Nifty Trades Higher, Metal Stocks Rally

Benchmark indices gained ground today, even as global cues, particularly from Asia were positive. The US markets too had higher closings, with the tech heavy NASDAQ hitting record highs in the process.

The Nifty was trading with gains of 45 points at 10,751 points, led by good gains in metal stocks. Yes Bank shares were up almost 3 per cent after reports that State Bank of India would invest in the bank. Pharma major Cipla too saw its shares gain marginally after the company said it has launched its generic version of antiviral drug remdesivir at Rs 4,000 per vial.

Among the early losers from the Nifty were Bharti Infratel, Tech Mahindra, HeroMoto Corp and HDFC. Shares in Shemaroo were up another 4 per cent, following a 5 per cent rally seen on Wednesday.

Private lender ICICI Bank saw its shares gain almost 2 per cent after the board approved plans to raise Rs 15,000 crore through a share sale. Shares in NMDC too gained ground after reports that the Bailadila iron ore mining projects of the company at Chhattisgarh recorded a five per cent increase in production in June this year.

Gains were also being seen in the broader markets today apart from the index stocks.