Stocks Radar: Metal Stocks, IndiGo, Alkem Labs, DHFL 

Indian equity indices opened higher on Monday, led by gains in state-run lenders that rallied on the government’s immediate recapitalisation plan. But they soon pared their gains to trade about 0.14 percent lower.

While the S&P BSE Sensex traded at 36,750, the NSE Nifty 50 Index traded at 10,844.75 as of 10:27 a.m.

The market breadth, however, was tilted in favour of buyers as 985 stocks advanced and 667 declined on the National Stock Exchange. Eight of the 11 sectoral gauges rose, led by the Nifty PSU Bank’s 1.31 percent gain. The NSE Nifty Metal Index was the top loser, down 3.59 percent.

Here Are The Stocks Moving The Market This Morning

Metal Stocks Slump As Trade War Escalates

Shares of metal makers declined after the U.S. and China’s trade war worsened, fueling concerns about the global economy.

The NSE Nifty Metal Index fell as much as 3.7 percent to 2,192.40—Tata Steel Ltd. falling the most. The gauge is also set for its worst August since inception.

Here’s how the metal stocks fared...

• Tata Steel declined as much as 5.4 percent to Rs 326.55 apiece.
• Vedanta fell as much as 5.5 percent to Rs 129.75 a share.
• JSW Steel lost as much as 4.9 percent to Rs 209.75 per share.
• Hindalco Industries fell as much as 4.3 percent to Rs 172.50 apiece.
• Jindal Steel & Power dropped as much as 4.7 percent to Rs 97.15 percent.

IndiGo Jumps To Its Highest In Two Months

Shares of the operator of India’s largest airline rose as much as 2.6 percent to Rs 1,687.95 apiece—the highest in more than two months.

InterGlobe Aviation’s billionaire co-founder Rakesh Gangwal said he will support proposals to expand the company’s board after an agreement on policy changes. Meanwhile, the board approved appointment of Meleveetil Damodaran as independent director for five consecutive years, effective Jan. 23, 2019, according to an exchange filing.

The stock has advanced 58 percent in the past 12 months compared with a 3.4 percent fall in the benchmark Sensex, Bloomberg data showed.

PSU Banks Rise On Government’s Recap Plan

The state-run lenders were among the top performers in today’s trade.

This came after Finance Minister Nirmala Sitharaman said the government will immediately infuse Rs 70,000 crore to boost capital of banks.

Here’s how the PSU banks have fared today...

Alkem Labs Gains For Third Straight Session

Alkem Laboratories Ltd. rose as much as 2.4 percent to Rs 1,814.90 apiece, extending its gaining streak for three days.

This came even as the drugmaker received a Form 483 with four observations after the U.S. health regulator conducted inspection at its manufacturing facilities at St. Louis, Fenton Park, U.S., from Aug. 16-22, according to an exchange filing. It, however, received no observations for its plants at Baddi, Himachal Pradesh, India.

“The company shall put together a detailed response with adequate corrective and preventive measures to address the U.S. FDA observations for the facility located at St. Louis within a stipulated timeline,” Alkem said in the filing.

The stock has declined 13 percent in the past one year, Bloomberg data showed.

DHFL Gains For Second Session In A Row

Shares of Dewan Housing Finance Corporation Ltd. rose as much as 9.34 percent to Rs 44.5 apiece.

The housing finance lender has proposed a 35 percent haircut to all lenders as part of its resolution plan submitted to Union Bank of India, according to a report by The Economic Times.

Meanwhile, the company defaulted on interest payment of non-convertible debentures worth Rs 11.17 crore and Rs 51.06 crore due on Aug. 22 and Aug. 23, respectively, according to an exchange filing.

DHFL’s stock has slumped 94 percent in the last one year, according to Bloomberg data.