The stock market closed the last trading session of the week with modest gains. The barometer index, the S&P BSE Sensex, advanced 216.27 points or 0.65% at 33,462.97, as per the provisional closing data. The Nifty 50 index rose 75.50 points or 0.74% at 10,327.60, as per the provisional closing data.
Key indices started the session on a firm footing after the exit polls predicting a clear win for the BJP in the assembly elections for Gujarat and Himachal Pradesh lifted investor spirits. Indices hovered with modest gains till mid-afternoon trade. Key indices trimmed gains in late trade tracking weakness in European and Asian bourses.
Among secondary indices, the S&P BSE Mid-Cap index provisionally rose 1.03%. The S&P BSE Small-Cap index provisionally advanced 1.31%. Both the indices outperformed the Sensex.
Overseas, European and Asian stocks edged lower on concerns over plans to overhaul the tax system in the US. Meanwhile, the European Central Bank (ECB) has hiked its growth forecasts, but admitted that inflation still won't be on target by 2020. In its final meeting of 2017 held yesterday, 14 December 2017, the eurozone's central bank voted to leave interest rates on hold - and repeated its commitment to running an asset-purchase stimulus programme until at least next September.
US stocks closed lower yesterday, 14 December 2017, as two GOP Senators raised some concerns about the tax bill.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,600 shares rose and 1,056 shares declined. A total of 161 shares were unchanged.
Also Read
The total turnover on BSE amounted to Rs 4780.02 crore, higher than turnover of Rs 3593.94 crore registered during the previous trading session.
Metal and mining stocks advanced on higher base metals prices in global commodities market. JSW Steel (up 3.73%), Hindalco Industries (up 2.71%), Jindal Steel & Power (up 2.17%), Hindustan Zinc (up 0.88%), National Aluminium Company (up 1.44%), Tata Steel (up 1.52%), Steel Authority of India (up 0.77%) and NMDC (up 1.95%) gained. Hindustan Copper (down 0.11%) dropped.
Vedanta jumped 4.71% after the company said it proposes to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating to Rs 500 crore. In this regard, the company is holding a meeting of its duly constituted committee of the board on 19 December 2017. The announcement was made after market hours yesterday, 14 December 2017.
Axis Bank was up 1.2%. The bank said it has decided to keep the marginal cost of fund based lending rate (MCLR) of the bank unchanged. This will be effective from 18 December 2017. Accordingly, the bank's 1 year MCLR stands unchanged at 8.25%. The announcement was made during market hours today, 15 December 2017.
Bharat Heavy Electricals (Bhel) was up 0.33% after the company said it has won an order valued at over Rs 7300 crore, for setting up a 1,320 megawatts (MW) supercritical thermal power project in Tamil Nadu. The announcement was made during market hours today, 15 December 2017.
On the macro front, in a boost to Narendra Modi led NDA government at the centre, a host of exit polls predicted a clear victory for the Bharatiya Janata Party (BJP) in the recently concluded assembly elections for Gujarat and Himachal Pradesh. Exit polls predicted that the BJP will retain Gujarat while wresting power from the Congress in Himachal Pradesh. Counting of votes for these two states is scheduled on Monday, 18 December 2017.
The winter session of the Parliament began today, 15 December 2017. Disruptions marred the first day of the winter session of the Rajya Sabha today as a determined opposition stalled proceedings protesting the disqualification of former Janata Dal (United) or JD(U) chief Sharad Yadav and another MP of the same party and certain recent remarks of the Prime Minister.
This session will have a total of 14 working days. The session concludes on 5 January 2018. The government has a slew of important Bills on its agenda in this session. The Financial Resolution and Deposit Insurance Bill, 2017 is slated to come up in this session of Parliament. This Bill aims to limit the impact of the failure of financial institutions like banks and NBFCs. It has also been cleared by the standing committee.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content