Indian equity indices open lower on global cues. IT, financial stocks decline. Companies like ICICI Bank, JSW Steel, Bajaj Finance trade with cuts, while Tata Motors, Titan, Reliance Industries record gains.
​Shares of metal companies surged Monday, leading gains in a session where benchmark indices hit lifetime highs. The Nifty Metal index also surged to a record, ending with near 4% gains on positive manufacturing data from China amid brightening prospects of a June start to the US rate easing cycle.
When the stock prices move up and open interest on the counter also moves upward, it is taken as a sign of a long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase.
An official factory survey on Sunday revealed that China s manufacturing activity had expanded for the first time in six months in March. The world s largest producer and consumer of copper saw its most-traded May copper contract on the Shanghai Futures Exchange closing day-time trade 1.1% higher at 73,100 yuan ($10,110.79) per metric tonne.