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MARKET WRAP: Sensex ends 361 pts higher ahead of exit polls outcome

SI Reporter/New Delhi 07 Dec 18 | 08:11 AM

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Snapping their three-day losing streak, the benchmark indices settled around 1 per cent higher on Friday ahead of the outcome of state exit polls due later in the day.

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That apart, market will also closely watch the outcome of OPEC-Russia meet, which is expected to come later in the day.

The S&P BSE Sensex climbed 361 points or 1.02 per cent to settle at 35,673 while NSE's Nifty50 index added 93 points or 0.87 per cent to end at 10,694.

Among sectoral indices, the Nifty Bank index rose 1.5 per cent led by a rise in ICICI Bank and HDFC Bank. The Nifty Auto index, too, rose 0.9 per cent led by Bajaj Auto and Maruti Suzuki.

In the broader markets, the S&P BSE MidCap index rose 0.2 per cent to end at 14,717, while the S&P BSE SmallCap index slipped 0.3 per cent to 14,105.

On the political front, market participants are awaiting exit poll results of five state elections due after market hours today. The result of the assembly elections will likely set the tone for the general elections next year.

The rupee traded on a firm note during the day rising to 70.45 against the US dollar amid fall in oil prices ahead of the crucial OPEC meet outcome. The domestic unit on Thursday closed at 70.90.

Stocks that made news

Among key stocks, the shares of HCL Technologies fell 5 per cent to Rs 962 on BSE after the company said it will acquire select IBM software products for $1.8 billion (approximately Rs 127 billion) in an all-cash deal.

Shares of Power Finance Corporation (PFC) fell as much as 4.76 per cent on the BSE in intra-day session after the Cabinet Committee on Economic Affairs (CCEA) Thursday gave an in-principle approval to the strategic sale of the Centre’s 52.63 per cent holding in REC to PFC, along with transfer of management control. However, the stock pared losses later in the day to end flat at Rs 89.80, down just 0.5 per cent.

Oil Prices

Oil prices fell on Friday as OPEC discussed a potential exemption from cutting output for Iran and as the producer club sought to get heavyweight supplier Russia on board.


International Brent crude oil futures fell below $60 per barrel, trading at $59.53 per barrel, down 53 cents, or 0.9 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $51.05 per barrel, down 44 cents, or 0.9 per cent.

Global Markets

Asian shares fought to sustain the slimmest of recoveries on Friday amid speculation the Federal Reserve might be "one-and-done" with US rate hikes, while oil fell anew as producers bickered over the details of an output cut.


MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.4 per cent, though that followed a 1.8 per cent drubbing on Thursday. Japan's Nikkei added 0.8 per cent. Chinese shares, which were up earlier in the day, slipped into negative territory with the blue chips off 0.1 per cent.


(with wire inputs)

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Sensex

Company Price Gain (%)
Coal India238.600.76
Maruti Suzuki7,350.100.49

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