The market rose for third straight trading session, backed by positive global cues. The barometer index, the S&P BSE Sensex, rose 269.44 points or 0.75% to 36,076.72, as per the provisional closing data. The Nifty 50 index rose 80.10 points or 0.74% to 10,859.90, as per the provisional closing data. Banks shares led the gains on bourses in today's trade.
Key indices started Friday's session on a positive note tracking firm global cues. Indices extended gains as the session progressed and hit fresh intraday high in morning trade. Indices held firm near day's high in afternoon trade. Indices further extended gains and hit fresh intraday high in mid-afternoon trade. Indices pared gains in late trade.
Among secondary barometers, the BSE Mid-Cap index rose 0.93%. The BSE Small-Cap index rose 0.86%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1569 shares rose and 1060 shares fell. A total of 169 shares were unchanged.
Sun Pharmaceutical Industries (up 3.01%), Vedanta (up 1.81%), HDFC (up 1.66%), ICICI Bank (up 1.66%), Yes Bank (up 1.65%), Axis Bank (up 1.28%), IndusInd Bank (up 1.25%) and Tata Steel (up 1.12%), were the top Sensex gainers.
Coal India (down 2.86%), TCS (down 0.79%), Bajaj Auto (down 0.59%), Bharti Airtel (down 0.46%) and Hero MotoCorp (down 0.18%), were the major Sensex losers.
United Bank of India rose 9.71%. The Central Government has informed its decision to invest Rs 2159 crore in the equity capital of the United Bank of India by Preferential Allotment. The announcement was made after market hours yesterday, 27 December 2018.
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Lemon Tree Hotels rose 9.01%. The company agreed to enter into a joint venture with Magnolia Grove Investment, an affiliate of Warburg Pincus group. The joint venture company i.e., Hamstede Living will construct, acquire, develop, operate and lease short- and long-stay real estate projects, with a primary focus on student housing, co-living for working professionals/adults and multi-family users. The announcement was made after market hours yesterday, 27 December 2018.
On the economic front, India's fiscal deficit in the first eight months of FY2018-2019 rose to Rs 7.17 lakh crore, hitting around 115% of the budgeted target for the current financial year, government data showed. The government had set a fiscal deficit target of Rs 6.24 lakh crore for FY2019.
Meanwhile, the government has revised the Minimum Support Price (MSP) of 23 items of Minor Forest Produce (MFP) items and has introduced MSP for 17 new MFP items. The 23 items whose MSP has been revised include those Minor Forest Produce items which have been covered under the scheme since its inception in the year 2013-14. The revised MSP also includes those MFP items which were announced on 31 October 2016 except Palash Flower (wet variety).
Overseas, shares in Europe rose while most shares in Asia ended higher, following a wild session on Wall Street where the Dow erased a 600-point drop to close positive.
In US, stocks erased heavy losses to end higher in a late-session turnaround that saw the Dow Jones Industrial Average end more than 800 points above its session low. The rebound came after stocks initially struggled to build on the previous session's sharp rally.
On the US data front, first-time claims for unemployment benefits fell by 1,000 to 216,000 in the week ended December 22, the Labor Department said Thursday. Further, the Conference Board said its consumer-confidence index dropped to 128.1 this month from a revised 136.4 in November.
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