The market ended on a strong note supported by capital goods, pharma, metals and oil & gas stocks. After a weak trade yesterday, bulls partied hard on Dalal Street Wednesday with two stellar healthcare IPO listing. The Sensex was up 259.65 points or 1 percent at 25850.30 and the Nifty gained 79.85 points or 1 percent at 7865.95. About 1506 shares advanced, 1158 shares declined, and 253 shares were unchanged.
The Indian stock markets stepped into 2015 with huge expectations. However, by the end of 2015, equity markets disappointed. The Modi premium, enjoyed by the market in 2014, failed to sustain in the backdrop of weak earnings, dismal industrial pick-up and foreign fund outflows, falling commodity prices and the Parliamentary deadlock over the key GST reform.
Market expert Jyotivardhan Jaipuria says, “Essentially, the big consensus is that growth is the missing element everywhere. So, growth is missing in India, but growth is probably a bigger worry outside India. And till that comes back, what we are playing is hope versus reality — that we hope that things are getting better but somewhere every time, when earnings come out, the reality is that this is not really panning out.”
Meanwhile, the winter session has drawn to a close with both houses passing just nine bills. The opposition parties headed by congress repeatedly kept disrupting the proceedings, over one issue or the other.
The GST bill touted to be India’s most tax reform till date will now have to be passed in the Budget session. The insolvency and bankruptcy bill, an attempt at modernising an outdated system and allow speedy exits from failed businesses too has been sent to a joint committee.
Nymex crude prices briefly rose to a premium over Brent crude today.
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Two blockbuster initial public offering (IPO) rocked Dalal Street with some stellar performance. Dr Lal Pathlabs ended with 52 percent surge on NSE while Alkem Laboratories went home with 31 percent gains.
Shares of Sun Pharma continued to rally for second day after it lost almost 7 percent following a warning letter by US Food and Drug Administration (FDA) on Halol manufacturing unit. The drug major rose 3 percent intraday on Wednesday after analysts found no serious compliance breach in the warning letter.
Tata Steel also gained after the company’s subsidiary entered fresh negotiations to sell long products division in Europe. The move will allow partial deleveraging of the balance sheet and enhance profitability.
Hindalco, GAIL, Vedanta and BHEL were other gainers in the Sensex. Hindalco, GAIL, Vedanta and BHEL were other gainers in the Sensex. Among the losers were M&M, Hero MotoCorp, Bajaj Auto and Wipro.