Sensex, Nifty gain over 1%; auto, durables stocks surge

Carla Harmon
December 8, 2017

At 11:46 AM, the S&P BSE Sensex was trading at 33,236, up 287 points, while the broader Nifty50 Index was ruling at 10,259, up 93 points.

Other losers included Tata Steel, NTPC, Dr Reddy's, ONGC, Power Grid, Bajaj Auto, L&T, M&M, Asian Paints, HDFC Bank, HUL, Lupin, Coal India, ITC, Tata Motors, Axis Bank, Maruti Suzuki and Infosys, falling by up to 1.71 per cent.

Overseas, the Asian markets saw the shares of most of the companies decline, since investors across the globe have an eye on the final tax legislation in the USA, where policy uncertainty kept sentiment in check.

Foreign portfolio investors (FPIs) sold shares worth net Rs 1,075.62 crore yesterday, while domestic institutional investors (DIIs) bought to the tune of Rs 926.68 crore. Reserve Bank of India Governor Urjit Patel said on Wednesday the government would "in the coming days" detail how it plans to inject an announced $32 billion into state-run lenders, which was announced in October.

However, broader gains were capped ahead of elections in Gujarat due this weekend, in a critical test for Prime Minister Modi.

"Markets will now look out for the Gujarat election outcome". The stock ended down 2.05 per cent or Rs 4.30 at Rs 205.45.

Indian shares look set to extend gains from the previous session on Friday as oil dipped on a stronger dollar and Asian markets climbed for a second day running, buoyed by a weaker yen and optimism for the passage of the US tax bill through the Senate. It has slipped 4.7 percent from a 10-year peak hit on November 23 as investors booked profits after robust gains this year. Sensex climbed 242 points or 0.74% to 33,191.75 while the wider Nifty was up by over 76 points or 0.76% to 10,243.60. China's Shanghai Composite Index was quoting in green, up by 0.15 per cent.

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