Saturday, December 8, 2018

Domestic Stock Markets Closed on Positive Note

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STOCK MARKET: Domestic stock markets closed on a positive note today. The indices were boosted by strength in global equities, sliding crude prices, recovering rupee and a surge in Kotak Bank shares on reports that Berkshire Hathaway was planning to pick up stake in the lender.

Bombay Stock Exchange (BSE) benchmark index Sensex settled at 35,673.25, up 361.12 points or 1.02 per cent from the previous close, and the Nifty50 index of the National Stock Exchange (NSE) fell 99.90 points or 0.94per cent to close at 10,701.05.

Know about Friday’s trading session:

1) Financial services, banking, auto and FMCG stocks ended Friday’s session in the green.

2) Thirty three of 50 Nifty stocks closed in the positive, with Kotak Bank being the top gainer on the index, settling 8.84 per cent higher. Other major gainers on the 50-scrip index Nifty were Bajaj Finserv (+3.17 per cent), Adani Ports (+2.76 per cent), Bajaj Auto (+2.33 per cent) and Bajaj Finance (+2.22 per cent).

3) Twenty one out of 30 Sensex stocks settled in the green.

4) Top laggards in the 30-share Sensex pack were Kotak Bank (+8.53 per cent), Adani Ports (+2.71 per cent), Bajaj Auto (+2.23 per cent), Infosys (+1.92 per cent), Asian Paints (+1.69 per cent) and Hero MotoCorp (+1.64 per cent). Kotak Bank, Infosys and Reliance contributed the most to the gains.

5) Shares of Kotak Mahindra Bank got a boost on the indices following reports that Warren Buffett’s Berkshire Hathaway Inc was planning to pick up stake in the private sector lender.

6) Investors also took positive cues from Asian and European equities after US Fed Chairman Jerome Powell signalled that the three-year tightening cycle was drawing to a close, and IMF chief Christine Lagarde said that the US was not likely to see an economic contraction in the near term.

7) The rupee appreciated by 24 paise to 70.66 against the US dollar in intra-day trade amid weakness in the greenback against some currencies overseas.

8) Oil prices eased on worries that a meeting of Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers will not agree to a cut in output. Brent crude, the international benchmark, was trading 0.72 per cent lower at $59.63 per barrel.

9) On the other hand, software services firm HCL Technologies plunged after it agreed to buy some software assets from International Business Machines Corp for $1.80 billion. Shares of the company settled 4.98 per cent lower on the BSE.

10) On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs. 72.47 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs. 389.78 crore, provisional data available with BSE showed.

The post Domestic Stock Markets Closed on Positive Note appeared first on Clipper28 Digital Media.


Source:CP
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