Closing Bell: Sensex ends with gains of over 130 pts, Nifty above 10,950; Indiabulls Housing up 8%

Bulls continued their momentum on Wednesday as fall in crude oil prices spurred the rally in equities. The Nifty managed to end above 10,900-mark.

Among sectors, banks, automobiles, consumption, and infrastructure names were the big gainers, while the Nifty Midcap index rose over a percent. IT and pharma were the big losers.

Asian Paints, Axis Bank, Indiabulls Housing and Bajaj Finserv were the big gainers, while Sun Pharma, Infosys, and HCL Technologies lost the most.

At the close of market hours, the Sensex was up 137.25 points or 0.38% at 36484.33, and the Nifty up 52.80 points or 0.48% at 10961.50. The market breadth was positive as 1594 shares advanced, against a decline of 984 shares, while 147 shares were unchanged.

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Equity benchmarks have extended their gains, with Sensex rising nearly 200 points. The Nifty is eyeing 11,000-mark.

The Sensex is up 193.88 points or 0.53% at 36540.96, and the Nifty up 71.20 points or 0.65% at 10979.90. The market breadth is positive as 1587 shares advanced, against a decline of 893 shares, while 129 shares were unchanged.

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Gold prices climbed to a more than five-month peak as a softer dollar supported the bullion while investors awaited cues on the rate hike trajectory of the UScentral bank from its two-day policy meeting.

USgold futures gained 0.12 percent to $1,255.10 per ounce.

The Federal Reserve is widely expected to raise interest rates for the fourth time this year, but weak stock markets and slowing global growth may prompt it to tone down its stance on monetary tightening. Source: Reuters

The National Company Law Tribunalhassanctioned the Scheme of Arrangement amongst Tata Teleservices (Maharashtra) and Bharti Airteland their respective shareholders and creditors.

The scheme will be given effect to after and subject to fulfillment of certain conditions including Bharti obtaining the necessary approval of the NCLT, to the said Scheme and the approval of the Scheme by the Department of Telecommunication (DoT).

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Shares of Indiabulls Real Estate (IBREL) jumped 7 percent after the board approved a scheme of arrangement to facilitate divestment of assets in Chennai to the US-based Blackstone Group.

IBRE had earlier this year agreed to sell its commercial project One Indiabulls Park in Chennai to Blackstone Group.

After the demerger, the company's Chennai assets, currently owned by India Land and Properties Limited (ILPL), will be demerged into Indiabulls Infrastructure Limited (IIL).

European stocks traded slightly higher after a dramatic fall in the price of oil spurred speculation the USFederal Reservemight be done with monetary tightening.

France's CAC, Germany's DAX and Britain's FTSE were up 0.2 percent each.

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In the wake of a liquidity crunch in NBFC and HFC space, Dewan Housing Finance Corporation (DHFL)on December 18 said it will sell its entire stake in mutual fund business, DHFL Pramerica Asset Managers, to its joint venture partner Prudential Finance. The stock gained 5 percent.

DHFL currently holds 50 percent stake in DHFL Pramerica Asset Managers (DPAM), with 17.12 percent directly and 32.88 percent through subsidiary DHFL Advisory and Investments.

"Pramerica Financial and DHFL have entered into a binding term sheet to acquire DHFL's stake in their 50:50 joint venture asset management company, DHFL Pramerica Asset Managers," an official statement said.

Benchmark indices continued to trade higher in afternoon with the Sensex rising 156.32 points to 36,503.40 driven by banking & financials, auto and FMCG stocks.

The NSE Nifty50 climbed 60.50 points to 10,969.20 while the Nifty Midcap and Smallcap indices gained 1.3 percent each.

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

Company said board of directors decided to set up a wholly owned subsidiary company under the Companies Act, 2013 to enter into the business of electric mobility infrastructure services using equipment such as batteries, charging stations etc.