Moneycontrol
Last Updated : Dec 27, 2016 04:29 PM IST | Source: Moneycontrol.com

Nifty Bank snaps 3-day losing streak, Sensex gains 406 pts

Cigarette stocks are rallying with ITC up 3 percent. Tata Steel, Adani Ports, Lupin and Cipla are other gainers while GAIL, Hero MotoCorp, HDFC, Bharti Airtel and ONGC are losers in the Sensex.


Moneycontrol Bureau

3:30 pm Market closing:
The market has ended with strong gains. All sectoral indices close with gains  of over 1 percent as FMCG, metals lead the chart. The Sensex was up 406.34 points or 1.6 percent at 26213.44, and the Nifty up 124.60 points or 1.6 percent at 8032.85. About 1679 shares advanced, 862 shares declined, and 193 shares were unchanged. The Nifty Bank snapped 3-day losing streak, closed with gains of over 1.2 percent. 

3:00 pm Fund raising: 
JSW Energy said its board has given nod to raise funds up to Rs 750 crore through issuance of redeemable non-convertible debentures by way of private placement.

The issue proceeds would be used for the general corporate purposes, business operations, working capital and repayment of existing debt, the Sajjan Jindal-led company said in a BSE filing.


"The board (which met today) has approved the raising of funds up to Rs 750 crore through issuance of redeemable non-convertible debentures by way of private placement," the regulatory filing said.


2:45 pm Market extends gains: The Sensex is up 302.94 points or 1.2 percent at 26110.04, and the Nifty is up 92.65 points or 1.2 pecent at 8000.90.
About 1579 shares have advanced, 888 shares declined, and 164 shares are unchanged.

ITC, Lupin, Tata Steel, Adani Ports and Cipla are gainers while only GAIL and HDFC are losers in the Sensex.


2:30 pm Market outlook: A number of global fund managers say they are buying emerging market assets for 2017 after the beating the sector has taken since the US election in November, even though credit rating agencies have a less positive outlook.

Since the election of Donald Trump as US president, emerging market stocks are down nearly 7.0 percent, based on the Morgan Stanley Capital Index, and the yield spread of emerging market bonds over benchmark US Treasuries is wider by 10 basis points, reversing some of the gains seen earlier in the year.


On November 8, the date of the US election, the EMBI Global year-to-date total return was 14.04 percent, and a week later, on November 14, it had halved to 7.60 percent.


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The market continues to gain with the Sensex up 222.88 points or 0.9 percent at 26029.98. The Nifty is up 67.45 points or 0.8 percent at 7975.70. About 1463 shares have advanced, 920 shares declined, and 185 shares are unchanged.

Cigarette stocks are rallying with ITC up 3 percent. Tata Steel, Adani Ports, Lupin and Cipla are other gainers while GAIL, Hero MotoCorp, HDFC, Bharti Airtel and ONGC are losers in the Sensex.

European stocks were mildly higher amid thin volumes during the holiday period in the region. The German DAX was up 0.16 percent, while the French CAC was trading 0.7 percent higher. London's FTSE 100 is closed for a public holiday.


European trade followed the muted session in Asia where low volumes have sent shares mildly higher.

In the U.S. on Friday, equity markets closed mostly flat on Friday ahead of the Christmas holiday, as the Dow Jones industrial average failed again to reach the psychologically important level of 20,000.

First Published on Dec 27, 2016 02:00 pm
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