INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Domestic stocks closed in the positive zone on Tuesday, extending gains to the second straight session, as market sentiment
improved after news reports hinted at a possible truce between the US and China on the trade war front.
US President Donald Trump and his
Chinese counterpart Xi Jinping may discuss issues regarding trade tariffs during their G20 meet later this week, reviving hopes that both
the economies may find a way to mitigate the effects of the trade war.
The further slide in the global crude oil prices also fanned the risk
appetite, as falling crude subsides the risk of inflation and signals that the central bank may go softer on rate hikes.
The BSE Sensex
closed 159 points, or 0.45 per cent, higher at 35,513.14, with 14 stocks advancing and 17 stocks declining.
The NSE Nifty50 settled at
10,685.60, up 57 points or 0.54 per cent
Among the 50 stocks in the Nifty pack, 26 shut shop with gains.
Let's take a look at the highlights of Tuesday's session:
Movers
shakersInfosys, with a gain of 2.53 per cent emerged at the top among the Sensex gainers, followed by TCS, Reliance Industries, IndusInd
Sun Pharma, on the other hand, declined 3.34 per cent, leading the pack of losers in the index
Hero MotoCorp, YES Bank, Wipro and Bajaj Auto fell between 2 to 3 per cent in the index.
Crude brings some reliefOil prices eased further,
hit by record Saudi production amid slower demand
Oil prices have lost almost a third of their value since early October, weighed down by an emerging supply overhang and widespread financial
market weakness, Reuters reported
Investors now await the outcome of Opec meet in Vienna on December 6 amid the clamour of output cuts.
Sun Pharma in deep painShares of Sun
Pharma declined 3.34 per cent to Rs 493.60 even as the company said it had entered into settlements with certain plaintiffs in the US
The company on Monday said that it along with its subsidiary entered into settlements with certain plaintiffs in the Modafinil antitrust
litigation pending in the US District Court for the Eastern District of Pennsylvania
Besides, the company has acquired Japanese drug maker Pola Pharma to strengthen its global presence in dermatology
As per Bloomberg, Moody's Investors Service downgraded company's foreign currency issuer rating to Ba1 from Baa3 and cut its outlook to
'negative' from 's table'.
PSU banks on a highShares of most PSU bank stocks including Bank of India, Union Bank of India, Syndicate Bank,
Punjab National Bank, Central Bank of India and State Bank of India logged gains, buoyed by reports that the government may infuse more
capital into public sector banks to push credit flow into the economy
The amount to be given to the banks could exceed the Rs 42,000 crore left under the capitalisation plan currently being implemented
Richer and richerThe cumulative value of BSE-listed firms has grown by Rs 1.30 lakh crore in two days, as the total market value has shot
up to Rs 1,41,76,149.93 crore from Rs 1,40,45,908.35 crore on November 22
Stocks above 200-DMAShares of Infosys, Bajaj Finserv, NHPC, Ultratech Cement, Adani Enterprises, Tata Chemicals, Lincoln Pharmaceuticals
and NIIT Tech witnessed positive breakouts and traded above their 200-DMA
On the flip side, Jayant Agro-Organics, Pokarna, Weizmann, Tarmat and Jayshree Tea and Industries traded below their 20--DMA.
94 stocks show
bearish crossoversMomentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 94 counters on the BSE,
including Bank of India, Vodafone Idea, Mahanagar Gas, Aditya Birla Fashion, Corporation Bank and Havells India
However, 43 stocks, including TCS, Cipla, HCL Technologies, Sun TV Network, Arihant Capital and Everest Industries showed bullish crossovers
Spurt in open interestOracle Financial Services Software (OFSS) witnessed the biggest spurt in open interest at 62.27 per cent on NSE,
followed by Cummins India (61.78 per cent), Apollo Hospitals Enterprise (52.57 per cent), Piramal Enterprises (49.22 per cent) and Hindustan
Unilever (46.35 per cent)
Call-put writing"On the options front, maximum Put open interest was seen at 10,500 followed by 10,600 strike, while maximum Call OI was at
10,700 followed by 10,800 strike
Meaningful Put writing was seen at 10,600 followed by 10,650 strike, whereas Call Unwinding was at all the immediate strikes with minor Call
writing at 10,750 strike," said Chandan Taparia of Motilal Oswal Securities.
Nifty forms small bullish candleThe Nifty50 jumped for the
second session on Tuesday but failed to reclaim the 10,700 level in intraday trade
The index formed a small bullish candle on the daily chart
The market breadth improved, though declines outnumbered advances
"The minor correction witnessed last week looks done at the recent low of 10,489 and Nifty50 looks poised to take out the swing high of
10,774 in order to go for the next leg up," said Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan.
