Sensex, Nifty Marginally Higher As Metal Stocks Rally On China Stimulus Hopes

Indian shares were flat to slightly higher on Tuesday, with metal, oil/gas and power stocks pacing the gainers.

The benchmark 30-share BSE Sensex was up 37 points at 84,966 in early trade while the broader NSE Nifty index was up 14 points at 25,953.

Metal stocks traded higher, with JSW Steel, Hindalco and Tata Steel climbing 2-3 percent on China stimulus hopes.

Reliance Power jumped 5 percent after its board approved a preferential issue of 46.2 crore equity shares worth Rs 1,524.60 crore.

AstraZeneca Pharma India soared 10.5 percent after it received permission to import for sale and distribution of Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solution for infusion (Imfinzi).

Firstsource Solutions surged 5.6 percent after it acquired U.K.-based Ascensos, a customer experience outsourcing partner for retail and eCommerce businesses, for 42 million pounds.

GR Infraprojects rallied 3.5 percent on bagging a Rs. 903.5-crore contract from Maharashtra Metro Rail Corporation.

Power Grid Corporation of India rose 1.3 percent after it emerged as the successful bidder under the tariff-based competitive bidding (TBCB) for a key inter-state transmission project.

Among the top losers, HDFC Life, LTIMindtree, Infosys, Bajaj Finance and Hindustan Unilever dropped 1-2 percent.

PNB fell 2.2 percent as it launched a QIP issue to raise up to Rs. 5,000 crores.