Metal stocks outperform in a weak market; Hindalco up 3%

Benchmark share indices came off their early lows after gains in metal shares helped offset losses in select index heavyweights.

the S&P BSE Sensex was down 46 points at 25,633 and the Nifty50 was down 9 points at 7,846. 

In the broader market, the BSE Midcap and Smallcap indices were up 0.2% each. Market breadth improved with 1043 gainers and 756 losers on the BSE.

Among the index heavyweights ICICI Bank was down nearly 2% while ITC was down 0.6%. 

Axis Bank and Maruti Suzuki were trading with marginal losses ahead of their fourth quarter earnings.

Hindalco was up over 3% after the company said that Metals X Ltd conditionally intends to increase its offer for Hindalco's subsidiary Aditya Birla Minerals Ltd to one MXL share for every 4.5 shares of ABML plus an additional 8 cents per ABY share in cash. ABML is listed on the Australian Stock Exchange. 

STOCKS IN FOCUS 

ITC was down 1.2% on reports stating that the government is working on a proposal to completely ban foreign direct investment (FDI) in the tobacco sector. Among other cigarette makers, Godfrey Philips India, Golden Tobacco and VST Industries declined 3%-12% each.

Sun Pharma was down nearly 1%. India's largest pharmaceutical company Sun Pharmaceuticals on Monday entered into a public private partnership (PPP) with the Union and Madhya Pradesh governments for a campaign to ensure a malaria-free India.

Axis Bank and Maruti Suzuki were down 0.3%-0.9% each ahead of their fourth quarter earnings later today.

Hindalco is the top Sensex gainer up over 2%. The company's arm Aditya Birla Minerals Limitedmade an announcement regarding its intention to improve its ongoing takeover offer for acquiring shares of ABML under the relevant laws of Australia.

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