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Key benchmark indices gained further strength and extended gains in afternoon trade. At 13:12 IST, the barometer index, the S&P BSE Sensex, was up 223.86 points or 0.63% at 35,484.40. The Nifty 50 index was up 68.20 points or 0.64% at 10,684.90. Gains were led by index heavyweights Reliance Industries, HDFC Bank and HDFC.

Broader market depicted weakness. Among secondary barometers, the BSE Mid-Cap index was down 0.2%. The BSE Small-Cap index was down 0.26%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1098 shares rose and 1307 shares fell. A total of 130 shares were unchanged.

Bharti Airtel (up 5.63%), Reliance Industries (up 2.62%), HDFC (up 1.93%), HDFC Bank (up 1.67%) and Hero MotoCorp (up 1.02%) edged higher from the Sensex pack.

Yes Bank (down 7.14%), Tata Steel (down 2.37%), ONGC (down 2.14%), Infosys (down 1.04%) and Hindustan Unilever (down 1%) edged lower from the Sensex pack.

Kotak Mahindra Bank rose 0.5% to Rs 1,168.50. ING Mauritius Investments sold 1.27 crore shares of Kotak Mahindra Bank at Rs 1,130 per share in a bulk deal on NSE yesterday, 15 November 2018.

On the economic front, India's exports rose by 17.86% to $26.98 billion in October mainly due to the low base effect even as trade deficit widened to $17.13 billion, according to the commerce ministry data. Imports during October also rose by 17.62% to $44.11 billion, leading to widening of trade deficit to $17.13 billion. The deficit widened despite a steep decline of 42.9% in gold imports to $1.68 billion during the month under review. The trade gap was $14.61 billion in October 2017.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 2043.06 crore on 15 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 165.31 crore on 15 November 2018, as per provisional data.

Overseas, Asian shares were mixed amid fresh uncertainties emerging from the UK overnight after multiple important ministers resigned from Prime Minister Theresa May's government.

The UK was thrust into political turmoil on Thursday following a spate of resignations from Prime Minister Theresa May's government, including Brexit Secretary Dominic Raab, who said he could not accept the deal after the promises the ruling Conservative Party made to the country in an election manifesto last year.

US stocks snapped a multi-day skid, finishing higher on Thursday buoyed by renewed hopes the US and China can strike a compromise on trade. Cautious optimism took hold following a report that the US may back off from its belligerent stance against China on trade while solid economic data offset underwhelming earnings from Walmart Inc.

A media report suggested that the US and China may step up efforts to resolve their trade conflict, starting with postponing higher tariffs and allowing working level negotiators to iron out a deal.

On the US data front, first-time jobless claims for the week ending 10 November 2018 rose 2,000 to 216,000 in the week ended 10 November 2018. The Philly Fed index dropped 9.3 points to 12.9, a three-month low. The Empire State index rose 2.2 points to 23.3 in November.

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