Rally continues for third-straight day on D-Street: Metals Rise

The Indian markets rallied for the third day in a row after the Union Budget. The rally was primarily led by the Metal counters where Vedanta, Tata Steel and Hindalco Industries were up in the range of 7.5 per cent to 5.75 per cent.

Nifty ended the day higher by 107 points at 7475; and Sensex was up by 364 points at 24606. Both the benchmark indices ended higher by 1.45 and 1.50 per cent respectively.

The market breadth remained positive through the course of the day, with 1739 advances and 893 declines on the NSE.

Top 5 Nifty Gainers : Vedanta was the top gainer of today’s session, closing higher by 7.42 per cent. It was closely followed by peer Tata Steel which was up by 7.30 per cent. Other gainers included the likes of BHEL, Tata Motors and L&T.

Top 5 Nifty Losers : Zee Entertainment was the top loser of today’s session as it ended the day down by close to 1.20 per cent, followed by Ultra Tech Cement, ICICI Bank, ITC and NTPC.

In sectoral performance, BSE Metals was the star performer as it closed up by 4.05 per cent in today’s session. It was followed by BSE Capital Goods which was up 4 per cent; and BSE Auto Index as it closed the day with the gain of 2.08 per cent. Mid-Caps and Small-Caps also joined the party as they closed up by 0.58 per cent and 1.35 per cent respectively.

Globally, Asian markets were mostly positive except for China as it saw correction in late trade. Japanese Nikkei and Hong Kong’s Hang Seng were the top gainers among major markets. Korean KOSPI was also trading up. Whereas, European markets were a mixed bag with a negative bias.

Buzzers : Tata Steel surged as much as 7.3 per cent to close the day at Rs 287.05.

It is expected that markets may consolidate at these levels in the coming days, before charting the future course.