Markets Live: Sensex soars 361 points; Nifty closes at 10,694

Closing bell

Benchmark indices snapped their three-day falling streak on firm global cues, easing crude prices and strengthening of rupee against the dollar. The Sensex rallied 361.12 points, or 1.02 per cent, to close at 35,673.25 and the Nifty jumped 92.55 points or 0.87 per cent to 10,693.70.

Top five gainers were Kotak Bank, Adani Ports, Bajaj Auto, Infosys and Asian Paints, while the major losers were Sun Pharma, Coal India, YES Bank, NTPC and Tata Steel.

Kotak Mahindra Bank was the biggest gainer on both the indices, ending nearly 9 per cent higher, on reports that Warren Buffett’s Berkshire Hathaway Inc was planning to pick up stake in the private sector lender.

According to media reports, Berkshire Hathaway may invest between $4 billion and $6 billion in the lender by buying promoter stake or through a preferential allotment.

Among BSE sectoral indices, banking, FMCG, capital goods and auto remained investors' favourite, while oil & gas, metal, PSU and healthcare succumbed to selling pressure.

Investors also took positive cues from Asian and European equities after US Fed Chairman Jerome Powell signalled that the three-year tightening cycle was drawing to a close, and IMF chief Christine Lagarde said that the US was not likely to see an economic contraction in the near term.

Oil prices fell, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. Brent crude, the international benchmark, was trading 0.72 per cent lower at $59.63 per barrel.

As per provisional data, on a net basis, foreign portfolio investors bought shares worth Rs 72.47 crore on Thursday, while domestic institutional investors were net sellers to the tune of Rs 389.78 crore.

MFs asset base jumps to Rs 24 lakh cr

Assets under management of mutual funds increased eight per cent in November to Rs 24.03 lakh crore against Rs 22.23 lakh crore logged in October, largely due to fresh inflow into liquid schemes and recovery in equity markets. Read more

MCX gold, silver

Gold prices rose Rs 15 to Rs 31,104 per 10 gram at the futures trade as speculators raised their bets, taking positive cues from the global markets. Silver prices rose Rs 186 to Rs 37,404 per kg. Read more

Rupee trading strong at 70.68

The rupee appreciated by 46 paise to 70.44 against the US dollar due to dollar’s weakness against other currencies overseas and a strong domestic equity market. It hovered in a range of 70.74 and 70.44 before quoting at 70.68, up 22 paise at 3 pm local time. Read more

European markets

European shares attempted to recoup losses sustained during the previous session's global sell-off but lacked thrust from Wall Street and Asian markets for a significant rebound. By 0814 GMT, the euro zone's STOXX index was up 0.9 per cent after falling 3.2 per cent during Thursday's rout. Read more

Centre sweetens NPS for govt staff

The Cabinet is understood to have approved some flexibility to  the National Pension System to benefit over 3 million Central government employees. It has now been decided that the government’s matching contribution for NPS to every government employee will be increased to 14 per cent as against 10 per cent earlier. Read more

Pre-close trade

The S&P BSE Sensex was trading higher by 262.53 points or 0.74 per cent at 35,574.66 and the Nifty 50 up 32.95 points or 0.31 per cent at 10,634.10 on heavy buying in bank, capital goods, FMCG and auto stocks amid firm European cues. However, oil & gas, metal, PSU and healthcare succumbed to selling pressure.

Top five Sensex gainers were Kotak Bank, Adani Ports, Infosys, Bajaj Auto and Asian Paints, while the major losers were Sun Pharma, Coal India, NTPC, Bharti Airtel and IndusInd Bank.

Domestic sentiment was buoyed as the rupee strengthened to 70.44 against the dollar due to easing crude oil prices. Oil prices fell as OPEC discussed a potential exemption from cutting output for Iran and as the producer club sought to get heavyweight supplier Russia on board.

International Brent crude oil futures fell below $60 per barrel, trading at $59.53 per barrel at 0750 GMT, down 53 cents, or 0.9 per cent from their last close. WTI crude futures were at $51.05 per barrel, down 44 cents, or 0.9 per cent.

European shares attempted to recoup losses sustained during the previous session's global selloff but lacked thrust from Wall Street and Asian markets for a significant rebound.

By 0814 GMT, the euro zone's STOXX index was up 0.9 per cent after falling 3.2 per cent during Thursday's rout, which was triggered by fears the US dispute with China could worsen to a full-out trade war.

'Good show by capital markets despite global volatility'

SEBI Chairman Ajay Tyagi says that despite volatility in markets, domestic capital market has performed better than its peers. During April-November, returns on Nifty had moved up by about 6.5 per cent. Read more

Nifty media, pvt bank shares

Intraday high, low

Give money, get tax breaks

The devastation wrought about recently by Cyclone Gaja in parts of Tamil Nadu has prompted calls for donations to alleviate the suffering of the affected people. It’s a good idea to open up your purse strings and give generously. Your donations can not only help those in need, but it can also reduce your tax liability. Read more

Do your ‘home’work online

The first and best source to look online is the RERA website of your State. All developers are required to register their projects and provide detailed information with the authority, which is published on the website. For example, the Tamil Nadu RERA website lists projects that have been registered. Read more

How credit-worthy are you?

