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Indices continues gain streak; RIL, ICICI Bank jumps nearly 2%

Share Source By

Dion Global

07 Jan 2019

Indian benchmark indices started the week on the positive note and has been trading green since morning. On the government front, fiscal deficit higher than budgeted may prompt the government to push PSUs for buybacks or higher dividends. The gap between government expenditure and revenues at the end of November stood at Rs 6.48 lakh crore against the budgeted Rs 6.24 lakh crore (3.3 per cent of the GDP). Going by the fiscal trend and latest data points, it looks highly likely that the deficit could be breached. Barring pharma, all other sectoral indices are trading higher with a gain between 0.5 to 1 percent. Reliance Industries, Axis Bank, ICICI Bank, HDFC Bank and Titan Company are the positive contributors. Global brokerage house CLSA has maintained buy call on Reliance Industries with a target price at Rs 1,500, implying 36.5 percent potential upside from the closing of January 4. The stock gained 1.7 percent in the early trade. The shares of ICICI Bank were up 1.5 per cent at Rs 371 apiece on the BSE on Monday, trading close to their all-time high, on hopes of strong earnings in October-December (Q3FY19) quarter. The stock of the private sector lender had hit a record high of Rs 375 on November 16, 2018, in intra-day trade.

At 11:17 hours, the BSE SENSEX was at 36011.08 up by 315.98 points or by 0.89 per cent and then NSE Nifty was at 10820.35 up by 93 points or by 0.87 per cent. The BSE Sensex touched intraday high of 36076.95 and intraday low of 35895.78 The NSE Nifty touched intraday high of 10835.95 and intraday low of 10782.05.

Among the top gainers of the BSE Sensex were Tata Motors Ltd. (Rs. 177.20,+3.78%), Tata Motors Ltd. (Rs. 94.75,+3.55%), Axis Bank Ltd. (Rs. 637.00,+2.77%), IndusInd Bank Ltd. (Rs. 1583.95,+2.33%), Maruti Suzuki India Ltd. (Rs. 7350.00,+1.56%). Whereas, the top losers of the BSE Sensex were Bajaj Auto Ltd. (Rs. 2712.00,-0.83%), Kotak Mahindra Bank Ltd. (Rs. 1245.50,-0.10%).

Sectorally, BSE CDS index was at 20902.53 up by 333.63 points or by 1.62%. Titan Company Ltd. (Rs. 952.20,+2.55%), Crompton Greaves Consumer Electricals Ltd. (Rs. 230.60,+2.01%), Whirlpool of India Ltd. (Rs. 1408.90,+0.94%), TTK Prestige Ltd. (Rs. 7513.10,+0.91%), Voltas Ltd. (Rs. 540.95,+0.81%). On the flip side, BSE PSU index was at 7201.31 down by 31.39 points or by 0.44%. REC Ltd. (Rs. 120.45,-0.74%), The New India Assurance Company Ltd. (Rs. 178.80,-0.72%), Dena Bank (Rs. 14.25,-0.70%), Chennai Petroleum Corporation Ltd. (Rs. 285.75,-0.56%), Canara Bank (Rs. 281.75,-0.41%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2341 , shares advanced were 1453 while 735 shares declined and 153 were unchanged.