Bulls roar as strong global cues, RBI Guv appointment cheer markets

Bulls roar as strong global cues, RBI Guv appointment cheer markets
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Mumbai, Dec 12: Bulls took charge right from the word go and consistently traded in the green. But intense buying in the last hour helped the market end on an even stronger note. The Nifty, not only managed to clock 10,700, but also closed above this mark.
Investors cheered the appointment of a new RBI Governor — Shaktikanta Das — who took over from Urjit Patel. Additionally, strong global cues on the back of possible easing US-China tensions aided sentiment.
Buying was visible across all sectors, with maximum gains seen among automobiles, metals, banks, infrastructure and consumption names. In the broader market, the Nifty Midcap index ended 3 percent higher.
At the close of market hours, the Sensex closed up 629.06 points or 1.79% at 35779.07, while the Nifty rose 188.40 points or 1.79% at 10737.60. The market breadth was positive as 1,882 shares advanced, against a decline of 645 shares, while 139 shares were unchanged.
Hero MotoCorp, Bharti Airtel, and Indiabulls Housing gained the most, while Dr Reddy’s Laboratories, and Bharti Infratel lost the most.
Stocks in the News
Shares of Zydus Wellness gained 4.5 percent after company received CCI approval for acquisition of businesses of Heinz.
Shares of Sun Pharmaceutical Industries rose 2 percent after research house Nomura has upgraded its rating and also raised the target price.
Share price of Ashok Leyland jumped 2 percent after company signed Memorandum of Understanding (MoU) with Israel’s ELBlT Systems.
Shares of NBCC gained 4 percent after company won an order worth Rs 172 crore.
ACC gained 3 percent after company board approved the expansion proposals.
Shares of Ramco System rose 2 percent on bagging order in the United States.
Shalby shares gained 2 percent after signing memorandum of understanding with International SOS for providing medical assistance to foreign travellers in India.
Auto stocks hogged the limelight and were riding at top speed after news reports indicated that China is expected to cut tariffs on cars made in the US.
Global Markets
Asia stocks closed in positive territory as investors bet on easing tensions between Washington and Beijing.
Meanwhile, European stocks rallied as well on the back of same news. Sterling fluctuated ahead of vote of no confidence that British PM Theresa May will face. The Stoxx 600 was up nearly 1 percent.