Market Updates: Nifty gained 114 pts, Sensex above 41K

December 13, 2019 admin

Market Updates: Nifty gained 114 pts Sensex above 41K

Indian stock market indices Nifty and Sensex opened in a very strong note today. The market later extended its morning gains and closed in green. On the support of global clues, the Indian stock market ended in green for the third consecutive day.

Sensex, Nifty share price today

At closed, Nifty gained 114.90 points and closed at 12086.70 while Sensex jump 428 points or 1.06% and closed at 41009.71. A strong rally was seen in the PSU banking sector today and it helped to lift the Bank Nifty above 32K. The Bank Nifty gained 348.80 points and closed at 32014.25

The Nifty midcap 100 index gained 160.90 points or 0.96% and closed at 16932.40. Whereas the Nifty smallcap index was up47.35 points or 0.84% and closed at 5652.20 today.

Sensex and Nifty Gainer & losers today

The top gainers in the Sensex stocks today are Axis Bank, Vedanta, SBI, TML-D, and Maruti Suzuki. The losers in the Sensex stocks for the day are Bharti Airtel, Kotak Mahindra, Bajaj Auto, Asian Paints, and HDFC Bank

In the Nifty midcap space, the gainers are Union Bank, PNB and the losers are Jindal Steel, Apollo Hospital. The gainers in the Nifty smallcap space are Trident, Uco Bank and the losers are Reliance Comm, Jain Irrigation.

Among the sectors, Automobiles, Banks, Metals, Real Estate, IT and Software, Infrastructure all closed in 1-2% higher. The sectors which closed in red are Telecom, Aviation, and Photographic materials.

Other news

In the UK General Election, British Prime Minister Boris Johnson crossed the 326 marks required for a majority in the parliament. Now the Brexit is possible in the New Year eve smoothly.

Moody has cut India’s GDP growth forecast for 2019 to 5.6% this is because of slow employment growth and consumptions. It expects the growth will pick up in 2020 and 2010 to 6.6% and 6.7% respectively but the pace would remain slow, unlike the past.

Stocks in news

The Navin Fluorine International has announced Rs 450 crore investment in a new project at Dahej Gujarat. The share price Navin Fluorine has gained 3.13% and closed at Rs 937.85 per share.

As per the data released by Directorate General of Civil Aviation (DGCA) shows that there is an increase in domestic passenger traffic in the previous month. The share price of aviation stocks like Jet Airways, Spicejet, Interglobe Aviation gained 1-4% today morning.

Mastek has sold a partial stake in Majesco, USA for $15.94 million. The share price of Mastek has gained 5.42% and closed at Rs 378.15 per share.

The volume in Premier Explosives has increased along with prices after the company received a license from the Government of Telangana to work on a factory at Katepally, near Hyderabad. The share price of Premier Explosives gained 12.43% and closed at Rs 149.65 per share.

BRG Energy System has received a huge order from the Tami Nadu General and Distribution Corporation Ltd (TANGEDCO). The share price of BGR Energy System has locked 20% upper circuit and closed at Rs 35.70 per share.

The India Tourism Development Corporation (ITDC) board has approved the merger of Kumarakruppa Frontier Hotels. The share price of ITDC has gained 6.32% and closed at Rs 338.35 per share.

Banking & Financial Stocks in news

The Yes Bank seeks SEBI approval for the exemption on six months rule to raise Rs2000 via QIP route in January. As per SEBI guidelines, a company can raise a second QIP after a gap of 6 months and Yes Bank earlier raised Rs 1930 crore through QIP in August 2019. The share price of Yes Bank gained 2.87% and closed at Rs 46.65 per share.

Magma Fincorp has raised Rs 350 crore through non-convertible debentures (NCDs) from a Dutch Entrepreneurial Development Bank to support the company’s existing growth plan. The share Magma Fincorp gained 4.94% and closed at Rs 55.25 per share.

Rating Agencies View on Stocks

Credit Suisse has maintained a neutral call on Aurobindo Pharma with a target of Rs 500 per share. The share price of Aurobindo Pharma gained 0.13% and closed at Rs 449.35 per share.

Credit Suisse has maintained an outperform call on Dr. Reddy’s Lab with a target of Rs 3055 per share. And expect to launch generic Nuva Ring in H2FY21. The share price of Dr. Reddy’s Lab fell 2.90% and closed at Rs 2821.50 per share.

Crude and Rupee Updates

Crude oil prices raised highest in three months after the news on the hope of US-China trade deal. The trade deal signing has become closer now and the two biggest economies are going to end their 18 months old trade war.

It is also expected that the demand for crude price will increase after the deal gets signed. The Brent Crude oil future is currently trading at $65.16 per barrel, it is trading at 1.50% higher than yesterday’s close.

Indian Rupee is currently trading at Rs 70.81 against the US dollar, Rupee is trading 0.35% higher than yesterday’s close.

Conclusions:

Indian stock market has closed in a very strong note today. The benchmark indices Nifty and Sensex closed almost near the day high. The global cues like Brexit and Trade deal are also supporting the domestic market. The main concerns are Indian macro data and FIIs outflow.

Trader can follow our Daily Nifty and Bank Nifty technical views and Weekly reports on our website.

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