The BSE Sensex trades higher by over 200 points, and the Nifty 50 slips below 10,800. Here are the latest updates from the markets

Indian shares surged on Thursday, with the BSE Sensex rising over 350 points and the Nifty 50 reclaiming 10,800, tracking positive trends in Asian stocks following the biggest rally in US stocks since 2009. The rupee traded marginally lower against the US dollar following a surge in crude oil prices. Shares in banking, metal and IT companies witness heavy gains, while power stocks were under pressure. Shares in Japan surged over 3% and Australian shares advanced more than 1%. However, Korean stocks were flat, Hong Kong saw more modest gains and US futures dipped. Oil prices fell after soaring 8% in the previous session, as worries over a supply glut and concerns over a faltering global economy pressured prices.

10.11 am IST
Metal stocks advanced as global prices rise
Shares of metal companies rose today, with the Nifty Metal Index rising nearly 0.8% led by Hindustan Copper, Vedanta and Hindalco. London copper prices rose as the market recovered from its lowest in three months on the back of a broad-based rally in financial and commodity markets, Reuters reported. Three-month LME copper climbed 1.3% to $6,033 a tonne.
Moreover, Union minister Suresh Prabhu said the commerce ministry is in favour of hiking import duty on aluminium with a view to support domestic manufacturers. “That is a proposal to protect our domestic industry. The proposal is under examination and we support the proposal,” Prabhu told PTI on Wednesday.
“Despite the recent weakness, LME Al has been the best performer amongst base metals. We see good support from sustained cost pressure and low inventories. While there are risks on growth and trade tensions, we perceive a possibility of Al reversing its course,” said Edelweiss Securities in a research note. The brokerage said it prefers Hindalco among non-ferrous players “in view of expected volatility in LME Al and alumina prices.”

9.33 am IST
HUL shares up over 1% as it considers legal options over GST fine
Shares of Hindustan Unilever rose as much as 1.15% to Rs 1,811.90 per share. HUL on Wednesday said it is considering “legal options” after GST anti-profiteering authority found it guilty of not passing on rate cut benefits to consumers. The National Anti Profiteering Authority (NAA) has passed an order against the company on December 24, 2018 for depositing an amount of ₹223 crore, HUL said in a regulatory filing.

9.47 am IST
Market update: Sensex, Nifty rise nearly 1%
The Sensex opened at 36,002.11 and rose as much as 391.3 points to 36,041.24. The Nifty 50 opened at 10,817.90 and surged 95 points to 10,824.80. At 9.40am, the BSE Sensex traded 294.40 points, or 0.83%, up at 35,944.34, and the Nifty 50 rose 81.60 points, or 0.76%, to 10,811.45.
The BSE midcap and smallcap indices added 0.47% and 0.75%, respectively. All the sectoral indices on BSE, except telecom and power, gained led by IT, teck and energy, which rose over 1%. FMCG, metal, bankex and auto also advanced.

source: livemint.com