Equity indices subdued, metal stocks dip

Equity benchmark indices traded at flattish levels during early hours on Tuesday despite positive global cues with metal stocks taking a hit.

At 10:15 am, the BSE S&P Sensex was down by 103 points or 0.2 per cent at 52,226 while the Nifty 50 lowered by 46 points or 0.29 per cent to 15,705.

Sectoral indices at the National Stock Exchange were mixed with Nifty metal down by 1.4 per cent, PSU and private bank by 0.9 per cent each and financial service by 0.7 per cent.

Among stocks, Hindalco cracked by 2.9 per cent to Rs 383.50 per share while JSW Steel lost by 3.1 per cent to Rs 693.55 and Tata Steel by 2.2 per cent.

State Bank of India, SBI Life, IndusInd Bank, ONGC, Coal India, Adani Ports and Tata Motors also traded in the negative territory.

However, Infosys and Tech Mahindra gained by 1.4 per cent each, Wipro by 1.1 per cent, HCL Technologies by 1 per cent, and Tata Consultancy Services by 0.7 per cent.

Meanwhile, Asia stocks opened higher with investors hoping for inflation and monetary policy clues later in the week.

MSCI’s broadest index of Asia Pacific shares outside Japan rose 0.11 per cent. Japan’s Nikkei edged up 0.35 per cent and Hong Kong’s Hang Seng Index opened up 0.4 per cent.

The upward momentum comes as the G7 nations reached a landmark deal on Saturday to back a minimum global corporate tax rate of at least 15 per cent, lifting shares of technology giants such as Microsoft and Facebook as their future tax obligations become more predictable.

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