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Sensex, Nifty gain for third day in a row
(08-Jan-2019  , 16:45 Hours IST)

Key equity indices extended gains for third straight trading session led by gains in index pivotals. The Sensex ended below 36,000 mark after crossing that level in intraday trade. Gains were led by ICICI Bank, State Bank of India and Axis Bank. Shares of ICICI Bank scaled a record high.

Trading was volatile. After opening lower, key indices bounced back and hit fresh intraday high in morning trade. Indices once again slipped into negative terrain in mid-morning trade. Indices turned flat in early afternoon trade. Market firmed up once again in mid-afternoon trade.

The barometer index, the S&P BSE Sensex, rose 130.77 points or 0.36% to settle at 35,980.93. The index hit high of 36,037.35 and low of 35,753.95 in intraday trade.

The Nifty 50 index rose 30.35 points or 0.28% to settle at 10,802.15. The index hit high of 10,818.45 and low of 10,733.25 in intraday trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.16%. The BSE Small-Cap index rose 0.17%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1270 shares rose and 1305 shares fell. A total of 177 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Telecom index (up 1.34%), the S&P BSE Bankex (up 1.31%), the S&P BSE Metal index (up 0.58%) outperformed the Sensex. The S&P BSE Capital Goods index (down 0.35%), the S&P BSE Consumer Durables index (down 0.12%), the S&P BSE Oil & Gas index (down 0.17%) underperformed the Sensex.

Sun Pharmaceutical Industries (up 3.98%), State Bank of India (up 3.18%), Yes Bank (up 2.86%), Tata Motors (up 2.34%) and Axis Bank (up 2.11%) were the major Sensex gainers.

Kotak Mahindra Bank (down 1.41%), NTPC (down 0.98%), HDFC (down 0.81%), HDFC Bank (down 0.81%) and Hindustan Unilever (down 0.79%) were the major Sensex losers.

Infosys shed 0.19%. Infosys will announce Q3 December 2018 results on Friday, 11 January 2019.

TCS fell 0.19%. TCS will announce Q3 December 2018 results on Thursday, 10 January 2019.

ICICI Bank rose 3.46% at Rs 380.20. The stock hit a record high of Rs 381.60 in intraday today.

JSW Steel gained 1.43% after the company said that crude steel production rose 3% to 4.23 million tonnes in Q3 December 2018 over Q3 December 2017. The announcement was made during market hours today, 8 January 2018.

JSW Steel said that the production of flat rolled products rose 3% to 2.90 million tonnes in Q3 December 2018 over Q3 December 2017. Production of long rolled products jumped 18% to 1.04 million tonnes.

GRUH Finance lost 16.39% to Rs 256 while Bandhan Bank dropped 4.8% to Rs 477.05 after both the companies announced a merger deal through share swap. The board of GRUH Finance at its meeting held on 7 January 2019 has approved a scheme of amalgamation between Gruh Finance (transferor company) and Bandhan Bank (transferee company). Shareholders of Gruh Finance will receive 568 shares of Bandhan Bank for every 1,000 shares held. The announcement was made after market hours yesterday, 7 January 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.19, compared with closing of 69.6850 during the previous trading session.

In global commodities markets, Brent crude oil futures edged higher. Brent for March 2019 settlement was up 77 cents at $58.10 a barrel.

On economic front, the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation released the First Advance Estimates of National Income at Constant (2011-12) and Current Prices, for the financial year 2018-19. The advance estimates shows India's GDP would grow 7.2% in 2018-2019, showing acceleration from 6.7% growth in 2017-18. Real gross value added (GVA), i.e, GVA at Basic Constant Prices (2011-12) is anticipated to increase 7.0% in 2018-19 up from 6.5% growth in 2017-18.

Overseas, European shares were trading higher, rebounding from the previous session. Stocks in Asia traded mixed as investors wait for the second day of US-China trade talks to kick off later in the day. China is reportedly willing to resolve its trade disputes with the US on an equal footing.

US stocks on Monday closed higher, building on Friday's powerful rally, as investors watched for further signs of a thaw in the protracted trade dispute between the US and China.

On the data front, the US services sector expanded at the slowest pace in five months in December, according to the latest reading of the Institute for Supply Management's nonmanufacturing index, released Monday. The index fell to 57.6% in December, from 60.7%.

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