Nifty Bank posts biggest single-day gain in one month; Sensex continues trading higher for second day

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Updated: December 12, 2019 4:19:55 PM

The benchmark equity indices -- Sensex and Nifty -- ended on a positive note tracking gains in heavyweights HDFC Bank, Kotak Bank and SBI.

Sensex, Sensex companies, corporate governance, bse, Dr Reddy’s Laboratories, Cipla, Hindustan Unilever, Tata Power, Tata Motors, share, share market The rupee gained 21 paise against the US dollar to 70.63.

The benchmark equity indices — Sensex and Nifty —  ended on a positive note tracking gains in heavyweights HDFC Bank, Kotak Bank and SBI. The stock market recorded gains for the second day to turn positive for the week with Nifty failing to hold 12,000 seen after four sessions Sensex jumped 169.14 points to end at 40,581.71, while Nifty rose 61.65 points to 11,971.80. The market breadth favoured advances for the first time in December. Nifty Bank gained 409 points to post the biggest single-day gain in one month.  Tata Motors was the top gainer in the Sensex pack, rallying 7.17 per cent, followed by Yes Bank 5.96 per cent, Vedanta 3.68 per cent, Tata Steel 3.29 per cent, SBI 2.91 per cent and Kotak Bank 1.76 per cent. On the other hand, Infosys fell 2.63 per cent, ONGC 1.68 per cent, HCL Tech 1.51 per cent, TCS 1.20 per cent and Bharti Airtel 0.95 per cent.

“Markets will react to the macroeconomic data viz. CPI inflation and IIP numbers in the early trade on Friday. Besides, the outcome of the Britain election will also be on their radar. Since the signals are mixed from the benchmark indices, we advise continuing with stock-specific trading approach. We feel banking index can outshine the Nifty in the near future so plan your trades accordingly,” Ajit Mishra, VP – Research, Religare Broking said.

“Bulls were active in the trade and pushed the index higher towards the resistance zone. If bulls manage to push Nifty beyond 12,050 and close above it, the current consolidation is likely to end. Till the mentioned zone is not breached on the upside, index continues to remain in consolidation phase between 11,700-12,000 zone. Market breadth was strong as participation was wider. Overall broader uptrend remains intact,” Manav Chopra, CMT, Head Research – Equity, Indiabulls Ventures said.

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Meanwhile, the rupee gained 21 paise against the US dollar to 70.63, the brent futures surged 0.74 per cent to $64.19 per barrel.

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