A man walks past traffic barriers outside the Bombay Stock Exchange (BSE) building in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg)

Sensex, Nifty Rise For Sixth Session In A Row Led By ICICI Bank, RIL     

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Closing Bell: Nifty Reclaims 10,900 Paced By Sun Pharma, Bajaj Finance

Indian equity benchmarks rose for sixth session in a row led by ICICI Bank, Reliance Industries and Larsen & Toubro.

The S&P BSE Sensex rose 0.21 percent or 77 points to 36,347 and the NSE Nifty 50 Index climbed 0.19 percent or 20 points to 10,909.

Fifteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Power Index's 1.1 percent gain. On the flipside, S&P BSE Information Technology Index was top loser, down 1.1 percent.

Mid- and small-cap shares outperformed their larger peers as the Nifty Midcap 100 Index rose 0.4 percent and the Nifty Smallcap 100 Index climbed 0.7 percent.

Zee Entertainment Falls Most In Over Three Months After BofAML Downgrade

Shares of the Mumbai-based entertainment channel operator fell as much as 9.52 percent, the most since Sept. 6, to Rs 454.05 after Bank of America Merrill Lynch downgraded the stock to underperform and revised its target price to Rs 375.

BofAML in a note said:

  • Liquidity concerns to surface if company doesn’t find a strategic investor by April 2019.
  • Company has already acknowledged structural issues like lack of technological expertise.
  • Near term pressure on broadcast ad/subscription due to non-extension of Dec. 29 deadline to select al-la carte channels.
  • Investors are concerned with cash invested in overseas funds like Poseidon and Actinium.
  • Expect Jio to disrupt media landscape in next 12-18 months.

PSU Bank Can Bounce In Short Term: Dipan Mehta

Investors should start putting money in equities as it is a good time to get into bluechip companies as markets are not very much concerned about a coalition government coming at the centre in 2019, Dipan Mehta, member of BSE told BloombergQuint in an interview.

Key highlights of the conversation:

  • Markets not very much concerned about a coalition government coming at the centre.
  • PSU bank can bounce in the short term on the back of lower provisioning, but investors should not hold them from long term.
  • Still believe it is good time to invest in NBFCs and private sector banks from a long term.
  • Fears of liquidity crunch are receding and NBFCs which are creating good loan books will outperform.

ICICI Bank Near Day's High After Block Deal

  • ICICI Bank has 65.70 lakh shares change hands in a block on BSE. Stock up 1.13 percent at Rs 362.50.

Buyers and sellers were not immediately known

Source: Bloomberg

MIRC Electronics Surges As It Meets Investors Including Jhunjhunwala's RARE Enterprises

Shares of the Mumbai-based Onida television maker rose as much as 20 percent to Rs 27.80 as it meets investors including Rakesh Jhunjhunwala's RARE Enterprises and Emkay Glogbal among others.

The company had yesterday informed exchanges that it would meet analysts and fund managers today.

MIRC Electronics’ intraday chart
MIRC Electronics’ intraday chart