Sensex gains 157 points, Nifty up by 50 points; Bank Nifty down amid fund infusion prospects

Nifty and sensex breached the levels of 10,830 and 36,000 respectively during trading hours. Major contributing sectors were energy, oil and gas, capital goods, IT. Whereas, auto, bank, consumer goods and pharma had a huge selling in the last session.

Major contribution to the benchmark indices, were from large and mid cap players like, Reliance, TCS, Infosys, GAIL, ZEEL, Bharti Infratel, Adani Ports, Tech Mahindra. PTI

Markets recover strong amid strong global market performance overnight. BSE Sensex closed at Rs 35,807.28, higher by 157 points or 0.44 per cent while NSE Nifty50 closed below 10,800 at Rs 10,779, surging 50 points or 0.50 per cent in the end.

Nifty and Sensex breached the levels of 10,830 and 36,000 respectively during trading hours. Major contributing sectors were energy, oil and gas, capital goods, IT whereas auto, bank, consumer goods and pharma witnessed a huge selling in the last session.

A positive opening was expected on Thursday amid closing of global markets high. The Dow Jones surged 1086 points or 5 per cent to 22,878 while SGX nifty rallied 0.25 per cent for a level of 10,794. Nasdaq closed with a 5.84 per cent jump. The recovery of IT, retail and energy shares acted as major contributors for U.S.

TRENDING NOW

However despite a recovery in the market, bank nifty closed at Rs 26,878.55, plunging 108 points or 0.40 per cent amid prospects of finance ministry's nod to infuse liquidity of 29000 crores into 7 public sector banks (PSBs) today.

As per reports, Bank of India can get over Rs 10,000 crore.

Kunal Saraogi CEO, Equity Rush said to Zee Business online, there is strong support at Rs 10,650, and at Rs 27,100, for bank nifty.

"The range of 10,800 will be crucial for Nifty 50. The US market recovery sending strong signals. The markets will have a positive trend in a new year after January 7" Saraogi added.

There was a pressure on OMCs during the trading session as the crude oil prices also fell 2.5 per cent today, despite 8 per cent surge on Wednesday, highest jump in the last two years.

The major contribution to the benchmark indices was from large and mid-cap players like Reliance, TCS, Infosys, GAIL, ZEEL, Bharti Infratel, Adani Ports, Tech Mahindra.

The Indian rupee shows slight weakness and still traded above 70.3 mark against dollar.

TOP GAINERS

Adani Ports: Adani ports closed at Rs 384, jumping 2 per cent up.

Tech Mahindra: Tech Mahindra closed at Rs 709, up by 2.2 per cent

Bharti Infratel: Bharti Infratel closed at 266.80, rallying 1.6 per cent.

TOP LOSERS

BPCL: BPCL closed at Rs 364.60, loosing 0.48 per cent.

Tata Motors: Tata Motors closed at Rs 168, down by 1.55 per cent.

Hero Motocorp: Hero closed at Rs 3128.80, pulling down by 1.46 per cent

Watch this Zee Business tweet video

शेयर बाज़ार में कैसे निवेश करें,
क्या है इसके फायदे और नुकसान,
क्यों लाती हैं कंपनियां अपने शेयर, जानिए अनिल सिंघवी और स्वाति रैना के साथ #InvestmentGurukul में।

पूरा इंटरव्यू देखिए https://t.co/uA0TNmnT3V @AnilSinghviZEE @rainaswati pic.twitter.com/kZ1fyHWewO

— Zee Business (@ZeeBusiness) December 27, 2018

The strong global sentiments drove markets upside today as the US markets performed well overnight. Green opening and high volume trade in Asian markets also impacted local market.

The positive news from the U.S, as according to the economic adviser of Donald Trump, the job of Jerome Powell, chair of Federal Reserve and Steven Mnuchin, the treasury secretary, is 100 per cent safe.

There are number of positive verticles for the Indian markets to make all time highs in the new year.

RBIs nod to infuse liquidity to banks, recapitalisation of PSBs, stability in rupee, FPIs decision to infuse Rs 4000 crores in capital markets, oversupply of crude, strong global sentiments can drive local markets to all time highs in the future.

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