Sensex ends 361 points higher ahead of exit polls, Nifty just short of 10,700; Kotak Bank up 9%
07 December 2018
Market at Close: Equity benchmarks ended the session on a positive note, with the Nifty ending well above 10,650-mark.
Investors awaited cues from exit polls of elections in five states.
Financials led the surge, backed by a huge jump in Kotak Mahindra Bank.
Meanwhile, automobiles and consumption names were the big gainers, while the Nifty Midcap ended flat.
At the close of market hours, the Sensex was up 361.12 points or 1.02% at 35673.25, while the Nifty was higher by 92.50 points or 0.87% at 10693.70. The market breadth was negative as 1077 shares advanced, against a decline of 1458 shares, while 155 shares were unchanged.
Kotak Mahindra Bank, Adani Ports, and Bajaj Finserv were the top gainers, while Sun Pharma, Coal India, HCL Tech and GAIL lost the most.
Market Update: Equity benchmarks are at their high point, with the Sensex rising over 250 points. The Nifty is well above 10,650.
The Sensex is up 267.89 points or 0.76% at 35580.02, and the Nifty up 62.40 points or 0.59% at 10663.60. The market breadth is negative as 930 shares advanced, against a decline of 1459 shares, while 132 shares were unchanged.
Market Update: The Sensex is up 171.88 points or 0.49% at 35484.01, and the Nifty up 31.50 points or 0.30% at 10632.70. The market breadth is negative as 919 shares advanced, against a decline of 1,457 shares, while 135 shares were unchanged.
Kotak Mahindra Bank and Infosys are the top gainers, while Sun Pharma, Yes Bank, HCL Technologies and GAIL lost the most.
Buzzing: Shares of Dilip Buildcon rose 4.4 percent as company bagged order worth Rs 1,000 crore from Mahanadi Coalfield.
The company received Letter of Acceptance (LOA) for a new OB Removal Contract Mining Project valued at Rs 1000.36 crore by the Mahanadi Coalfield (MCL), a subsidiary of Coal India, Samleshwari OCP, Jharsuguda District in the state of Odisha.
Market Update: Equity benchmarks are volatile ahead of crucial exit polls that will be declared in the evening. The Nifty has held 10,600-mark, while the Sensex is up around 100 points after seeing a 200-point surge in the morning.
The Sensex is up 128.73 points or 0.36% at 35440.86, and the Nifty up 19.10 points or 0.18% at 10620.30. The market breadth is negative as 998 shares advanced, against a decline of 1269 shares, while 132 shares were unchanged.
Among sectors, pain was visible among metals, energy and PSU banks, while automobiles and Nifty Bank were the big gainers. The Nifty Midcap index is trading flat.
Kotak Mahindra Bank, Asian Paints, and Zee Entertainment were the top gainers, while Yes Bank, Wipro, HCL Tech and GAIL lost the most.
Benchmark indices extended gains amid volatility ahead of five states elections exit polls due later in the day.
The 30-share BSE Sensex was up 194.57 points at 35,506.70 and the 50-share NSE Nifty rose 34.60 points to 10,635.80.
GAIL India Slips Over 4%
GAIL India shares fell 4.5 percent in morning after global research house feels upcoming quarterly results for the company may be quite weak.
The reason it cited for weak earnings expectations is the US LNG arbitrage which may stay negative through 2019.
Hence, CLSA slashed price target for GAIL to Rs 420 from Rs 465 earlier, but maintained buy call.
Futures trade suggest that US LNG will be at a significant premium to Asian spot LNG price, the research house said.
FII View on Indian Equities
Amit Sachdeva of HSBC told CNBC-TV18 that political uncertainty is still an overhang on the market.
"In addition, another round of crude price inflation and global liquidity tightening are some of the key risks which could keep market volatility at elevated levels," he said.
Buzzing: Shares of HCL Tech shed 4.5 percent in the early trade on Friday after company is going to buy some of IBM software products.
IBM and HCL Technologies announced a definitive agreement under which HCL will acquire select IBM software products for USD 1.8 billion, company said in release.
Market Opens: After a yesterday's declines benchmark indices started on positive note on Friday with Sensex is up more than 150 points.
At 09:17 hrs IST, the Sensex is up 165.44 points or 0.47% at 35477.57, and the Nifty up 37.10 points or 0.35% at 10638.30. About 465 shares have advanced, 128 shares declined, and 28 shares are unchanged.
IOC, HPCL, Hindalco, M&M, Dr Reddy's Lab, Vendata, ICICI Bank, Bajaj Auto and Sun Pharma are among major gainers on the indices, while HCL Tech, Yes Bank, Tata Motors, Gail India are trading lower.
Market at pre-open: Benchmark indices are trading firm in the pre-opening session with Nifty trading above 10,650 level.
At 09:02 hrs IST, the Sensex is up 162.37 points or 0.46% at 35474.50, and the Nifty up 59.00 points or 0.56% at 10660.20.
HCL Tech is trading higher after company decided to buy some of its software products from IBM, Jet Airways M&M are the other major gainers in the pre-opening trade.
Market Headstart: Nifty likely to open higher; 3 stocks that could return 6-14%
Trends on SGX Nifty indicate that the index will open 51 points (0.48 percent) higher in India. Nifty futures were trading around 10,675 on the Singaporean exchange
Crude Update: Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.
Wall Street ends mixed: The S&P 500 and Dow industrials ended slightly negative but well above their session lows in volatile trading on Thursday as the arrest of a Chinese technology executive fanned fears of US-China tensions over trade, while some beaten-up big technology and internet shares posted gains.