morning trade. Key indices hovered in a small range near the flat line in early afternoon trade, alternately swinging between positive and negative zone. Indices reversed trend and were trading with modest losses in afternoon trade.

The S&P BSE Mid-Cap index was up 0.51%. The S&P BSE Small-Cap index was up 0.3%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1227 shares rose and 1216 shares fell. A total of 145 shares were unchanged.

Index heavyweight Reliance Industries dropped 1.8% to Rs 1,090.55

Index heavyweight and IT major Infosys lost 2.02% to Rs 662.35

Metal and mining stocks declined. JSW Steel (down 1.51%), Tata Steel (down 1.41%), Steel Authority of India (Sail) (down 1.5%), National Aluminium Company (down 0.78%), Vedanta (down 0.29%), Hindustan Zinc (down 0.08%), Jindal Steel & Power (down 0.6%), Hindalco Industries (down 2.43%) and NMDC (down 0.93%) edged lower. Hindustan Copper (up 0.57%) rose.

Overseas, European shares declined, joining a global market retreat that spread from Wall Street to Asian markets after the Federal Reserve noted a dip in US business investment and suggested a rate hike was on track for December. Lingering worries over US-China trade relations also dented sentiment.

On the data front, China's consumer inflation remained at the second-highest level so far this year, buoyed by an acceleration in non-food prices, official data showed Friday. The consumer price index rose 2.5% in October from a year earlier, unchanged from the growth in September, the National Bureau of Statistics said.

US stocks closed mostly lower yesterday, 8 November 2018 as the Federal Reserve kept interest rates unchanged in an unanimous decision and signaled that it would continue to tighten monetary policy at a gradual pace. As expected, the Fed kept its benchmark target for rates unchanged in a 2% to 2.25% range.

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