The News International Team
03:30pm Market closing
After hitting record highs, the market turned flat to ends with some gains. The Sensex closed up 120.11 points at 28562.82, and the Nifty was up 26.75 points at 8564.40. About 1489 shares advanced, 1459 shares declined, and 124 shares were unchanged.
ITC was star of the day, with a hefty gain of 6 percent at close. Other gainers in the Sensex include Sesa Sterlite, Cipla, HUL and HDFC Bank.
Among the top losers were Bharti Airtel, Hindalco, Tata Power and BHEL.
03:15pm Shipping stocks in focus
Shipping stocks see huge buying interest on hopes of relaxations in rules for the sector. Bharati Shipyard rallied nearly 14 percent followed by ABG Shipyard, Varun Shipping, SCI, Shreyas Shipping and Pipavav Defence with 4-5 percent gains.
The government today asked Reserve Bank of India to relax rules to revive the shipbuilding industry. The government also asked RBI and finance ministry to sanction special dispensation for 5 years.
Meanwhile, for the revival of the industry, the government on Monday also launched the PM JalMargYojna and projects for setting up dry and satellite ports, besides converting riverways into waterways.
03:00pm Market Update
The market gained strength in late trade with the Sensex rising 154.78 points to 28597.49 and the Nifty climbing 34.10 points to 8571.75 led by banking & financials and FMCG stocks.
ITC stayed strong with 5.3 percent gains as report suggests that the government is unlikely to ban sale of loose cigarettes in near-term. Sesa Sterlite extended gains, up 3.4 percent followed by Cipla with 2.7 percent upside.
Shares of HDFC, HDFC Bank, ICICI Bank, State Bank of India and Axis Bank advanced 0.7-0.9 percent whereas Infosys, L&T and Reliance Industries were marginally under pressure.
02:45pm ONGC in News
Oil and Natural Gas Corp (ONGC), India’s biggest explorer, will next week sign a deal to acquire stake in two Siberian oilfields, including the strategic Vankor, during Russian President Vladimir Putin’s visit to India.
ONGC Videsh, the overseas arm of state explorer, will sign a memorandum of understanding (MoU) for acquiring the stake in Vankor and Yurubcheno-Tokhomskoye fields, government officials said.
The MoU is part of Putin’s energy engagement as he seeks to expand trade links with Asian nations to counter sanctions from the US and its allies.
Putin is set to arrive here on December 11.
Russia’s biggest oil company Rosneft has offered to sell 10 percent stake in the strategic Vankor oilfield in Siberia to OVL, reports PTI.
02:25pm Europe Update
The pan-European FTSEurofirst 300 index edged up to trade near a 2-1/2-month high, with an improving US economic outlook and expectations of further stimulus from the European Central Bank helping the market.
Investors’ focus was on ECB President Mario Draghi, who will present the bank’s updated forecasts for growth in output as well as inflation at a policy meeting later in the day.
The ECB could extend a scheme to buy rebundled debt to purchasing corporate bonds, but it is unlikely to announce any radical immediate move such as printing money to buy government bonds, reports Reuters.
02:00pm Market Check
The market continued to see consolidation after touching record high in the early trade. The Sensex gained 43.98 points at 28486.69 and the Nifty fell 0.05 point to 8537.60. The broader markets gained 0.3 percent.
The market breadth remained marginally positive. About 1444 shares have advanced while 1313 shares declined on the Bombay Stock Exchange.
ABB climbed 13 percent as ABB Global CEO told CNBC-TV18 that they have no plans to delist subsidiary ABB India. He says that they have plan to double exports from India in next 3-5 years.
Godfrey Phillips and VST Industries posted gains of 4 percent and 2.5 percent, respectively. The government is unlikely to ban sale of loose cigarettes in near-term as the proposal will hurt tobacco farmers. The health and agriculture ministries will now conduct a study on the same, say sources.
Sadbhav Engineering gained 2 percent after the company’s subsidiary Sadbhav Infra filed a DRHP with Sebi to undertake IPO . Sadbhav Infra will issue 1.62 crore shares worth Rs 600 crore in an IPO. Sadbhav Engineering owns 80 percent of Sadhav Infra and the remaining 20 percent is owned by Norwest Venture Partners and Xander Group.