ADVERTISEMENT

Nifty Hits 8,380-Mark As Investors Look Beyond Demonetisation

Indian shares gained the most in nearly two-weeks, tracking positive global cues.

Electronic ticker boards indicate the latest stock figures inside the atrium at the National Stock Exchange (NSE) in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)
Electronic ticker boards indicate the latest stock figures inside the atrium at the National Stock Exchange (NSE) in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)
LIVE FEED
Latest First
  • Oldest First

Market Wrap

ADVERTISEMENT

Closing Bell

Indian shares gained the most in nearly two-weeks, tracking positive global cues and as some investors accessed that the worst of the demonetisation pain has been factored in.

The S&P BSE Sensex climbed 0.9 percent to 27,140 while the NSE Nifty advanced 1.1 percent to 8,380. This was the 50-share index’s first close above the 8,300-mark since November 10. The market breadth too was encouraging with 1,049 stocks advancing, 568 declining and 291 remaining unchanged.

The S&P BSE Metal Index rose 4.4 percent to 11,228 – a level last seen in October 2014. The second biggest gainer of the day was the S&P BSE Bank Index, which climbed 2.4 percent, the most in two-months.

Nifty Hits 8,380-Mark As Investors Look Beyond Demonetisation
Market clocked a two month high as the energy generated by metal stocks following China’s intention to cut down capacity has fuelled the rally. Bank Nifty outperformed as the initial set of results from the private banking space has crossed the hurdle of demonetisation. The dollar remains flat ahead of U.S. president-elect Trump’s press conference today and this has given a push to the risk averse to step into gold.”
Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services wrote in a note.  

Deal Of The Day

ADVERTISEMENT

Market Update

Nifty Hits 8,380-Mark As Investors Look Beyond Demonetisation

IPCA Labs Snaps Losing Streak After Clarifying On News Item

Shares of the drug maker gained 4.2 percent, snapping a four-day losing streak after it said third party consultants are regularly visiting its three manufacturing plants, which are currently banned from importing products to the U.S. market, to oversee corrective measures being undertaken at the facilities.

The third party consultants are regularly visiting our manufacturing units which are under USFDA import alert/warning letter and are assisting us in implementing robust remediation measures in a proper and timely manner.”
Ipca Laboratories said in a regulatory filing.

Verification of remediation measures implemented by the company is also a part of the assignment given to the third party consultants, it added.

Last year, the U.S. FDA had put the company's Ratlam-based active pharmaceutical ingredients(API) facility under import alert. Later, the company's formulations manufacturing facilities at SEZ Indore and Piparia (Silvassa) were also put under import alert by US health regulator.

With PTI inputs

ADVERTISEMENT