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Domestic stocks logged modest gains led by index pivotals ITC, State Bank of India and Axis Bank. Intraday volatility was high. The Sensex settled above the psychological 35,000 mark after sliding below that level in intraday trade. Pharma shares gained.

The market staged a smart recovery after weak opening as investors held their nerves ahead of the final outcome of the state assembly elections results. The trading sentiment was dented in early trade after the Reserve Bank of India Governor, Urjit R. Patel, resigned from his post last evening citing personal reasons. However, the market bounced back amid the outcome of the assembly polls in five states.

Ongoing trends suggest that Congress heading for a big win in Chhattisgarh, ahead in Rajasthan, in Madhya Pradesh it has a close fight with the BJP. The Mizo National Front (MNF) is leading in Mizoram. Telangana Rashtra Samithi (TRS) is leading in Telangana.

The barometer index, the S&P BSE Sensex, rose 190.29 points or 0.54% to settle at 35,150.01. The index hit high of 35,207.33 and low of 34,426.29 in intraday trade.

The Nifty 50 index rose 60.70 points or 0.58% to settle at 10,549.15. The index hit high of 10,567.15 and low of 10,333.85 in intraday trade.

Among secondary barometers, the BSE Mid-Cap index rose 1.54%. The BSE Small-Cap index gained 1.54%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1624 shares rose and 791 shares fell. A total of 139 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (up 2.6%), the S&P BSE Healthcare index (up 1.93%), and the S&P BSE FMCG index (up 1.41%) outperformed the Sensex. The S&P BSE Oil & Gas index (down 0.21%), the S&P BSE Capital Goods index (up 0.37%), the S&P BSE Realty index (up 0.54%) underperformed the Sensex.

Yes Bank (up 7.29%), Asian Paints (up 4.03%), Axis Bank (up 2.42%), ITC (up 1.84%) and M&M (up 1.77%) were the top Sensex gainers.

Hero MotoCorp (down 1.58%), Bharti Airtel (down 1.43%), HDFC Bank (down 1.36%), ICICI Bank (down 1.04%) and Adani Ports & Special Economic Zone (down 0.99%) were the major Sensex losers.

State Bank of India advanced 2.85%. A meeting of the executive committee of central board of State Bank of India is scheduled to be held on 12 December 2018 to consider the status and decide on long term fund raising in single/multiple tranches upto US$ 1.25 billion (US$ One Billion Two Hundred and Fifty Million) through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during January to March, 2019. The announcement was made after market hours yesterday, 10 December 2018.

Pharma shares gained. Cadila Healthcare (up 1.66%), Cipla (up 1.32%), Dr Reddy's Laboratories (up 0.76%), Glenmark Pharmaceuticals (up 4.59%), Sun Pharmaceutical Industries (up 5.75%), Alkem Laboratories (up 0.75%), GlaxoSmithKline Pharmaceuticals (up 1.24%), Aurobindo Pharma (up 0.53%) and Wockhardt (up 2.57%) edged higher.

Lupin rose 2.49%. The company announced that it has received tentative approval for its Apixaban Tablets, 2.5 mg and 5 mg from the United States Food and Drug Administration (FDA) to market a generic version of Bristol-Myers Squibb Company's Eliquis Tablets, 2.5 mg and 5 mg. The announcement was made after market hours yesterday, 10 December 2018.

Strides Pharma Science advanced 6.42%. Strides Pharma Science (Strides) today announced that its 50:50 JV Strides Vivimed Pte., Singapore has received approval for Albendazole Tablets USP 200 mg from the United States Food & Drug Administration (US FDA). This is the second generic approval by US FDA for Albendazole Tablets. The announcement was made during market hours today, 11 December 2018.

Albendazole Tablets is a generic version of Albenza Tablets of Amneal Pharmaceuticals, Inc. According to IQVIA MAT data, the US market for Albendazole Tablets USP 200 mg is approximately US$ 100 million. Albendazole is an anthelmintic medication used to treat certain infections caused by tapeworm. Albendazole prevents newly hatched insect larvae (worms) from growing or multiplying in the body.

Titagarh Wagons advanced 7.59%. The company was awarded a contract for manufacture and supply of 5,058 wagons to Indian Railways, the bidding for which was conducted under the reverse auction method. These wagons are BOXN HL type, designed to carry coal, steel, stones etc. and the value of order is Rs 1560.87 crore. As per the contract, one third quantity (1,686 wagons) is to be supplied within six months and to complete the supply of full quantity of wagons before 28 February 2020. The announcement was made after market hours yesterday, 10 December 2018.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.85, compared with closing of 71.32 during the previous trading session.

In global commodities markets, Brent crude oil futures edged higher. Brent for February 2019 settlement was up 16 cents at $60.13 a barrel.

Meanwhile, the Winter Session of Parliament began today. The nearly month-long session will continue till the 8th of next month. 45 bills and one financial item will be taken up during the session. The Session will have 20 sittings. On the first day, Lok Sabha and Rajya Sabha were adjourned for the day after paying tributes to its sitting and former members who passed away after the Monsoon Session.

Overseas, European stocks were trading higher Tuesday, as the world's two largest economies sought to push forward with the next stage of trade talks. Chinese Vice Premier Liu reportedly said Tuesday that he had been in discussion with U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, with the aim of de-escalating a global trade war.

Back in Europe, overall sentiment remained relatively fragile amid deepening political turmoil over the U.K. government's proposed Brexit deal. Prime Minister Theresa May abruptly postponed a parliamentary vote on Monday, sending sterling down to 21-month lows.

Asian shares were mostly lower on the back of a volatile session on Wall Street which saw the Dow recover from a 507-point drop.

US stocks closed higher Monday as major indices bounced back from earlier losses as renewed confidence in the strength of the US economy offset lingering worries over the US-China trade dispute.

Investors are increasingly focusing on the December 18-19 Federal Reserve meeting, where the central bank is widely expected to raise interest rates. Comments from Fed Chairman Jerome Powell will be in the spotlight.

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