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Market News

  • 07


    Sensex, Nifty attain one-week closing high in broad-based rally

    Key benchmark indices logged strong gains in a broad-based rally led by index pivotals ICICI Bank, Maruti Suzuki India and L&T. The barometer index, the S&P BSE Sensex, surged 352.03 points or 1.08% to settle at 32,949.21. The Nifty 50 index surged 122.60 points or 1.22% to settle at 10,166.70. Sharp fall in oil prices in global commodities market yesterday, 6 December 2017 also boosted investors sentiment.

    Auto stocks rose across the board. Bank stocks edged higher. Telecom shares were in demand.

    Bargain hunting emerged in today`s trade as key benchmark indices corrected sharply since 27 November 2017. The Sensex fell 1,127.26 points, or 3.34% to 32,597.18 yesterday, 6 December 2017, from its close of 33,724.44 on 27 November 2017.

    Indices opened higher and extended intraday gains to hit fresh intraday high in mid-morning trade. However, profit selling trimmed some gains off key indices in early afternoon trade. Key indices firmed up once again and hit fresh intraday high in late trade.

    The Sensex surged 352.03 points or 1.08% to settle at 32,949.21, its highest closing level since 30 November 2017. The Sensex rose 395.27 points, or 1.21% at the day`s high of 32,992.45 in late trade. The index rose 0.94 points at the day`s low of 32,598.12 in early trade.

    The Nifty 50 index surged 122.60 points or 1.22% to settle at 10,166.70, its highest closing level since 30 November 2017. The Nifty rose 138.55 points, or 1.38% at the day`s high of 10,182.65 in late trade. The index rose 17.80 points, or 0.18% at the day`s low of 10,061.90 in early trade.

    Among secondary barometers, the BSE Mid-Cap index rose 1.38%. The BSE Small-Cap index rose 1.29%. Both these indices outperformed the Sensex.

    The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,873 shares rose and 806 shares fell. A total of 151 shares were unchanged.

    The total turnover on BSE amounted to Rs 3895.31 crore, higher than turnover of Rs 3423.30 crore registered during the previous trading session.

    All the nineteen sectoral indices on BSE were in the green. The BSE Teck index (up 1.42%), the BSE Realty index (up 2.06%), the BSE Telecom index (up 4.81%) and the BSE Power index (up 2.13%) outperformed the Sensex. The BSE Bankex index (up 0.99%), the BSE Finance index (up 0.88%) and the BSE Energy index (up 0.66%) underperformed the Sensex.

    Index heavyweight and engineering and construction major L&T advanced 2.45% to Rs 1,219.15 after the company said that its subsidiary L&T Hydrocarbon Engineering has secured order valued over Rs 1600 crore from HPCL, Visakhapatnam refinery. The announcement was made during market hours today, 7 December 2017.

    Auto stocks rose across the board. Maruti Suzuki India (up 3.26%), Mahindra & Mahindra (M&M) (up 0.85%), Eicher Motors (up 1.34%), Ashok Leyland (up 2.27%), Escorts (up 2.53%), Bajaj Auto (up 2.78%), Hero MotoCorp (up 1.13%) and TVS Motor Company (up 1.98%) gained.

    Auto major Tata Motors rose 1.35% after the company`s British luxury car unit Jaguar Land Rover reported decent sales in November. Jaguar Land Rover`s total vehicle sales rose 10% to 52,332 vehicles in November 2017 over November 2016, driven primarily by the introduction of the new Land Rover Discovery and the Range Rover Velar. Furthermore, retail sales of Jaguar`s all new compact SUV, the E-PACE, began in the UK and Europe during November. The announcement was made during trading hours today, 7 December 2017.

    Bank stocks edged higher. Among private bank stocks, ICICI Bank (up 2.2%), Federal Bank (up 1.81%), Yes Bank (up 1.4%), Axis Bank (up 0.82%), HDFC Bank (up 0.37%), RBL Bank (up 0.25%), Kotak Mahindra Bank (up 0.19%) and City Union Bank (up 0.2%) edged higher. IndusInd Bank (down 0.13%) fell.

    Among PSU bank stocks, Bank of India (up 2.25%), Central Bank of India (up 1.55%), Andhra Bank (up 1.24%), Bank of Baroda (up 1.21%), Syndicate Bank (up 1.22%), State Bank of India (up 1.39%), Punjab National Bank (up 0.99%), Vijaya Bank (up 1.02%), Canara Bank (up 1.05%), Union Bank of India (up 1.64%), Indian Bank (up 1.04%), Punjab & Sind Bank (up 0.32%), United Bank of India (up 0.29%) and Dena Bank (up 0.41%) edged higher.

    Bank of Maharashtra rose 1.17% after the bank said that it has kept base rate unchanged at 9.6%. The announcement was made after market hours yesterday, 6 December 2017.

    Bank of Maharashtra also reviewed its marginal cost of funds based lending rates (MCLRs) for various tenors from 7 December 2017. The bank`s MCLR for overnight loans will be 8.1%, the rate for one month will be 8.15% and for three months it will be 8.2%. The MCLR on 6-month loans will be 8.55% and for one-year loans the rate will be 8.65%, the bank said.

    IDBI Bank rose 1.02% after the bank said that its board of directors approved the sale of 28 lakh equity shares of National Securities Depository (NSDL) constituting 7% of its total paid up equity capital held by IDBI Bank. The announcement was made after market hours yesterday, 6 December 2017.

    Telecom shares were in demand. Bharti Airtel (up 6.08%), Reliance Communications (up 3.53%), MTNL (up 1.69%) and Idea Cellular (up 4.72%) edged higher. Tata Teleservices (Maharashtra) fell 1.84%.

    Telecom tower infrastructure provider Bharti Infratel gained 3.33%.

    Havells India rose 3.06% after the company announced its foray into water heater segment with the launch of technologically advanced and aesthetically designed range of water heaters. The announcement was made during market hours today, 7 December 2017.

    Havells India has launched five variants in electric water heater with a capacity ranging from 1 litre to 25 litre, in the price range of Rs 3,500 to 14,000. The new range of water heaters are being manufactured at the world`s most modern plant in Neemrana, Rajasthan.

    Pokarna dropped 10.67% after consolidated net profit fell 35.2% to Rs 12.06 crore on 9.3% decline in net sales to Rs 85.05 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 6 December 2017.

    In the global commodities markets, Brent for February 2018 settlement was up 52 cents at $61.74 a barrel. The contract had fallen $1.64 a barrel or 2.61% to settle at $61.22 a barrel during the previous trading session. India imports majority of its cruderequirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.

    Overseas, European shares were trading higher as tech stocks rebounded. France`s trade deficit increased to stand at around 5 billion euros ($5.90 billion) in October compared to 4.6 billion euros in the previous month, showed seasonally adjusted data published on Thursday by the customs office.

    Most Asian shares declined as US policy uncertainty kept sentiment in check. US stocks ended mixed on Wednesday, as weakness in the energy sector spurred some minor selling that offset a recovery in the technology sector. The Dow Jones Industrial Average fell 0.16%. The S&P 500 fell 0.01%. The Nasdaq Composite Index rose 0.21%.

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