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Sensex rises 195 pts, Nifty ends above 7900; Tata Motors up


TheNewsInternational Team

Bulls remained in power on Dalal Street as the market extended its last week rally on Monday. Equity benchmarks closed near four-week high with the Nifty reclaiming 7900 level supported by short covering (ahead of expiry of December F&O contracts) and value buying.

The 30-share BSE Sensex ended above 26000-mark despite mixed global cues amid thin volumes at FIIs desk. It rallied 195.42 points or 0.76 percent to 26034.13 and the Nifty climbed 64.10 points or 0.82 percent to 7925.15.

Market expert Ambareesh Baliga believes that Nifty could move to 9000 plus levels in second half of 2016. The first half will be focused more on small and midcaps, he adds.

The broader markets outperformed benchmarks with the BSE Smallcap index up 0.5 percent. The market breadth was in favour of advances with ratio of 1537:1151 shares on the Bombay Stock Exchange.

Major Asian equities closed mostly lower on the first day of the final trading week for 2015, with the China’s Shanghai falling 2.6 percent followed by Hang Seng with 1 percent loss while Japanese market advancing 0.6 percent. European shares also traded lower with the France’s CAC and Germany’s DAX down 0.3-0.5 percent (at 16 hours IST).

Market Close – 28 Dec
Created by Moneycontrol

Back home, Bharti Airtel and Idea Cellular were down 1-2 percent after Reliance Industries’ subsidiary Reliance Jio launched 4G services for it’s employees. Full commercial launch is likely around March to April.

Tata Power gained 1.9 percent after the Tata Group company signed a memorandum of understanding with the Russian government, to explore and develop investment opportunities in energy sector.

ICICI Bank, Tata Motors, Sun Pharma, Lupin, ONGC, Dr Reddy’s Labs and NTPC were top gainers, up 2-3.5 percent while Tata Steel lost 3.6 percent.

In broader space, SMS Pharma gained 7 percent on getting approval from the US Food and Drug Administration for one of its unit in Andhra Pradesh. Tube Investments surged 12 percent as the company is going to sell its stake in Cholamandalam MS General Insurance Company to its joint venture partner, Mitsui Sumitomo Insurance Company (Japan).

Max India rose 3.5 percent on approval for demerger from Punjab and Haryana government.

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