Sensex ends 629 points higher; Nifty above 10,700
12 December 2018
Market at Close: Bulls took charge right from the word go and consistently traded in the green. But intense buying in the last hour helped the market end on an even stronger note. The Nifty, not only managed to clock 10,700, but also closed above this mark.
Buying was visible across all sectors, with maximum gains seen among automobiles, metals, banks, infrastructure and consumption names. In the broader market, the Nifty Midcap index ended 3 percent higher.
At the close of market hours, the Sensex closed up 629.06 points or 1.79% at 35779.07, while the Nifty rose 188.40 points or 1.79% at 10737.60. The market breadth was positive as 1,882 shares advanced, against a decline of 645 shares, while 139 shares were unchanged.
Hero MotoCorp, Bharti Airtel, and Indiabulls Housing gained the most, while Dr Reddy’s Laboratories, and Bharti Infratel lost the most.
Ramco wins order: ?Ramco Systems has secured deal from a leading adversary air (ADAIR) services provider to the US defence forces, to manage its fleet of fighter aircraft used for highly complex training fleet and defence contract requirements.
Market Update: Benchmark indices extend the gain in the afternoon trade with Nifty above 10,700, while Sensex is up over 500 points.
At 14:47 hrs IST, the Sensex is up 539.36 points or 1.53% at 35689.37, while Nifty up 162.50 points or 1.54% at 10711.70. About 1797 shares have advanced, 621 shares declined, and 115 shares are unchanged.
Opinion : Shaktikanta Das will have to prove he is his own man
Shaktikanta Das, the new Governor of the Reserve Bank of India (RBI), is taking charge of the central bank in less than propitious circumstances. His predecessor’s resignation was clearly a protest against the government trying to impose its will on the institution. In that context, Das’ most important task is a simple one --he will have to prove that he is his own man.
Admittedly, the new incumbent at Mint Street starts off with a handicap. While his vast experience in managing economic affairs is not in question, he has an unfortunate reputation as the man under whom the government launched its controversial demonetisation programme. The speed with which he has been appointed has also raised questions whether this was the government’s game plan all along.
While several bureaucrats from the Finance Ministry have gone on to become excellent RBI governors and have asserted their independence, they did not assume office in similar circumstances. Simply put, Das will have to prove his independence. The dice is loaded against him, which means that given the circumstances, he will initially be seen to have been appointed to obey the diktats of the Finance Ministry. He will not only have to take an independent line, but must be seen to do so. He will have to work extra hard to show he is no pushover.
Buzzing: Share price of Ashok Leyland jumped 3 percent intraday Wednesday after company signed Memorandum of Understanding (MoU) with Israel's ?ELBlT Systems.
As part of this agreement, Ashok Leyland will provide High Mobility vehicles (HMV) for mounting Elbit Systems' artillery guns and systems.
Financials rally: Shares of banks and non-banking financial companies (NBFCs) soared in trade after the government appointed a successor to Urjit Patel. The Centre on Tuesday announced the appointment of Shaktikanta Das, former finance secretary to lead the Reserve Bank of India (RBI).
Yes Bank, Kotak Mahindra Bank, IDFC Bank, Federal Bank, and Punjab National Bank, among others rose 1-4 percent.
In the NBFC space, Indiabulls Housing Finance, HDFC and Bajaj Finance among others, too, rose up to 2 percent.
Market opens: It is a positive start for the market on Wednesday morning, as investors reacted to double news of Shaktikanta Das being appointed RBI governor as well as results to state elections in five states.
The Sensex is up 128.23 points or 0.36% at 35278.24, while the Nifty is higher by 33.20 points or 0.31% at 10582.40. The market breadth is positive as 314 shares advanced, against a decline of 93 shares, while 12 shares were unchanged.
All sectoral indices are trading in the green, with most gains seen in metals, infrastructure, banks and automobiles.
Shares of Yes Bank and Sun Pharmaceuticals and Indiabulls Housing were the top gainers, while Coal India, ICICI Bank, and Dr Reddy's Laboratories lost the most.
IPO UPDATE: China-based music streaming company Tencent Music Entertainment Group said it raised close to $1.1 billion in its US initial public offering (IPO) after pricing its shares at the bottom of its targeted range.
The music arm of gaming and social network giant Tencent Holdings Ltd priced its American Depositary Receipts (ADRs) at $13 per share, at the low end of its indicated $13 to $15 per share range, it said in a filing with the Hong Kong stock exchange.
The IPO values Tencent Music at $21.3 billion and shows how companies are defying a bout of market volatility with flotations.
US markets ends mixed: The S&P 500 and the Dow closed marginally lower after volatile trading on Tuesday as investors swiveled their focus between China-U.S. trade talks, President Donald Trump's threat to shut down the U.S. government and political uncertainty in Britain.