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MARKET WRAP: Sensex reclaims 36,000, Nifty ends at 10,860 led by financials

The S&P BSE Sensex gained 269 points or 0.75 per cent to close at 36,077 while the NSE's Nifty50 index reclaimed the crucial 10,850 level to end at 10,860, up 80 points or 0.74 per cent.

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Markets, Stocks, BSE, NSE, SENSEX

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Firm global cues and buying in financial and pharma counters helped domestic benchmark indices settle in the positive territory for the third consecutive session on Friday.

The S&P BSE Sensex gained 269 points or 0.75 per cent to close at 36,077 while the NSE's Nifty50 index ended at 10,860, up 80 points or 0.74 per cent. Out of 50 constituents on the index, 38 ended in the green and rest 12 in the red. 

Volatility benchmark India VIX declined over 6 per cent to 15.03, indicating lower volatility in the market. 

As many as 8 stocks hit 52-week high on NSE including names such as Bata India and SPL Industries.  On the contrary, 48 securities hit their one-year low. 

On a weekly basis, both the headline indices rose around 1 per cent. 

Buzzing Stocks

Among individual stocks, Lemon Tree Hotels ended 9 per cent higher at Rs 75 apiece on BSE after the company has formed a joint venture (JV) with an affiliate of Warburg Pincus, a leading global private equity firm, to create a co-living platform. The stock climbed as much as 12 per cent in the intra-day trade. 

Real estate developer Peninsula Land surged 12 per cent in the intraday trade after it entered into an agreement to acquire 86 per cent of equity shares of Rockfirst Real Estate, thereby making it a wholly-owned subsidiary of the company. The stock eventually settled at Rs 11.34 apiece on BSE, up 5 per cent .

Sectorally, media stocks gained the most with the Nifty Media index rising 48 points or nearly 2 per cent to settle at 2,556. Pharma and financial stocks came second on the list. 

In line with benchmarks, the broader market, too, gained around 1 per cent. The S&P BSE MidCap index ended at 15,360, up 0.93 per cent while the S&P BSE SmallCap index rose 0.86 per cent to settle at 14,606.  


Global Markets

Asia stocks advanced on Friday after Wall Street ended volatile trade in positive territory, adding to the previous session's big gains, although lingering investor jitters helped support safe-haven currencies such as the yen.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8 per cent. It has fallen 3 per cent so far in December. The Shanghai Composite Index moved up 0.35 per cent. Australian stocks added 1 per cent and South Korea's KOSPI climbed 0.5 per cent. Japan's Nikkei bucked the trend and slipped 0.3 per cent, losing some steam after surging nearly 4 per cent on Thursday.
 
Oil Prices

US oil prices rose on Friday to claw back some of the ground they lost in the previous session, but growth in US crude stockpiles and ongoing concerns about the global economy kept markets under pressure.

US West Texas Intermediate (WTI) crude futures, were up $1.37, or 3.07 per cent, at $45.98 per barrel, having earlier rising as high as $46.05 per barrel. They ended Thursday down 3.48 per cent, or $1.61, at $44.61 a barrel. Brent crude had yet to trade. It dropped 4.24 per cent, or $2.31, the day before to settle at $52.16 per barrel.

(with Reuters inputs)
4:05 PM

MARKET COMMENT Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas

Indian indices continue to hold positive momentum tracking firm global cues. Nifty ended this week above 10,800 mark led by banking and FMCG stocks. The domestic sentiment remained optimistic with reports that the government is contemplating several incentives for farmers ahead of the 2019 Lok Sabha elections. Investor to closely track global economic outlook, movement in crude oil and currency along with Q3FY19 earning season due in January. 

