Indices extend gains

Key benchmark indices extended gains after an initial upmove. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 282.75 points or 0.79% at 36,245.68. The Nifty 50 index was up 67.35 points or 0.62% at 10,872.80.

Trading for the week began on a positive note as the key benchmark indices drifted higher in early trade.

The S&P BSE Mid-Cap index was up 0.32%. The S&P BSE Small-Cap index was up 0.28%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1207 shares rose and 787 shares fell. A total of 96 shares were unchanged.

Overseas, Asian stocks were trading mixed. US stocks dropped sharply on Friday as mounting concern over the health of the global economy overshadowed positive trade developments and signs of strength from the American consumer.

The Federal Reserve holds its final policy meeting of 2018 on Tuesday and Wednesday. The rate decision will be followed by a press conference with Chairman Jerome Powell. Investors are closely watching the Federal Reserve monetary policy guidance for 2019. The Bank of Japan's monetary policy decision is due Thursday, followed by a briefing from Governor Haruhiko Kuroda.

Back home, Reliance Industries rose 0.94%. With reference to the outcome of a litigation by Airtel and Idea challenging the amendments made by TRAI to the Telecom Tariff Order 1999, Reliance Jio Infocomm, subsidiary of the company, had impleaded itself in the case to put forth its point of view. The order passed by the TDSAT has no impact on Reliance Jio Infocomm. The announcement was made on Saturday, 15 December 2018.

Vedanta rose 3.29% after the National Green Tribunal allowed the company to resume operations of its copper smelter at Thoothukudi. The announcement was made on Saturday, 15 December 2018.

Vedanta announced that the National Green Tribunal vide its order dated 15 December 2018 has allowed the company to resume operations of its copper smelter at Thoothukudi and directed the Tamil Nadu Pollution Control Board (TNPCB) to pass fresh order of renewal of consent and restoration of electricity supply for the firm's operations within 3 weeks from the date of the order.

Vedanta said it will study the order in detail and shall take all the steps required to restart the operations as per guidelines given by the Honourable Court. The company said it had been operating its Smelter with the best-in-class technology adopting best practices followed globally and shall continue to do so.

Bharti Airtel rose 0.44%. Bharti Airtel announced that its board will meet on 20 December 2018 to consider various fund raising options for the company as the board may deem appropriate. The announcement was made on Saturday, 15 December 2018.

Future Consumer shed 0.41%. Future Consumer announced that it has sold its stake in Amar Chitra Katha (ACK) for Rs 44.39 crore. Consequently, ACK has ceased to be a subsidiary of the company with effect from 14 December 2018. Further, ACK has allotted 4,977 Compulsory Convertible Debentures ("CCDs") to the company for an aggregate amount of Rs 49.77 crore in lieu of the outstanding loans granted earlier, shall be convertible at the expiry of three years at the then prevailing fair value of ACK. The announcement was made after market hours on Friday, 14 December 2018.

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