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Indices hold steady; FMCG, Banks eyed

Share Source By

Dion Global

28 Dec 2018

The Indian benchmark indices continued to hold steady their robust trade during the late noon trading session led by FMCG and banks. Overseas, shares in Europe opened higher while most shares in Asia traded higher, following a wild session on Wall Street where the Dow erased a 600-point drop to close positive. Also, the rupee breached the 70-mark against the US dollar, rising up to 69.89 in intra-day trade. Whereas, 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. The domestic unit had settled at 70.35 against the greenback on Thursday. Among key stocks, Sun Pharma spiked close to 4 percent followed by Dr Reddy's Labs, Piramal Enterprises and Cadila Healthcare. From the media space, the top gainers were Network 18 which jumped 5 percent followed by Zee Entertainment, Sun TV Network, International EROS and DB Corp.

On the economic front, India's fiscal deficit in the first eight months of FY2018-2019 rose to Rs 7.17 lakh crore, hitting around 115% of the budgeted target for the current financial year, government data showed. The government had set a fiscal deficit target of Rs 6.24 lakh crore for FY2019.

At 14:17 hour, the 30-share benchmark was trading at 36137.83 up by 330.55 points or by 0.92 per cent and then NSE Nifty was at 10882.5 up by 102.7 points or by 0.95 per cent. During the day's trade, BSE Sensex touched intraday high of 36183.34 and intraday low of 35911.99 The NSE Nifty touched intraday high of 10891.75 and intraday low of 10817.15.

Among the top gainers of the BSE Sensex were Sun Pharmaceutical Industries Ltd. (Rs. 426.10,+3.35%), Housing Development Finance Corporation Ltd. (Rs. 1986.00,+2.02%), YES Bank Ltd. (Rs. 181.70,+1.76%), Vedanta Ltd. (Rs. 199.25,+1.68%), ICICI Bank Ltd. (Rs. 361.00,+1.58%).

The top losers of the BSE Sensex were Coal India Ltd. (Rs. 241.90,-3.10%), Bajaj Auto Ltd. (Rs. 2727.75,-0.30%), Asian Paints Ltd. (Rs. 1364.15,-0.21%), among others.

Among sectors, CDS index of BSE was at 20537.12 up by 416.94 points or by 2.07%. Symphony Ltd. (Rs. 1141.50,+4.55%), Titan Company Ltd. (Rs. 921.00,+3.70%), PC Jeweller Ltd. (Rs. 87.25,+2.65%), Whirlpool of India Ltd. (Rs. 1351.05,+1.85%), Blue Star Ltd. (Rs. 618.00,+1.22%). Whereas, Downward trend was seen in BSE IT index which was at 14099.6 down by 56.31 points or by 0.4%. MIC Electronics Ltd. (Rs. 1.54,-4.94%), Intense Technologies Ltd. (Rs. 40.00,-3.15%), Genesys International Corporation Ltd. (Rs. 137.00,-2.77%), Rolta India Ltd. (Rs. 8.46,-2.31%), Datamatics Global Services Ltd. (Rs. 107.50,-1.78%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2792 , shares advanced were 1638 while 987 shares declined and 167 were unchanged.