Sensex closes over 230 points higher, Nifty above 10,850
09 Jan 2019
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Market at Close: Equity benchmarks have closed the session with strong gains. The Nifty has ended the session around 10,850-mark.
There was some weakness seen among metals and energy sectors, along with PSU banks. Meanwhile, banks, automobile and consumption names rose during the trade.
The Nifty Midcap index ended with cuts of around one-tenth of a percent.
Bharti Airtel, Axis Bank and ITC are the top gainers, while Yes Bank, Tata Steel, GAIL and HPCL lost the most.
Jet Airways falls 1%: Shares of Jet Airways fell over a percent in morning trade on Wednesday as investors reacted to multiple developments.
The Naresh Goyal-led airline flew 14.7 lakh passengers in November 2018, down by about 1.5 lakh passengers from January.
In January 2018, the airline had flown 16.2 lakh passengers, show statistics from the DGCA.
Additionally, investors turned wary of State Bank of India (SBI) seeking a progress of turnaround plan by the airline, CNBC-TV18 reported, quoting banking sources.
Further, the report added that banks want Goyal to give up majority control and step down from the Board of the carrier. It has suggested that his son, Nivaan Goyal replace him on the Board.
Media stocks rally: Shares of HT Media, Jagran Prakashan and DB Corp rose 8-17 percent as investors cheered government hiking ad rates by 25 percent.
The government on Tuesday hiked by 25 percent the rates at which the Bureau of Outreach and Communication releases its advertisements to the print media.
The government said the decision will be of great benefit especially to the medium and small newspapers, including a large number of such papers in regional and vernacular languages.
Market opens: The market has begun the day on a strong note, with the Sensex jumping over 200 points up.
The Sensex is up 210.98 points or 0.59% at 36191.91, and the Nifty up 54.10 points or 0.50% at 10856.30. The market breadth is positive as 330 shares advanced, against a decline of 109 shares, while 30 shares were unchanged.
Banks, automobiles and pharmaceutical sectors are gaining the most, while the Nifty Midcap index is higher by half a percent.
Infosys, Tata Motors, and Bharti Airtel are the top gainers, while Tata Steel and Eicher Motors have lost the most.
Market at pre-open: Equity benchmarks have begun the day on a positive note in pre-opening trade.
The Sensex is up 185.20 points or 0.51% at 36166.13, and the Nifty up 66.80 points or 0.62% at 10869.00.
The Indian rupee opened higher by 15 paise at 70.05 per dollar on Wednesday versus previous close 70.20.
Rupee outlook: The battered Indian rupee will take another bruising this year, despite a recent revival, weighed down by uncertainty around national elections in May and an expected economic slowdown, a Reuters poll found.
While the currency recovered nearly 6 percent after touching a record low of 74.485 per dollar on October 11, the January 2-8 poll of more than 65 analysts showed the rupee will weaken again.
However, fewer than 20 percent of contributors in the latest poll expected the rupee to breach that all-time low in the next 12 months, compared to nearly 50 percent in a November survey and about one-third in December.
SGX Nifty: Trends on SGX Nifty indicate a positive opening for the broader index in India, a gained of 74.50 points or 0.69 percent. Nifty futures were trading around 10,912-level on the Singaporean Exchange.
