Equity indices close flat, JSW Steel up 9 pc

Mumbai (Maharashtra): Equity benchmark indices trimmed early gains to close flat on Thursday after traders booked profit in auto and financial scrips amid economic uncertainty.

The BSE S&P Sensex closed 32 points or 0.06 per cent higher at 49,766 while the Nifty 50 nudged up by 30 points or 0.2 per cent to 14,895.

Sectoral indices at the National Stock Exchange were mixed with Nifty metal gaining by 4.5 per cent and pharma by 0.3 per cent. But Nifty PSU bank fell by 1.1 per cent, auto by 1 per cent and FMCG by 0.3 per cent.

Metal stocks continued their upward trajectory with JSW Steel advancing by 9.6 per cent to Rs 726.20 per share while Tata Steel rose by 6.5 per cent to Rs 1,035 and Hindalco by 2.1 per cent to Rs 370.50.

Bajaj Finserv was up by 6.5 per cent, Bajaj Finance by 3.7 per cent, Axis Bank by 1.2 per cent and Dr Reddy’s by 1.2 per cent.

However, Hero MotoCorp and Eicher Motors cracked by 2.3 per cent each, Bajaj Auto by 1.8 per cent, Tata Motors by 1.2 per cent and Mahindra & Mahindra by 1 per cent.

Meanwhile, Asian shares were mixed after the US Federal Reserve said it was too early to consider rolling back emergency support for the economy and as President Joe Biden unveiled plans for a 1.8 trillion dollar stimulus package.

Hong Kong’s Hang Seng index moved up 0.8 per cent but Seoul’s Kospi lost 0.23 per cent. Markets in Japan were closed for a holiday.