Nov 30, 2016 04:09 PM IST | Source:

Nifty ends above 8200, Sensex gains 259 pts; banks, auto zoom

ICICI Bank, Maruti, L&T, SBI and HDFC Bank were top gainers while Lupin, GAIL, Cipla, Reliance and Tata Motors are losers in the Sensex.

Moneycontrol Bureau

3:30 pm Market close: Sparked off by late buying, the market has ended on a firm note. The Nifty closed above 8200, up 82.35 points or 1 percent at 8224.50 and the Sensex was up 258.80 points or 0.9 percent at 26652.81.

ICICI Bank, Maruti, L&T, SBI and HDFC Bank were top gainers while Lupin, GAIL, Cipla, Reliance and Tata Motors are losers in the Sensex.

3:10 pm Outlook on crude: Crude prices will continue to remain as low as USD 45 per barrel if the Organisation of the Petroleum Exporting Countries (OPEC) disagrees to cut production when it meets today, says Mriganka Jaipuriyar, Associate Editorial Director of Platts.

Many important decisions have to be made at the OPEC meet, like the amount of production cuts to be made and the countries which will be exempt from cuts, says Jaipuriyar. 

US crude production has bottomed out. But there is a high probability that it may rise very soon, she says.

2:59 pm Market Update:
Equity benchmarks rallied further on positive European cues ahead of OPEC meeting later today.

The Sensex was up 266.59 points or 1.01 percent at 26660.60 and the Nifty gained 86.30 points or 1.06 percent at 8228.45.

About 1729 shares advanced against 796 declining shares on the BSE.

2:44 pm Buzzing:
Amtek Auto shares jumped nearly 10 percent intraday after the board of directors approved the proposal of fresh capital infusion and restructuring of debt.

"In a joint board meeting of Amtek Auto, Metalyst Forgings, ARGL and Castex Technologies, members approved the proposal relating to infusion of fresh capital by new investor(s) and restructuring & reduction of debt subject to the approval of lenders," the company said in its filing.

The proposal for the process of monetisation to support the restructuring and debt reduction of the company also approved, it said.

2:34 pm Oil jumps further: Oil markets edged up ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014.

International Brent crude was trading at USD 48.27 per barrel, up 4..08 percent, from its last close.

US West Texas Intermediate (WTI) crude was up 3.74 percent, at USD 46.92 a barrel.

2:27 pm Europe Update:
European markets were marginally higher on with investors closely following political developments in Italy and a potential OPEC deal. France's CAC, Germany's DAX and Britain's FTSE were trading 0.4-0.6 percent.

2:15 pm Nifty hits 8200:
Equity benchmarks extended rally with the Sensex rising 167.66 points to 26561.67 and the Nifty climbing 55.35 points to 8197.50.

About two shares advanced for every share falling on the BSE.

2:07 pm OPEC debate:
OPEC began debating a deal to curtail oil production and prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action.

Ministers from the Organization of the Petroleum Exporting Countries started an informal meeting at 0700 GMT at the Vienna Park Hyatt hotel and were due to begin a formal gathering at OPEC headquarters at 0900 GMT.

"There will be an agreement today," an Iraqi delegate said as he entered the hotel.

"I'm optimistic," said Iranian Oil Minister Bijan Zanganeh, adding there had been no request for Iran to cut output.

On Tuesday, Iran wrote to OPEC saying it wanted Saudi Arabia to cut production by as much as 1 million barrels per day (bpd), much more than Riyadh is willing to offer, OPEC sources who saw the letter told Reuters.

Also read - OPEC may cut or freeze output; sub-$40/bbl a worry: Economist

2:00 pm Market Check:
Equity benchmarks as well as broader markets continued to gain amid consolidation in afternoon trade. Banks were the leading gainers while auto stocks also remained higher ahead of November sales data.

The 30-Sensex BSE Sensex was up 137.97 points at 26531.98 and the 50-share NSE Nifty rose 47.75 points to 8189.90. The BSE Midcap index climbed 0.6 percent and Smallcap jumped 1 percent.

The market breadth was also positive as about 1640 shares advanced against 797 declining shares on the BSE.

Maruti Suzuki added nearly 3 percent after rising 4 percent previous session, especially ahead of November sales data. Nomura expects flat sales growth at 1.21 lakh units on yearly basis while Motilal Oswal sees 5 percent decline in sales.

ICICI Bank was the leading contributor to Sensex gains, up 2.6 percent followed by HDFC Bank, L&T, SBI, Sun Pharma and HUL with over a percent rise whereas Reliance Industries, HDFC and Infosys capped upside.

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