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Sensex reverse losses, gains 103 points, Nifty above 10,810; Vijaya Bank, Dena Bank fall 20%

Share Source By

Dion Global

03 Jan 2019

Domestic equity indices reversed its losses and started trading in green late morning. The Indian rupee extended the morning losses and trading lower by 27 paise at 70.44 per dollar against Wednesday closing 70.17. The shares of Vijaya Bank and Dena Bank have fallen by up to 20% on the BSE in early morning trade on Thursday following an unfavorable share-swap ratio on their merger with Bank of Baroda. IT shares were trading on a mixed note, the shares of HCL Technologies (up 0.98 per cent), Tata Elxsi (up 0.91 per cent), Infosys (up 0.86 per cent) and Tata Consultancy Services (up 0.71 per cent) were the top gainers in the index. Oracle Financial Services Software (down 1.06 per cent), MindTree (down 0.62 per cent), Tech Mahindra (down 0.46 per cent) and Infibeam Avenues (down 0.43 per cent) were trading in the red. The share price of Larsen & Toubro (L&T) fell more than 1 percent intraday Thursday after foreign research house HSBC cut target price to Rs 1,580 from Rs 1,660 per share. The shares of state-owned Oil and Natural Gas Corporation (ONGC) declined 2 per cent in Thursday's session after the company said the government has not yet asked it to reconsider listing its overseas arm ONGC Videsh on bourses.

At 10:21 hours, the BSE SENSEX was trading at 35994.53 up by 103.01 points or by 0.29 per cent and then NSE Nifty was at 10810.15 up by 17.65 points or by 0.16 per cent.

Among the top gainers of the BSE Sensex were HCL Technologies Ltd. (Rs. 959.00,+1.39%), Bajaj Finance Ltd. (Rs. 2644.05,+1.05%), Tata Consultancy Services Ltd. (Rs. 1940.50,+0.90%), Hindustan Unilever Ltd. (Rs. 1800.00,+0.90%), Bajaj Auto Ltd. (Rs. 2713.00,+0.88%). Whereas, the top losers of the BSE Sensex were Oil And Natural Gas Corporation Ltd. (Rs. 143.90,-2.51%), Tata Steel Ltd. (Rs. 488.60,-1.06%), Mahindra & Mahindra Ltd. (Rs. 734.10,-1.00%), Coal India Ltd. (Rs. 234.85,-0.91%), Power Grid Corporation of India Ltd. (Rs. 194.55,-0.44%).

Sectorally, BSE FMCG index was at 11843.11 up by 126.06 points or by 1.08%. Nestle India Ltd. (Rs. 11482.95,+4.00%), Hatsun Agro Products Ltd. (Rs. 650.80,+3.86%), Pioneer Distilleries Ltd. (Rs. 173.65,+3.83%), Avadh Sugar & Energy Ltd. (Rs. 387.90,+3.55%), Mawana Sugars Ltd. (Rs. 46.70,+3.09%). On the other hand BSE Metal index was at 11287.92 down by -58.7 points or by -0.52%. Jindal Steel & Power Ltd. (Rs. 154.25,-2.40%), NMDC Ltd. (Rs. 94.70,-2.27%), National Aluminium Company Ltd. (Rs. 63.45,-1.17%), Tata Steel Ltd. (Rs. 488.60,-1.06%), Coal India Ltd. (Rs. 234.85,-0.91%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 1928 , shares advanced were 1132 while 690 shares declined and 106 were unchanged.