Market ends at record highs post last hour surge; RCom up 31% post debt rejig plan

Market ends at record highs post last hour surge; RCom up 31% post debt rejig plan

 

Mumbai, Dec 26: A huge surge in the final hour of trade pushed benchmark indices higher and closed at record high levels. The Sensex ended above 34,000-mark, while the Nifty ended above 10,500-mark.
The day was largely dominated by flat moves on both indices, as the Street could have taken a backseat due to the ongoing holiday season. Metals and pharma were the top gainers on indices. In the broader markets, midcaps continued to shine, as the Nifty Midcap index ended higher by 0.82 percent. The BSE Midcap and smallcap closed with healthy gains as well.
The Nifty Bank too turned positive in the final hour of trade, as the index erased all of its losses.
The Sensex was up 70.31 points or 0.21% at 34010.61, and the Nifty up 38.50 points or 0.37% at 10531.50. The market breadth was positive as 1,688 shares advanced, against a decline of 1,084 shares, while 178 shares are unchanged.
Among stocks, Kotak Mahindra Bank and Yes Bank provided support to Nifty Bank, while HDFC Bank was a laggard.
Stocks such as Jet Airways, SAIL, DLF, and JSPL hit intraday 52-week highs.
Shares of Anil Ambani-led Reliance firms rose 2-31 percent intraday on Tuesday on the back of announcements related to debt reduction issues.
Reliance Communications, Reliance Infrastructure, Reliance Capital and Reliance Power gained big on the back of this announcement.
In a press conference, Ambani announced that the firm will announce the strategic debt restructuring (SDR) and have achieved full resolution for the company. “There will be no equity conversion for lenders and zero write-off to lenders,” he told mediapersons in Mumbai.
Further, he said that the company will reduce Reliance Communications’ debt by Rs 25,000 crore and the transactions will be closed in a phased manner between January and March 2018.
Shares of Alembic Pharmaceuticals rose 1 percent in the early trade as its associate company Rhizen Pharmaceuticals received USFDA approval for cancer drug. The stock ended on a flat note.
Welspun Corp added 13.5 percent intraday as it bagged an order for supply of 124 K MTs pipes. The stock ended 4 percent higher.
Coromandel International touched 52-week high of Rs 558.60, gaining 3 percent as it announced acquisition of bio-pesticides business of EID Parry for Rs 338 crore.
Among commodities, gold rallied by Rs 100 to Rs 29,975 per ten gram at the bullion market on the back of positive global cues amid increased buying by local jewellers.
Silver followed suit and advanced by Rs 170 to Rs 38,870 per kg due to increased offtake by industrial units and coin makers.
Marketmen said a firm trend overseas where gold hit a more than three-week high in low-volume trade amid a weaker dollar, mainly kept the precious metals higher.
“The underlying sentiments continue to remain positive. However, with indices trading at record highs investors and traders should be cautious. With lack of any fresh positive triggers on the domestic bourses, we expect the market to consolidate in the near term. Investors can continue to accumulate fundamentally sound stocks on dips,” Jayant Manglik, President, Retail Distribution, Religare Securities said.