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Mid Session: Sensex up over 272 points on firm rupee, falling crude prices

Share Source By

Dion Global

27 Dec 2018

Indian benchmarks continued to trade higher over 272 points during the noon trading session amid strong global cues. The rupee is trading on a weak note having slipped to 70.30 against the US dollar so far in intra-day trade. Also, Global investor sentiment was boosted after White House economic advisor Kevin Hassett, in a television interview, assured that US president Donal Trump had no intention of firing the chairman of the federal reserve Jerome Powell. Hassett also downplayed jitters over the economic outlook, following plummeting stock market prices. Meanwhile, Oil fell on Thursday after soaring 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support. Brent crude oil futures were down 22 cents, or 0.4 per cent, at $54.25 a barrel. They rose 8 per cent to $54.47 a barrel the day before.

In stock-specific action, the shares of select public sector undertaking (PSU) banks were trading higher by up to 7 per cent on hopes of central government’s bank recapitalisation announcement. Bank of Maharashtra, Central Bank of India, United Bank of India, Uco Bank, Corporation Bank and Dena Bank were up in the range of 2 per cent to 7 per cent. The central government would release Rs 286.15 billion before the end of this month towards a fresh tranche of funds to recapitalise state-run banks, according to a source in the finance ministry. Of this, United Bank of India is likely to get Rs 21.59 billion, Central Bank of India Rs 16.78 billion, Bank of India Rs 100.86 billion, Uco Bank Rs 30.56 billion, Oriental Bank of Commerce Rs 55 billion, Bank of Maharashtra Rs 44.98 billion, and Syndicate Bank Rs 16.38 billion.

At 12:14 hour, the 30-share benchmark index was trading at 35922.05 up by 272.11 points or by 0.76 per cent and then NSE Nifty was at 10806 up by 76.15 points or by 0.71 per cent. During the day’s trade, Sensex touched intraday high of 36041.24 and intraday low of 35823.73 The NSE Nifty touched intraday high of 10834.2 and intraday low of 10773.9

The top gainers of the BSE Sensex were Infosys Ltd. (Rs. 660.00,+2.39%), Reliance Industries Ltd. (Rs. 1122.00,+2.28%), Tata Consultancy Services Ltd. (Rs. 1930.00,+2.14%), HCL Technologies Ltd. (Rs. 957.85,+1.62%), IndusInd Bank Ltd. (Rs. 1581.55,+1.56%), among others. On the flip side the top losers of the BSE Sensex were Coal India Ltd. (Rs. 244.35,-1.19%), Bajaj Auto Ltd. (Rs. 2711.10,-0.98%), Bharti Airtel Ltd. (Rs. 318.30,-0.90%), Power Grid Corporation of India Ltd. (Rs. 194.45,-0.74%), Larsen & Toubro Ltd. (Rs. 1414.00,-0.60%), among others.

Among sectors, IT index was at 14135.2 up by 274.49 points or by 1.98%. eClerx Services Ltd. (Rs. 1118.00,+3.77%), Tanla Solutions Ltd. (Rs. 31.70,+3.59%), Datamatics Global Services Ltd. (Rs. 108.70,+3.38%), Quick Heal Technologies Ltd. (Rs. 211.00,+3.05%), Infosys Ltd. (Rs. 660.00,+2.39%). And in BSETECk the index was at 7082.9 up by 121.67 points or by 1.75%. Just Dial Ltd. (Rs. 502.55,+3.07%), ITI Ltd. (Rs. 92.55,+3.06%), TV18 Broadcast Ltd. (Rs. 37.15,+2.62%), Infosys Ltd. (Rs. 660.00,+2.39%), Sun TV Network Ltd. (Rs. 588.40,+2.21%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2468 , shares advanced were 1484 while 820 shares declined and 164 were unchanged.