The market ended higher, extended gains for second trading session in a row, supported by positive global cues. The barometer index, the S&P BSE Sensex, rose 157.34 points or 0.44% to 35,807.28, as per the provisional closing data. The Nifty 50 index rose 49.95 points or 0.47% to 10,779.80, as per the provisional closing data.
The Nifty settled below 10,800 mark after opening above that level. The Sensex settled below 36,000 mark after opening above that level.
The key indices jumped at opening trades and advanced further. However, the indices came off day's high in morning trade as profit selling emerged at higher levels. The indices firmed up once again in mid-morning trade amid fresh buying support. Benchmarks turned range bound in early afternoon trade. Indices held firm at higher levels in mid-afternoon trade. Indices pared gains in late trade.
Among secondary barometers, the BSE Mid-Cap index rose 0.32%. The BSE Small-Cap index rose 0.31%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1329 shares rose and 1235 shares fell. A total of 184 shares were unchanged.
Adani Ports & Special Economic Zone (up 2.39%), Reliance Industries (up 2.01%), Infosys (up 1.75%), Asian Paints (up 1.31%), TCS (up 1.22%) and ITC (up 1.14%), were the major Sensex gainers.
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Bharti Airtel (down 1.88%), Hero MotoCorp (down 1.85%), Tata Motors (down 1.38%), Tata Steel (down 1.29%) and Maruti Suzuki India (down 0.84%), were the major Sensex losers.
NTPC rose 0.65%. The company said that investment approval has been accorded for Bilhaur Solar PV Project of 140 MW capacity and Auraiya Solar PV Project of 20 MW capacity. The announcement was made after market hours yesterday, 26 December 2018.
Sun Pharmaceutical Industries fell 0.36%. DUSA Pharmaceuticals, Inc., (DUSA), a wholly owned subsidiary of Sun Pharmaceutical Industries announced that DUSA has been granted preliminary injunctive relief by a federal district court prohibiting defendants Biofrontera Inc., Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AG (together known as Biofrontera) from using DUSA's confidential and proprietary trade secret information. The announcement was made after market hours yesterday, 26 December 2018.
FMCG major Hindustan Unilever (HUL) rose 1.55% after the company said it is considering legal options after GST authority found it guilty of not passing on rate cut benefits to consumers. The announcement was made after market hours yesterday, 26 December 2018.
In clarification to media report indicating GST authority has found HUL guilty of profiteering Rs 383 crore, HUL clarified that the National Anti Profiteering Authority (NAA) has passed an order against the company on 24 December 2018 for depositing an amount of Rs 223 crore.
HUL has always maintained that the GST is a progressive reform which will benefit consumers and the industry at large. In the absence of set rules and guidelines on profiteering, HUL has gone by the spirit of the law, and passed on the entire benefit received under GST to consumers - either through reduction in prices or through increase in grammage. In addition, HUL had taken many steps as a matter of good governance and by keeping consumers interest in mind. HUL kept the Government informed of the approach and the manner that it had adopted in passing on the GST benefits to consumers.
The NAA order refers to the need to pass on the benefit of reduction in rates to consumers which is fully consistent with HUL's stand and actions. However, it makes a narrow interpretation of the law and does not take into account well established industry practice backed by law. Also, no methodology has been determined by NAA as required under law to determine if benefit has been passed or not. Given there is divergence on some basic issues, HUL will, consider legal options available to it. There is no material impact of the demand and as well as this article on the company, HUL said.
Meanwhile, the Reserve Bank of India (RBI) on Wednesday constituted an expert committee to review the extant economic capital framework of the central bank. The committee will be headed by Bimal Jalan, former RBI governor, while Rakesh Mohan, former deputy governor and former DEA (Department of Economic Affairs) secretary, is the vice chairman of the committee.
Overseas, most shares in Europe and Asia were higher Thursday after US stocks saw their best performance in almost a decade on Wednesday.
In US, the Dow logged a 1,000-point gain as equities roared back from oversold conditions. Shoppers delivered the strongest holiday sales increase for US retailers in six years, according to Mastercard Spending Pulse, which tracks online and in-store spending with all forms of payment.
On the US data front, the Case-Shiller 20-city price index rose a seasonally adjusted 0.4% in October, while the year-over-year advance fell to 5% from a revised 5.2% in September.
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