The markets on January 5 opened gap up. BSE Sensex is trading at 34,082.00, up by 112.36 points and the Nifty is trading at 10,529.70, up by 24.90 points. Meanwhile, following stocks are close to their 52 week high as on January 5.

Nifty Metal index outperformed the markets by gaining nearly 48.5 per cent in 2017. Bounce back in the metal majors like Vedanta, Tata Steel and Hindalco after May 2017 led to this exuberant move in the index. These frontliners are currently trailing at their multi-year high levels.

Larsen & Toubro Hydrocarbon Engineering, a wholly-owned subsidiary of Larsen and Toubro (L&T), has secured an offshore contract worth approximately Rs. 1,483 crore from ONGC.

After posting good Q3 results, the stock of GM Breweries was up around 12 per cent in the morning session at Rs. 1,098.00 per share, up Rs. 120.80 or 12.36 per cent on Friday. The stock has shown significant price as well as volume gains, volume rose by around 1,200 per cent compared to its 5-day moving average.

Overall volumes in futures & options currently stand at 1.07 crore contracts with a turnover of Rs. 10,36,180.25 crore.

Overall volumes in futures & options currently stand at 1.07 crore contracts with a turnover of Rs. 10,36,180.25 crore.

Going ahead, a sustainable move above Thursday’s high (10,513) will help the index to reclaim its all-time level of 10,552, followed by 10,600. On the downside, immediate support is seen at the levels of 10,440, followed by 10,390-10,400. 

Key Indian stock market indices are likely to open a tad higher on Friday, following mixed cues from Asian peers. The SGX Nifty indicates that the Nifty could open at 10,542 with gains of 9 points at the opening bell.   

The steel manufacturing companies are also witnessing uptrend in other costs of raw materials, such as coal, refractory and electrodes.

RBI has imposed prompt corrective action (PCA) on Allahabad Bank for non-fulfillment of the regulatory requirements regarding adequate capital, rising NPA’s and return on assets on Wednesday. Almost half of public sector banks are under RBI’s watch of prompt corrective action. Here is short brief about what is PCA