Mapping the mkt: Metals pack adds muscle, sugar stks sweeten
NEW DELHI: With Sensex back at the 27,000 level for the first time since November 10, we can safely assume that Dalal Street has now fully recovered from cash ban-induced fever. On November 8, Prime Minister Narendra Modi had taken everyone by surprise by announcing demonetisation of high denomination currency notes. This fresh leg of rally has come on the back of positive global cues as markets are hoping for some concrete views on policy and checklist of priorities coming out of the first news conference of the US President-elect Donald Trump later in the day. On Wednesday, Sensex closed 240.85 points, or 0.90 per cent, up at 27140.41. Here’s a look at the stocks and sectors that made headlines through the session. Metals felt dragon’s love: Shares of select steelmakers such as Tata Steel and JSW Steel and lenders with significant exposure to the steel industry such as ICICI Bank, Axis Bank and SBI advanced on Wednesday after the Chinese government decided to shut all ditiao steel capacities by June. The BSE Metal index closed 4.42 per cent up at 11,228.54. All the 10 components in the index also settled in green with Jindal Steel gaining 9.42 per cent, followed by Hindalco (up 6.27 per cent), National Aluminium (up 6.18 per cent) and Steel Authority of India (up 6.15 per cent). Black is the new gold: Among selected stocks, Coal India advanced over 5 per cent after the government increased its stake in the company to 79.78 per cent in the third quarter ended December 31, 2016 against 79.65 per cent in the sequential quarter ended September 30, 2016. IndusInd Bank hogged the limelight: The lender’s shares perked up after some of the global brokerages upgraded the target price on the stock following its better-than-expected financial results for the quarter ended December 31. Morgan Stanley believes share price of the bank can touch Rs 1,500 in the coming months. The scrip closed 6.34 per cent up at Rs 1,235.50. Better pill for Lupin: Shares of drug major Lupin climbed 2.20 per cent after the company announced that it has received final approval for its Desoximetasone Cream from the USFDA to market a generic equivalent of Taro Pharmaceuticals North America, inc's Topicort Cream. Report card: Private sector lender South Indian Bank posted 9.6 per cent increase in net profit to Rs 111.38 crore for the third quarter of 2016-17. The bank had registered a net profit of Rs 101.63 crore in the October-December quarter of the last fiscal. Shares of the bank settled 2.15 per cent up at Rs 21.40 on Wednesday. Sweet, sweet sugar: Selected sugar stocks extended their gains and hit fresh 52-week highs on Wednesday with higher-than-average volumes on reports that the government may not reduce import duty on sugar in the current season. Balrampur Chini Mills closed 0.89 per cent up at Rs 141. During the day it touched a fresh 52-week high of Rs 142.95. Usha Martin also hit new 52-week high in Wednesday’s trade and closed 19.89 per cent up at Rs 21.10. Spurt in OI: Futures of Oil India saw the biggest jump in open interest (OI) at 40.39 per cent. It was followed by Jindal Steel (up 37 per cent) and IndusInd Bank (up 22.14 per cent). Most active stocks: IndusInd Bank was the most active in terms of traded volume on NSE on Wednesday. It was followed by Infosys, Yes Bank, Tata Steel and ICICI Bank.