Indian stock market today: Nifty above 12200 and Sensex gained 411 pts

 

As discussed in yesterday’s report, the Indian stock market today opened in green. The benchmark indices extended its early gains in the latter half and closed in the positive territory. Nifty managed to hold 12200 level and Sensex gained more than 400 points.

 

Indian stock market today

At close, Nifty gained 119.25 at 12245.80 while Sensex was up 411.38 points and closed at 41575.14. The PSU Banks were the gainer today due to capital infusion in some banks. The Bank Nifty also gained 414.65 points and closed at 32412.35

The Nifty midcap 100 index gained 142.75 points or 0.85% and closed at 17006.30. Whereas the Nifty smallcap 100 index was up 72.65 points or 1.28% up and closed at 5757.25.

The top gainers in the Nifty50 stocks are Axis Bank, Coal India, BPCL, Power Grid, and SBI. The losers in Nifty 5o stocks for the day are Yes Bank, Wipro, Britannia, Kotak Mahindra, and Bharti Infratel.

Among the sectors in the Indian stock market today, the top gainers are Banking & Finance, Real Estate, Oil & Gas, Textiles, Telecom and Logistics. The losing sectors for the day are Insurance, Consumer Durables, Footwear and  Dimond and Jewelry.

The last two days FIIs were the net seller in the cash segment. In the month of Dec till yesterday, FII’s bought Rs 2008.37 crores in the cash segment. Whereas the DIIs sold Rs 1652.92 crores in the cash segment.

Stocks are in the news today:

HG Engineering has declared the lowest bidder by the National Highways Authority of Indian ( NHAI) Project. The share price of HG Infra Engineering gained 7.19% and closed at Rs 260.75  per share.

CRISIL has upgraded the long term rating of Gujarat Gas bank facilities. The share price of Gujarat Gas gained 1.03% and closed at Rs 225.85 per share.

CARE has downgraded rating of long term bank facilities of  GPT Infra project. The share price of the GT Infra project has declined 4.72% and closed at Rs 39.40 per share.

Sical Logistics has delayed in payment of semi-annual interest due on 27th Dec. The share price of Sical Logistics declined 2.05% and closed at Rs 16.75 per share. 

The Bombay High Court has ordered the appointment of a court receiver to sell Talwalkar’s Health clubs equipements from about 50 gyms of the company. The share price of Talwalkar has gained 4.92%  and closed at Rs 3.20 per share.

The PFC and REC have jumped today on the report that the government is considering extending loans from these firms to State Power Distribution companies for clearing their dues to power generation plants. The share price of PFC and REC gained 3.56% and 2.24% respectively.

ICRA has reaffirmed the rating on the bank facilities of PAGE Industries. The share price of PAGE Industries has gained 5.61% and closed at Rs 23534  per share.

Reliance Infrastructure has received Rs 94 crore from the Government of Goa against arbitration award of Rs 350 crore including interest. The share price of Reliance Infrastructure has closed flat at Rs 26.70  per share.

Banking stocks are in the news today

The government has released fresh capital infusion fund of Rs 2153 crore in Allahabad Bank. The share price of Allahabad Bank gained 8.17% and closed at Rs 19.20 per share.

CITI has maintained buy call on SBI and raised the target price from Rs 375 to Rs 400 per share. The share price of SBI has gained 2.24% and closed at Rs 337.25 per share.

UCO bank has received Rs 2142 crore towards the contribution of the Central Government in the preferential allotment of equity shares. The share price of UCO Bank gained 3.29% and closed at Rs 17.25 per share.

The government of India release Rs 4360 crore to IOB towards the contribution of the central government in the preferential allotment of equity shares during the financial year 2019-20 as government investment. The share pf IOB gained 5.75% and closed at Rs 11.95 per share.

Crude and Rupee Updates

The crude oil price is trading at three months high. The current price of Brent crude oil future is $68.12. It is trading at 0.28% higher from yesterday’s close. The Indian rupee is trading at Rs 71.40 against the US dollar today.

 

Conclusions: 

Indian stock market today closed in positive zone. After the corrections for three consecutive days, the benchmark indices rebounded sharply today. PSU Banking index gained around 3% today on the news of capital infusion in some banks. For the longer-term view market will continue to move towards northwards. Investors can accumulate financially sound stocks for the long term views.

Traders can get daily Nifty and Bank Nifty views on our website. Check out our Weekly Market outlook on coming Sunday.

 

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You may like to read, PSU Bank Merger: 7 ways the merger will impact on you

 

Happy Investing!!

 

Editor’s Desk