Tuesday, 12 December, 2017

Bears lose grip as value-buying lifts Sensex 352 points

Sensex soars 301 points reclaims 33,000-mark Stocks bounce back
Marlene Weaver | 08 December, 2017, 08:38

In early trading, both indices were gaining more than half a per cent.

The Sensex, which had lost 100 points in early trade, continued its slide and fell 205.26 points, to 32,597.18. Bharti Airtel, Tata Motors and Maruti were the top gainers on Sensex.

NSE Nifty, on the other hand, ended above the key 10100-mark. The stock ended down 2.05 per cent or Rs 4.30 at Rs 205.45.

On the NSE market breadth, the Nifty50 provisionally closed (at 3.30 p.m.) higher by 122.60 points or 1.22 per cent at 10,166.70 points.

On Wednesday, the key indices were dragged lower by interest-rate sensitive stocks like banking, metals and capital goods.

Mariners acquire Dee Gordon from the Marlins
The Seattle Mariners acquired two-time All-Star Dee Gordon from the Miami Marlins on Thursday for three minor league players. Though Gordon has previously played the infield, the Mariners have said he will move to the outfield, likely centerfield.

The stocks of state-run oil marketing companies such as like Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited and Indian Oil Corporation recorded gains of up to 1.83% after global crude prices dropped by almost 3% to trade below $63 a barrel.

The six-member Monetary Policy Committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, in its bi-monthly monetary policy review kept repo rate unchanged at 6 percent and reverse repo at 5.75 percent.

All the BSE sectoral indices led by Telecom (+4.8%), consumer durables (+2.49%), capital goods (+2.1%), power (+2.1%), Realty (+2.06%), Auto (+1.9%), metal (+1.8%) and oil and gas (+1.17%), were trading in the green.

"On the macro front upcoming RBI policy and Gujarat state election will be an influential factor for investors which is steering the market to consolidate", said Vinod Nair, Head of Research, Geojit Financial Services. Domestic institutional investors bought shares worth Rs 995.11 crore, while foreign funds sold shares to the tune of Rs 1,217.92 crore on Wednesday, provisional exchange data showed. Paris CAC fell 0.29% and Frankfurt's DAX shed 0.13%.

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