Sensex Drops 200 Point Lead; Nifty Ends Unchanged
Asian equities gained with oil retreating after its longest winning streak in 4 months.
Closing Bell
Indian shares closed flat after paring all of their intraday gains in last hour of trade dragged lower by a sell-off in oil and gas companies.
The S&P BSE Sensex gave up a 200-point intraday lead to end trade little changed at 26,210. Likewise, the NSE Nifty closed unchanged at 8,034.
BQSpotted
SE Power
- Hit nine upper circuits in the last 10 sessions.
- The upper circuit limit was revised lower twice in the same period - first from 20 percent to 10 percent, and then to 5 percent.
- The Relative Strength Index (RSI) is at 84, indicating that the stock is in over-bought territory.
- The stock exchanges had sought a clarification from the management on the stock's run-up on December 19.
BQSpotted
Mukand Extends Rally
- Locked in 20 percent upper circuit after gaining 10.3 percent yesterday
- Has risen about 30 percent so far this week
- Volumes at 23.9 times its 20-day average
- Speciality steel company; Market cap of Rs 900 crore
RPP Infra Projects Extends Rally
- Announced received two projects worth Rs 54.2 crore today
- Up as much as 19.5 percent after being locked at 20 percent upper circuit yesterday
- Has gained over 40 percent so far in this week
- Volumes at 24.9 times its 20-day average
- Construction & Engineering company; Market Cap: Rs 525 crore
BQSpotted
Just Dial Snaps 8-Day Losing Streak
- Local search engine snaps its 8-day losing streak
- Stock gained as much as 2 percent today after losing 17 percent in last 8 trading sessions
Movers & Shakers: SpiceJet, Bharat Financial, Religare And More
Opening Bell
Indian shares climbed for a second day tracking a positive trade in Asian markets amid thin volumes led by automakers and information technology companies.
The S&P BSE Sensex gained 0.2 percent to 26,269 while the NSE Nifty advanced 0.2 percent as well to 8,050. The market breadth was also encouraging with more buyers than sellers: 968 advances, 410 declines and 458 stocks remaining unchanged.
Barring the S&P Realty Index, all other 18 sectoral gauges advanced on the BSE.
While the Nifty has managed to halt its longest losing streak in over one-and-a-half years, the index is still not out of the woods. The 50-share index’s 50-day average is headed below its 200-day moving mean. That’s a so-called death cross, which some technical analysts consider a bearish signal.
The gauge has fallen near a six-month low after the government’s decision to scrap high-value currency bills led to a cash crunch that curbed consumer spending.
In May of this year, the index had witnessed a golden cross, which is the reverse of the death cross, triggering a rally in Indian equities which got interrupted by a combination of geopolitical concerns and Modi’s demonisation move.
5 Things To Watch
Stocks To Watch
- Religare Enterprises: To absorb 11 units to cut costs
- Sunil Hitech: Gets Rs 434 crore of road EPC project in Arunachal Pradesh in joint venture with PCL-Eagle
- Tree House Education: Says Rajesh Bhatia filed police complaint about December 2 board meet; in process of taking legal action
- JK Tyre to consider raising funds via securities
For a complete list of stocks to watch, click HERE
IPO Watch
- BSE unit CDSL files DRHP to sell up to 35.2 million shares in IPO
Talking Points
- 2 killed, many injured as Ajmer-Sealdah Express train derails in Kanpur
- RBI allows FPIs flexibility to transact in Indian company bonds
- SEBI eases trading norms for equity derivatives contract
- India budget advanced to authorize expenditure in new fiscal: Modi
- Tata legal notice to Mistry alleges breach of confidentiality
- Crisis-ridden Brazil lures Iran and India on oil deal
Read: Modi’s Mastery of the Message to be Tested as India Enters 2017
- Global funds sell Rs 712 crore of local stocks; domestic funds buy Rs 1,500 crore yesterday: Provisional data
- Possession of old notes after December 30 may invite penalty of over Rs 50,000 (Hindustan Times)
- Essar Steel promoters said to agree to bring in Rs 1,500 crore (Economic Times)
Good Morning!
The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, gained 0.2 percent to 8,035.
Asian equities gained this morning, except Chinese stocks, with oil retreating after its longest winning streak in four months. The thin volume is expected to be carried through in Asian markets in the last week of trading for a volatile year.
U.S. stocks traded near a record high on Tuesday with volume about 50 percent below the 30-day average. The Nasdaq Composite Index rose to its all-time high and the Dow Jones Industrial Average approached 20,000.
U.S. consumers were more bullish than at any time in the last 15 years, according to a report from the New York-based Conference Board. Consumer confidence for December climbed to the highest since August 2001.
The share of those seeing more job availability six months into the future rose to the highest since February 2011.