A credit report assesses the credit worthiness of an individual. It carries information on how well you have managed your debt in the past and how prompt you have been with repayment. If you are planning on making any big purchases in the future, it will be prudent to check your credit score. Read more

Post-noon trade

Domestic shares were trading higher after posting steep losses in the previous session due to strengthening of rupee and easing crude oil prices. The Sensex was up 133.92 points or 0.38 per cent at 35,446.05 and the Nifty up 31.3 points or 0.3 per cent at 10,632.45.

Kotak Mahindra Bank shares rallied as much as 14 per cent to Rs 1,345.35 as a media report said that Berkshire Hathaway is planning to invest about $4 billion to $6 billion in the lender by either buying promoter stake or through a preferential allotment. The stock posted their biggest intraday gain since February 25, 2010, rising over 14 per cent.

“In the shorter term, markets are largely driven by sentiment,” said Sunil Sharma, chief investment officer with Sanctum Wealth Management.

“Looking ahead, we have an accommodative RBI, a neutral Fed, low crude oil and a healthy domestic economy.”

Asian shares struggled amid speculation the Federal Reserve might be “one-and-done” with US rate hikes, while oil fell anew as producers bickered over the details of an output cut.

The arrest of smartphone maker Huawei Technologies Co Ltd Chief Financial Officer Meng Wanzhou, which cast a cloud over the possibility of a trade truce between the US and China, also dampened the sentiment.

Nifty 50 December futures (10,662)

Nifty December futures contract began the session with a gap-up open at 10,665 levels. After recording an intra-day high at 10,684, the contract marked an intra-day low at 10,641 levels. The contract is range-bound with a positive bias. Read more

Commodity Derivatives 2.0

While 2.0 fever is raging in the tinsel town, the commodity market is not far behind. While on the one hand, the Centre has been striving hard to integrate the fragmented physical mandis, on the other, the SEBI has been working overtime to clean up the commodity derivatives market and bring new products and players. Read more

Dollar struggles to recover

The dollar struggled to recover in Asian trade, hobbled by fresh speculation that a widely expected rate hike later this month could be the last before Federal Reserve hits the pause button on its tightening cycle. The dollar index, which measures the greenback against a basket of six major peers, was virtually flat at 96.802. Read more

Gold set for best week since August

Gold prices rose slightly and were headed for their best week in 15, as the dollar weakened following a decline in US Treasury yields, while investors awaited US non-farm payroll data for clues about the health of the world's top economy. Spot gold was up 0.1 per cent at $1,239.24 per ounce. Read more

HCL Tech hits 5-month low

Shares of software services exporter HCL Technologies Ltd fell as much as 7.7 per cent to Rs 934.45, their biggest single-day percentage loss since May 3. More than 5.9 million shares changed hands at 0515 GMT, compared with 30-day average of around 2 million. Read more

Nifty gainers, losers

The S&P BSE Sensex was trading up by 121.42 points or 0.34 per cent at 35,433.55 and the Nifty 50 up 17.6 points or 0.17 per cent at 10,618.75 led by banking, FMCG, capital goods and auto stocks amid firm global cues. However, metal, PSU, oil & gas and power stocks lost investors' support.

Strengthening of rupee to 70.44 and easing crude oil prices buoyed investor sentiment. Investors also took cues from Asian equities after US Fed Chairman Jerome Powell signalled that the three-year tightening cycle was drawing to a close, and IMF chief Christine Lagarde said that the US was not likely to see an economic contraction in the near term.

Kotak Mahindra Bank jumps over 6%

Shares of Kotak Mahindra Bank Ltd jumped as much as 6.33 per cent to Rs 1,255, their biggest percentage gain since May 31 as Berkshire Hathaway is looking to buy 10 per cent stake in Kotak Mahindra Bank. Read more

Rupee strengthens to 70.44

The rupee appreciated by 46 paise to 70.44 against the US dollar due to dollar’s weakness against other currencies overseas and a strong domestic equity market. It hovered in a range of 70.60 and 70.44 before quoting at 70.56, up 34 paise at 11.25 am local time.  Read more

Sensex may treble by 2025

Striking a bullish tone on the Indian economy and prospects for equities, Karvy Private Wealth has in its latest ‘India Wealth Report 2018’ concluded that the Sensex could possibly treble by 2025. The Sensex returns from 2009 to 2018 have been 8.53 per cent CAGR. Indian equity markets are yet to witness a sustained bull run to catch up with the average returns for a decade now. Read more

Mphasis buyback offer

The ₹988.27-crore buyback offer of Mphasis opens today and will close on December 20. It plans to buy back up to 73.20 lakh shares, that is, 3.79 per cent of the total paid-up equity share capital, at ₹1,350 a share. The company shares were trading down 1.97 per cent at Rs 982 on the BSE. Read more

Will Lanco Teesta Hydro give power to NHPC?

