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MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

The S&P BSE Sensex ended at 36,347, up 77 points or 0.2 per cent, while NSE's Nifty50 index reclaimed the crucial 10,900 level to sign off the day at 10,909, up 20 points or 0.2 per cent.

SI Reporter  |  New Delhi 

Markets, Up, Down, BSE, NSE, Stocks
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Reversing the early losses, the domestic equity market closed in the positive territory on Tuesday, led by buying in financials, pharma, auto and metal counters. The S&P BSE ended at 36,347, up 77 points or 0.2 per cent, while NSE's Nifty50 index reclaimed the crucial 10,900 level to sign off the day at 10,909, up 20 points or 0.2 per cent.

In the 30-share pack, 20 components ended in the green while rest in the red. Sun Pharma emerged as the top gainer on the index and Infosys the top loser. L&T, ICICI Bank and Reliance Industries (RIL) contributed the most to the index’s gains. 

In the broader Nifty50 index of National Stock Exchange (NSE), 33 constituents advanced while 17 declined.

Among individual stocks, shares of Zee Entertainment Enterprises (ZEE) tumbled around 8per cent to Rs 463 apiece on BSE amid concerns growth trends in over-the-top (OTT) content and worries related to the rise in cost may hit the profitability of the company. According to a CNBC TV18 report, Kotak Institutional Equities downgraded Zee to ‘reduce’ and cut target price to Rs 430 from Rs 600.

Shares of liquor companies were in focus with United Breweries and Globus Spirits rallying up to 8 per cent on the BSE, on the expectations of higher volume growth in the current quarter(October-December).

Sectorally, shares of public sector undertaking (PSU) banks gained for the sixth straight trading session after Shaktikanta Das was named as the 25th governor of the Reserve Bank of India (RBI) last week. Oriental Bank of Commerce, Bank of India, Union Bank of India, Syndicate Bank, UCO Bank, Central Bank of India, Canara Bank, Indian Bank and Allahabad Bank were up in the range of 2 per cent to 4 per cent during the session.

BROADER MARKET

The broader market performed in line with the benchmark peers with the S&P BSE Midcap index ending at 15,290, up 0.2 per cent, while the S&P BSE Smallcap index closed at 14,606, up 0.45 per cent. 

RUPEE

The domestic currency touched a near three-week high against the US dollar on Tuesday on lower crude prices and expectations of fewer US rate hikes in 2019 as counted down to a crucial Federal Reserve meeting. The domestic unit traded in the range between 70.73 -71.35. 

Global Markets

Asian share sank on Tuesday as heightened worries about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.9 per cent in mid-afternoon trade while Japan's Nikkei lost 1.8 per cent to close at its lowest since late March. Chinese shares slumped, with the blue-chip index dropping 1.1 per cent and Hong Kong's Hang Seng index down 1.2 per cent, while Australian shares also lost 1.2 per cent.

Oil Prices

Brent crude prices dropped more than $1 on Tuesday, falling for a third straight session, as reports of inventory build and forecasts of record shale output in the United States, now the world's biggest producer stoked worries about oversupply.

Concerns over future oil demand amid weakening global economic growth and doubts over the effectiveness of planned production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) also pressured prices, traders said.

International benchmark Brent futures were at $58.62 per barrel, down 99 cents, or 1.66 per cent, from their last close. Brent, which has slipped more than 4 per cent in the past three sessions, fell to as low as $58.10 a barrel on Tuesday, down more than $1.50 from the previous day's close. US West Texas Intermediate (WTI) crude futures were down 91 cents or 1.82 per cent at $48.97 per barrel.
 
(with Reuters input)

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

Sectoral gainers and losers of the day on NSE

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

BSE Sensex: gainers and losers of the day

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

Market at close   The S&P BSE Sensex ended at 36,347, up 77 points or 0.2 per cent, while the broader Nifty50 index settled at 10,909, up 20 points or 0.2 per cent.

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

BUZZING STOCKS | Liquor stocks in focus; United Breweries, Globus Spirits up over 5%   Globus Spirits surged 8% to Rs 166 on the BSE on the back of a two-fold jump in trading volumes. A combined 208,468 equity shares changed hands on the counter on the BSE and NSE till 03:00 pm. READ MORE

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

Russia signals oil output decline in 2019 after 10 years of growth Russia's oil output may decline next year due to a global reduction pact, Energy Minister Alexander Novak said on Tuesday, possibly halting an uninterrupted decade-long run of growth. READ MORE

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

SEBI chief laments slow pace of IPOs hitting market   The chief of India’s capital market regulator on Tuesday expressed concerns about the slow pace of initial public offerings (IPOs) hitting the market despite approval for filings worth around 600 billion rupees ($8.43 billion). However, Ajay Tyagi, the chairman of Securities and Exchange Board of India (SEBI), cautioned that pricing of IPOs should be done more carefully in volatile times. Fund raising by small-and-medium-sized companies have doubled as against last year, Tyagi said addressing an investment banking event in the city.

