Indices end flat, Nifty holds 10800

Indices end flat, Nifty holds 10800

Mumbai, Dec 14: Benchmark indices closed rangebound session on a flat note Friday despite weakness in global peers due to growth concerns in world’s largest economy China. Overall it was a consolidation day after the rally seen in previous three consecutive sessions.
The 30-share BSE ended with a positive bias but failed to hold on to 36,000 levels, rising 33.29 points to 35,962.93.
The 50-share NSE Nifty closed above 10,800 levels for the first time since December 4, up 14 points at 10,805.50.
For the week, the Sensex gained 0.8 percent and the Nifty rallied a percent.
The consolidation was on expected lines especially after three-day rally which discounted elections results and RBI governor news, experts said, adding the market could continue to get supported by stable oil prices and rupee with rate cut hope.
“Weakening rupee and decline in yield influenced investors to stay sideline,” Vinod Nair, Head of Research, Geojit Financial Services told Moneycontrol.
He said inflation remained on a softening path while industrial activity is picking up which will provide support to the market.
Wholesale inflation fell to a three-month low of 4.64 percent in November 2018 from 5.28 percent in previous month, dragged by decline in prices of food articles and some easing in rates of petro products.
On the global front, growth concerns in Chinese economy dragged Asian and European markets to a negative terrain. China’s Shanghai Composite, Hong Kong’s Hang Seng, Japan’s Nikkei and South Korea’s Kospi closed lower by 1-2 percent after Chinese economic data missed expectations which raised worries about headwinds facing the economy.
European markets like France’s CAC, Germany’s DAX and Britain’s FTSE were down 1 percent each at the time of publishing the article.
Back home, the Nifty Bank, IT, Metal indices ended flat while Pharma (down 1 percent) was the worst performing sector.
Yes Bank rallied 3 percent after a media report suggested that Brahm Dutt could be a part-time Non-executive chairman of the private sector lender.
ONGC gained 2.5 percent as the board will consider the proposal of share buyback on December 20.
Shares of Bharti Airtel jumped 5 percent and Vodafone Idea 3.6 percent after the telecom tribunal TDSAT struck down Trai’s new rules on predatory pricing saying they lacked required transparency.
BPCL (up 3.11 percent) and IOC (2.80 percent) were other leading gainers among Nifty 50 stocks while losers were HDFC (down 1.95 percent), HCL Technologies (1.72 percent), JSW Steel (1.66 percent), Wipro (1.64 percent) and Titan Company (1.34 percent).
Max India was locked in 20 percent upper circuit after a media report indicated that KKR-led Radiant in talks to acquire Max Healthcare.
Motherson Sumi Systems gained 3 percent after a media report suggested that the auto ancillary company is in talks to acquire auto cable firm Leoni in Germany but the company denied saying it is not aware of the news.
Fortis Healthcare slipped nearly 7 percent after the Supreme Court has put the sale of the company to IHH Healthcare on hold following a contempt plea filed by Daiichi Sankyo against company’s former promoters Malvinder Singh and Shivinder Singh (Singh brothers).
The broader markets also ended flat after a sharp run up amid balanced breadth. About 1,263 shares advanced while 1,276 shares declined on the BSE.