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Sensex ends over 157 pts; RIL, Infosys top

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Dion Global

27 Dec 2018

Indian benchmark indices continued strong gains in energy and IT counters helped Indian equity market edge higher for a second straight session on Thursday. Whereas, world stocks bounced off a near two-year low on Thursday, lifted by a dramatic Wall Street surge. The global market sentiment remained upbeat on account of a record rally in US stocks overnight. Meanwhile, the global crude oil prices resumed decline and slipped towards their 18-month lows on Thursday. Prices witnessed a fall of more than 1 per cent after rebounding 8 per cent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices. The domestic investors squared off their positions on expiry of December futures & options contract series.

In individual stocks, Reliance Industries, Infosys and TCS contributed the most to gains. RIL emerged as the top index performer, gaining 2.01 per cent, followed by Infosys, HUL and Power Grid. Bharti Airtel, Hero MotoCorp, Tata Motors, Tata Steel and Maruti. PSU Bank stocks rallied up to 8 per cent after reports emerged that government was likely to infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds by the end of this month.

The 30-share benchmark index closed at 35807.28 up by 157.34 points or by 0.44 per cent and then NSE Nifty was at 10779.8 up by 49.95 points or by 0.47 per cent. During the day's trade, Sensex touched intraday high of 36041.24 and intraday low of 35781.95 The NSE Nifty touched intraday high of 10834.2 and intraday low of 10764.45.

The top gainers of the BSE Sensex were NTPC Ltd. (Rs. 148.00,+1.68%), Oil And Natural Gas Corporation Ltd. (Rs. 149.20,+1.67%), Hindustan Unilever Ltd. (Rs. 1819.00,+1.55%), among others.

On the other hand, Tata Motors Ltd. (Rs. 91.15,-2.09%), Hero MotoCorp Ltd. (Rs. 3131.60,-1.71%), Bharti Airtel Ltd. (Rs. 316.35,-1.51%), Tata Motors Ltd. (Rs. 168.80,-1.23%), Tata Steel Ltd. (Rs. 507.80,-1.14%), were the worst laggards.

Among sectors, IT stocks were at 14043.29 up by 182.58 points or by 1.32%. Intense Technologies Ltd. (Rs. 41.30,+4.16%), Sasken Technologies Ltd. (Rs. 686.40,+3.98%), eClerx Services Ltd. (Rs. 1114.90,+3.49%), Datamatics Global Services Ltd. (Rs. 108.40,+3.09%), Oracle Financial Services Software Ltd. (Rs. 3669.30,+3.05%). In BSETECk index was at 7046.49 up by 85.26 points or by 1.22%. Just Dial Ltd. (Rs. 507.70,+4.12%), TV18 Broadcast Ltd. (Rs. 37.50,+3.59%), Tejas Networks Ltd. (Rs. 211.75,+3.47%), Oracle Financial Services Software Ltd. (Rs. 3669.30,+3.05%), NIIT Technologies Ltd. (Rs. 1149.40,+2.44%).

On the flip side, Auto index was at 20716.48 down by -77.4 points or by -0.37%. TVS Motor Company Ltd. (Rs. 548.55,-1.98%), Hero MotoCorp Ltd. (Rs. 3131.60,-1.71%), Tata Motors Ltd. (Rs. 168.80,-1.23%), Maruti Suzuki India Ltd. (Rs. 7505.30,-0.86%), Apollo Tyres Ltd. (Rs. 231.20,-0.86%). Whereas, BSE Metal index was at 11574.41 down by -35.55 points or by -0.31%. Jindal Steel & Power Ltd. (Rs. 158.45,-2.28%), NMDC Ltd. (Rs. 92.50,-2.22%), Steel Authority of India (SAIL) Ltd. (Rs. 51.65,-1.71%), JSW Steel Ltd. (Rs. 293.25,-1.20%), Tata Steel Ltd. (Rs. 507.80,-1.14%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2924 , shares advanced were 1408 while 1307 shares declined and 209 were unchanged.