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

NEWS ALERT | HDFC MF buys additional 0.97 per cent stake in co via open market; stock up nearly 4%

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

NBFCs stare at valuation hurdle, IPOs in pipeline may see tepid interest   Initial public offerings (IPOs) of non-banking finance companies (NBFCs) will find market headwinds a hindrance to their valuations even as a big question mark hangs over investments in excess of $2 billion made by private equity (PE) and venture capital (VC) funds in them over the past three years. Investment bankers say the change in the growth perception and business models of NBFCs after the blowout at Infrastructure Leasing & Financial Services will force them to re-align valuations. Read more

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

Nifty Metal index is trading 0.53% higher

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

Sebi lays down more robust risk management framework for equity derivatives   Regulator Sebi Monday put in place a more robust risk management framework with regard to margin system for the equity derivatives segment. The framework has been prepared on the basis of recommendation by Sebi's Risk Management Review Committee. Read more

MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

Avenue Supermarts nears record high; zooms 45% in 8-weeks   Shares of Avenue Supermarts (ASL), which owns and operates D-Mart supermarket chain, were up 2% to Rs 1,649 a piece, trading close to its record high level of Rs 1,682 touched on August 2, 2018, on BSE. In the past eight weeks, since October 23, the stock outperformed the market by surging 45% from Rs 1,136, as compared to a 7% rise in the S&P BSE Sensex. Read more

First Published: Tue, December 18 2018. 08:04 IST
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MARKET WRAP: Indices reverse losses to end in green, Nifty reclaims 10,900

The S&P BSE Sensex ended at 36,347, up 77 points or 0.2 per cent, while NSE's Nifty50 index reclaimed the crucial 10,900 level to sign off the day at 10,909, up 20 points or 0.2 per cent.

Reversing the early losses, the domestic equity market closed in the positive territory on Tuesday, led by buying in financials, pharma, auto and metal counters. The S&P BSE ended at 36,347, up 77 points or 0.2 per cent, while NSE's Nifty50 index reclaimed the crucial 10,900 level to sign off the day at 10,909, up 20 points or 0.2 per cent.

In the 30-share pack, 20 components ended in the green while rest in the red. Sun Pharma emerged as the top gainer on the index and Infosys the top loser. L&T, ICICI Bank and Reliance Industries (RIL) contributed the most to the index’s gains. 

In the broader Nifty50 index of National Stock Exchange (NSE), 33 constituents advanced while 17 declined.

Among individual stocks, shares of Zee Entertainment Enterprises (ZEE) tumbled around 8per cent to Rs 463 apiece on BSE amid concerns growth trends in over-the-top (OTT) content and worries related to the rise in cost may hit the profitability of the company. According to a CNBC TV18 report, Kotak Institutional Equities downgraded Zee to ‘reduce’ and cut target price to Rs 430 from Rs 600.

Shares of liquor companies were in focus with United Breweries and Globus Spirits rallying up to 8 per cent on the BSE, on the expectations of higher volume growth in the current quarter(October-December).

Sectorally, shares of public sector undertaking (PSU) banks gained for the sixth straight trading session after Shaktikanta Das was named as the 25th governor of the Reserve Bank of India (RBI) last week. Oriental Bank of Commerce, Bank of India, Union Bank of India, Syndicate Bank, UCO Bank, Central Bank of India, Canara Bank, Indian Bank and Allahabad Bank were up in the range of 2 per cent to 4 per cent during the session.

BROADER MARKET

The broader market performed in line with the benchmark peers with the S&P BSE Midcap index ending at 15,290, up 0.2 per cent, while the S&P BSE Smallcap index closed at 14,606, up 0.45 per cent. 

RUPEE

The domestic currency touched a near three-week high against the US dollar on Tuesday on lower crude prices and expectations of fewer US rate hikes in 2019 as counted down to a crucial Federal Reserve meeting. The domestic unit traded in the range between 70.73 -71.35. 

Global Markets

Asian share sank on Tuesday as heightened worries about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.9 per cent in mid-afternoon trade while Japan's Nikkei lost 1.8 per cent to close at its lowest since late March. Chinese shares slumped, with the blue-chip index dropping 1.1 per cent and Hong Kong's Hang Seng index down 1.2 per cent, while Australian shares also lost 1.2 per cent.

Oil Prices

Brent crude prices dropped more than $1 on Tuesday, falling for a third straight session, as reports of inventory build and forecasts of record shale output in the United States, now the world's biggest producer stoked worries about oversupply.

Concerns over future oil demand amid weakening global economic growth and doubts over the effectiveness of planned production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) also pressured prices, traders said.

International benchmark Brent futures were at $58.62 per barrel, down 99 cents, or 1.66 per cent, from their last close. Brent, which has slipped more than 4 per cent in the past three sessions, fell to as low as $58.10 a barrel on Tuesday, down more than $1.50 from the previous day's close. US West Texas Intermediate (WTI) crude futures were down 91 cents or 1.82 per cent at $48.97 per barrel.
 
(with Reuters input)

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