NHPC has been declared the successful resolution applicant by the Committee of Creditors of Lanco Teesta Hydro Power, subject to approval by the Adjudicating Authority. NHPC shares were trading down 0.38 per cent at Rs 26.30 on the BSE. Read more

Can IFCI report positive numbers today?

The board of IFCI will meet on Friday to consider the financial results for the quarter and half-year ended September 30, 2018. IFCI has been making losses continuously for the last four quarters. The company shares were trading down 0.71 per cent at Rs 12.59 on the BSE. Read more

MSE to launch weekly options on currency products

Metropolitan Stock Exchange has received the approval from the Securities and Exchange Board of India to launch weekly options on US dollar-Indian rupee and other new currency products. The move will enable market participants to reduce their cost of hedging significantly. Read more

Sensex gainers, losers

Top gainers were Asian Paints, ITC, Bajaj Auto, M&M, ICICI Bank, Kotak Bank, Maruti, HDFC Bank, Hero MotoCorp, Infosys and Tata Motors, while the top losers were Wipro, Coal India, ONGC, Tata Steel, HUL and TCS.

Shares of HCL Technologies opened over 6 per cent lower after the company said it will acquire select IBM software products for $1.8 billion (over Rs 12,700 crore) in an all-cash deal.

The deal will be funded largely through internal accruals, with $300 million of debt, HCL Tech said, adding that nearly half of the total amount will be paid at close of the deal. This is the biggest acquisition for HCL Tech till date, and among the largest by an Indian tech company.

The S&P BSE Sensex was trading higher by 191.61 points or 0.54 per cent at 35,503.74 and the Nifty 50 up 31.9 points or 0.3 per cent at 10,633.05 on heavy buying in healthcare, FMCG, bank and auto stocks amid firm global cues.

Top five Sensex gainers were Infosys, Asian Paints, Kotak Bank, Maruti and ICICI Bank, while the major losers were Wipro, ONGC, NTPC, Coal India and Tata Steel.

Strengthening of rupee and easing crude oil prices supported investor sentiment. The rupee appreciated by 46 paise to 70.44 due to dollar's weakness against other currencies overseas.

Oil prices extended their losses due to concerns that a meeting of OPEC and non-OPEC producers will not agree to a cut in production. Brent crude was trading 0.72 per cent lower at $59.63 per barrel.

Investors also took positive cues from Asian equities after US Fed Chairman Jerome Powell signalled that the three-year tightening cycle was drawing to a close, and IMF chief Christine Lagarde said that the US was not likely to see an economic contraction in the near term.

BSE sectoral indices

Healthcare, FMCG, bank and auto remained investors' favourite, while IT, infrastructure, metal and oil & gas succumbed to selling pressure.

NSE sectoral indices

Media, pharma and Nifty bank were in the green, while IT and metal were in the red.

Sensex gainers, losers

Top five gainers were ITC, Asian Paints, Kotak Bank, Bajaj Auto and M&M, while the major losers were Wipro, Coal India, ONGC, Tata Steel and HUL.

Top 10 Nifty gainers, losers

Cipla, Zee Entertainment, Dr Reddy's, IOC and Grasim were the major gainers, while HCL Tech, GAIL, Wipro, Indiabulls Housing Finance and JSW Steel the top losers.

Uniparts India files IPO papers

Uniparts India has filed draft papers with the Securities and Exchange Board of India to float an IPO. The IPO comprises fresh issuance of shares worth Rs 100 crore besides an offer for sale of 1,30,60,770 stocks by existing shareholders. Read more

Broker's call

ICICI Securities

Phoenix Mills (Buy)

CMP: ₹606.7

Target: ₹775

Read more

Opening bell

The S&P BSE Sensex opened higher by 199.64 points at 35,511.77 against Thursday's close of 35,312.13 and the Nifty 50 up 43.65 at 10,644.80 against 10,601.15.

Broker's call

Dabur India (Buy)

CMP: ₹401.4

Target: ₹530-550

Read more here

Day Trading Guide

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2094 • HDFC Bank

₹668 • Infosys

₹272 • ITC

₹140 • ONGC

₹1123 • Reliance Ind.

₹275 • SBI

₹1991 • TCS

10626 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Today's pick

Greenply Industries (₹137.7): Buy

Investors with a short-term horizon with a contrarian view can buy the stock of Greenply Industries at current levels of ₹137.7. The short-term outlook is bullish for the stock. Read more

COMMENT NOW