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Sensex, Nifty consolidate; Infosys, HUL, Tata Steel up 2%


TheNewsInternational Team

2:58 pm Market Update:

Equity benchmarks remained volatile. The Sensex rose 98.86 points to 25143.29 and the Nifty advanced 22.55 points to 7633.

About 1388 shares have advanced, 1173 shares declined, and 195 shares are unchanged on the BSE.

2:45 pm Buzzing: Shares of IL&FS Engineering and Construction Company rallied 11 percent intraday on getting metro rail link contract in Gujarat.

“IL&FS Engineering has received a letter of acceptance from Metro-Link Express for Gandhinagar and Ahmedabad Company for a total value of Rs 374.64 crore,” the company said in its filing to exchanges.

Project is to be completed in 120 weeks from the date of issue of letter of acceptance.

The company is currently executing three metro rail projects worth more than Rs 700 crore in Bengaluru for Bangalore Metro Rail Corporation, in Gurgaon for Rapid Metro Rail Project and in Kolkata for Rail Vikas Nigam.

2:35 pm Europe Update: European equities were higher as investors looked ahead to the US Federal Reserve’s meeting this week. France’s CAC, Germany’s DAX and Britain’s FTSE were up more than 0.5 percent.

The main focus for investors this week is the US central bank, which is widely expected to raise interest rates for the first time in seven years. The Fed is expected to raise interest rates by 25 basis points on Wednesday and only very gradually thereafter.

2:20 pm FII View on Fed: Chris Wood, CLSA says a Federal Reserve rate hike now looks finally set to happen on December 16 following last week’s US employment and wage data.

According to him, if the Federal Reserve does start to tighten, it will become critical to monitor the credit markets.

He says it will also be interesting to see how emerging market currencies behave into and after the presumed rate hike.

Emerging market currencies have been relatively resilient of late as the macro speculators have focused on the short Euro trade, he feels.

Also read – Porinju Veliyath bets big on these 2 Aditya Birla cos

2:00 pm Market Check: The market continued to consolidate after a 2 percent loss seen in previous week. The Sensex rose 14.44 points to 25058.87 and the Nifty gained 14.55 points at 7625.

The broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices up 0.2-0.4 percent. The market breadth was positive as about 1437 shares have advanced and 1073 shares declined on the BSE.

Shares of Infosys, HUL, Coal India, Tata Steel, Hindalco Industries and BHEL rallied 2-3 percent while Tata Motors, TCS, Axis Bank, ONGC and Bharti Airtel fell 1-1.5 percent.

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