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Sensex, Nifty snap 4-day fall on value buying

The poilicy review will be keenly watched for the stance of the policy more than the action taken.

Updated: Dec 04, 2017, 04.49 PM IST
Watch: Market snaps 4-day fall on value buying
Domestic equity market remained cautious ahead of the Reserve Bank of India’s two-day policy review meet starting Tuesday and ended slightly higher, with BSE Sensex rising 37 points to 32,869.72 and Nifty50 closing at 10,127.75, up 6 points.

Gains in shares of index heavyweights, Infosys (up 2.67 per cent) on the appointment of a new CEO seemingly ending the leadership crisis, boosted sentiment.

Other heavyweight stocks such as HDFC, Hindustan Unilever, Tata Motors, Larsen & Toubro, Bharti Airtel, Tata Steel, Axis Bank, ONGC and SBI also contributed to the gains.

“This monetary policy will be keenly watched for the stance of the policy more than the action taken (which is largely expected to be status quo). This policy comes at a time when crude prices have inched up, GDP growth has bounced back post GST impact, and US prepares to resume its normalising of rates activity,” said Lakshmi Iyer, CIO (Debt) & Head – Products, Kotak Mutual Fund on monetary policy.

BSE Midcap index ended the day 0.09 per cent higher at 16,742.60 with stocks such as Biocon, IGL, Vakrangee, Gillette, Alkem, Concor and MPhasis gaining up to 15 per cent. However, gains were pared by losses in stocks such as Reliance Communications (down 5.99 per cent), Ashok Leyland (down 3 per cent), Endurance (down 2.61 per cent) and Get&D (down 2.40 per cent).

Smallcap stocks such as Steel Exchange India, MIC, R Naval, Auto Axles, Nec Life, VIP Clothing and BRFL lost over 6 per cent offsetting gains in NITCO that surged 19.98 per cent to Rs 11,140.

Nifty IT (up 1.22 per cent) was the top sectoral gainer. It was followed by Nifty PSU bank index that ended 0.36 per cent higher. Nifty Private Bank index was the top sectoral loser, down 0.59 per cent at 13,804.60.

Shares of Biocon rallied 15 per cent to Rs 513.55 after the company received USFDA approval for drug, Ogivri.

Globally, China’s blue chip shares rallied on Monday, bolstered by strong gains in consumer firms. CSI300 index ended 0.53 per cent higher.

Meanwhile, The S&P/ASX 200 index ended down 0.07 per cent or 4.156 points to 5986.600.

Japan's The Nikkei dropped 0.5 per cent to 22,707.16.

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