Wednesday 19 December 2018

Sensex, Nifty Extend Gains OMC Aviation Stocks Lead

Posted by suhani varma on Wednesday, December 19, 2018 with No comments



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Equity benchmark indices extended their winning streak to the seventh day amid mixed global cues and the ongoing Federal Open Market Committee (FOMC) meeting. The rally was led by Reliance Industries, ITC, and Asian Paints. However, the gains were capped by the IT index tracking the sharp appreciation in the domestic currency.

The rupee and bond prices extended gains after crude oil prices slumped close to a 16-month low and after another open market operation announced by the Reserve Bank of India.

The Sensex gained 95 points to 36,443, and the Nifty50 rose 33 points to 10,942. The market breadth was positive as 1,086 shares advanced, 436 shares declined, and 520 shares remained unchanged on the NSE.

Shares of Reliance Communications dropped over 8% after media reports indicated that the DoT rejected the company's spectrum deal with Reliance Jio.

Shares of J Kumar Infraprojects jumped 6% as the company received an order worth Rs1,300cr from National Highways Authority of India.

Shares of airlines and oil marketing companies have risen in today's trade owing to lower crude, which implies better profitability for these companies. SpiceJet, IndiGo, Jet Airways, IOC, BPCL, and HPCL gained in the range of 4-2%, respectively.

Shares of IDFC Bank and Capital First advanced as the companies have completed their merger process.

Shares of Indiabulls Housing Finance, HPCL, Asian Paints, IOC, and BPCL gained the most in today's morning session, while Infosys, TCS, Zee, Power Grid, and HCL Tech were the top losers on the NSE.

Volatility index India VIX is down 9.08% to 16.31.

The most active stocks were HDFC Bank, Infosys, SBI, Asian Paints, and RCOM.

Meanwhile, Asian stock markets were mixed today amid expectations that the US Federal Reserve may hike its benchmark overnight lending rate for a fourth and final time in 2018; its outlook for 2019 will also be closely scrutinized by investors.

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