We believe long term investors can use volatility in the market to their advantage and maintain a stock-specific approach. We prefer Britannia and Hindustan Unilever from consumption space as macro economic indicator are showing signs of improvement and government focus on rural schemes will boost rural consumption
3:37 PM

Sectoral gainers on NSE

3:36 PM

Gainers and losers of the day on BSE Sensex

3:34 PM

Market at close
 
The S&P BSE Sensex ended at 36,077, up 269 points or 0.75 per cent, while the broader Nifty50 index settled at 10,860, up 80 points or 0.74 per cent.
3:30 PM

3:27 PM

NEWS ALERT Cabinet briefing

RS Prasad: 7 PSUs to be listed on stock exchanges through IPOs
3:10 PM

Gold jumps by Rs 170; silver surges Rs 600

Gold prices Friday rose by Rs 170 to Rs 32,620 per 10 gram at the bullion market in the national capital amid increased demand and firm trend overseas. In line with gold prices, silver also spurted Rs 600 to Rs 39,250 per kg on fresh buying by industrial units and coin makers.
 
Bullion traders said rise in demand from local jewellers and firm trend overseas helped in the rally of gold. In the international market, gold traded higher at USD 1,278.10 an ounce, while silver was up at USD 15.26 an ounce in New York. READ MORE

2:49 PM

NEWS ALERT | Peninsula Land enters into an agreement to acquire 86% of equity in Rockfirst Real Estate; stock jumps 9%
2:48 PM

Oil prices rebound but still weak due to oversupply

Oil prices rebounded on Friday, clawing back some of the ground lost this week, but remained close to their lowest levels in more than a year as rising U.S. inventories and concern over global economic growth kept markets under pressure.
 
Brent crude oil was up $1.20, or 2.3 per cent, at $53.36 a barrel, having earlier risen more than 3 per cent. It had dropped 4.2 per cent on Thursday. US light crude was up $1.20, or 2.7 per cent, at $45.81, after rising 3.6 per cent in early trade. READ MORE

2:34 PM

Top gainers and losers on S&P BSE Sensex

2:16 PM

ICICI Prudential Life's new strategy fails to click with investors

Even after two years of listing, ICICI Prudential Life Insurance (ICICI Pru Life), India’s largest private life insurer, is yet to see meaningful gains. While the year started on a high note, gains faded with the stock losing about 15 per cent so far. But the Street remains optimistic. Its leadership position, coupled with undemanding valuations, has kept analysts positive on the stock. But the insurer is set to face earnings trouble in the near term, thanks to its new strategy with respect to its key equity-linked plans or unit-linked insurance plans. Read more

2:09 PM

ICRA downgrades National Insurance Company's rating to AA from AA+

Rating agency Icra has downgraded the long-term rating for National Insurance Company (NIC) from AA+ to AA. Also, the outlook on the long- term rating has been revised to “negative” from “stable”. According to the Icra report on National Insurance Company, “The rating downgrade was based on the continued weak underwriting performance driven by a high combined ratio, resulting in pressure on profitability, and the high portfolio concentration in the motor and health segments, leading to a weak solvency ratio below the regulatory minimum”. Read more
 
2:02 PM

Market check
Index Current Pt. Change % Change
 
S&P BSE SENSEX 36,159.59 +352.31 +0.98
 
S&P BSE SENSEX 50 11,387.39 +116.16 +1.03
 
S&P BSE SENSEX Next 50 32,928.42 +365.21 +1.12
 
S&P BSE 100 11,174.59 +115.40 +1.04
 
S&P BSE Bharat 22 Index 3,494.78 +33.54 +0.97

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Are stocks of non-lending financial institutions a good investment option?

After creating enormous wealth for investors over the past two decades, the banking and non-banking financial institutions (NBFCs) have come under tremendous pressure, owing to mounting non-performing assets (NPAs). Especially post RBI measures to disclose stressed assets and early recognition of NPAs, the growth in profitability of the banks (especially public sector) and NBFCs has become slower than the previous years. READ MORE
1:38 PM

Oil watchers see $70 a barrel in 2019 as fears of recession prove misplaced

The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced.
 
The Brent benchmark will average $70 a barrel in 2019, almost a third higher than its price on Thursday, according to a Bloomberg survey of oil analysts. Futures in London and New York plunged this quarter, with volatility soaring in its final week as crude tracked gyrations in equity markets. READ MORE

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First Published: Dec 28 2018 | 8:14 AM IST

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