Markets

Indian shares flat, Nifty hovers near record high as metals gain

A view of the BSE building in Mumbai. | File

A view of the BSE building in Mumbai. | File   | Photo Credit: Paul Noronha

Benchmark stock indexes hit record intraday highs on Friday driven by gains in state-run banks and amid optimism that the United States and China would soon sign a trade deal.

Indian shares were largely unchanged in early trade on Monday, with the broader Nifty 50 index hovering near its all-time high, while metals and mining stocks led gains.

Benchmark stock indexes hit record intraday highs on Friday driven by gains in state-run banks and amid optimism that the United States and China would soon sign a trade deal.

On Monday, the Nifty was up 0.02% at 12,273.65 around 0955 IST, while the benchmark Sensex was lower by 0.04% at 41,666.38.

“On (the) domestic front, market (is) likely to stay rangebound while FIIs flows, trade deal and domestic reforms (are) likely to set the momentum going ahead,” analysts at Motilal Oswal Financial Services Ltd wrote in a report.

The Nifty metal index climbed 0.77%. Shares in Vedanta Ltd rose 1.9%, while JSW Steel Ltd gained 2% and Tata Steel Ltd added 1%.

Shares in oil-to-telecoms conglomerate Reliance Industries Ltd fell 2%.

A court has asked the company and British Gas to disclose their assets after India's government sought to restrain them from disposing assets, including Reliance's planned sale of a 20% stake in its refining and petrochemicals business to Saudi Aramco, according to media reports.

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Printable version | Feb 20, 2020 8:48:01 PM | https://www.thehindu.com/business/markets/indian-shares-flat-nifty-hovers-near-record-high-as-metals-gain/article30377483.ece

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