Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Sensex Rallies 350 Points; GAIL Surges 8%
Thu, 7 Dec Closing | Karan Janani, TM Team

Indian share markets continued to witness buying momentum in the afternoon session and finished on a strong note. At the closing bell, the BSE Sensex closed higher by 352 points and the NSE Nifty finished higher by 123 points. The S&P BSE Mid Cap finished up by 1.4% while S&P BSE Small Cap finished up by 1.3%. Gains were largely seen in consumer durables sector, capital goods sector and power sector.

Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.45% and the Hang Seng rose 0.28%. The Shanghai Composite lost 0.67%. European markets are higher today with shares in Germany leading the region. The DAX is up 0.47% while London's FTSE 100 is up 0.28% and France's CAC 40 is up 0.27%.

Rupee was trading at Rs 64.53 against the US$ in the afternoon session. Oil prices were trading at US$ 56.14 at the time of writing.

Telecom stocks surged in today's trade with Bharti Airtel share price and Idea share price closing above 4%.

As per a leading financial daily, Reliance Communications is reportedly in settlement talks with China Development Bank (CDB), one of its largest creditors, even as the Chinese government banker sought to club its insolvency petition against the Anil Ambani-led company with other petitions seeking the same.

CDB is looking to recover US$1.78 billion, or about Rs 114.6 billion, of dues the debt-laden telecom operator battling multiple insolvency cases.

The Chinese bank, accounting for 37.11% of RCom's total secured debt, moved NCLT in November against both RCom and its subsidiary Reliance Telecom since the former was the guarantor and the latter the principal borrower. Moreover, NCLT will take a call on December 18 if the insolvency petition should be admitted.

Rcom share price finished the day up by 3.5% on the BSE.

Moving on to news from engineering sector. L&T share price surged 2.5% in today's trade after it was reported that the company's wholly-owned subsidiary - L&T Hydrocarbon Engineering (LTHE) has won an order worth over Rs 16 billion from Hindustan Petroleum Corporation, Visakhapatnam Refinery (HPCL).

The project is a part of HPCL Visakh Refinery Modernization Project (VRMP) and involves Engineering, Procurement, Construction and Commissioning of 3.053 MMTPA Full Conversion Hydrocracker Project.

Just Released: Multibagger Stocks Guide
(2018 Edition)

In this report, we reveal four proven strategies to picking multibagger stocks.

Well over a million copies of this report have already been claimed over the years.

Go ahead, grab your copy today. It's Free.

NO-SPAM PLEDGE - We will NEVER rent, sell, or give away your e-mail address to anyone for any reason. You can unsubscribe from The 5 Minute WrapUp with a few clicks. Please read our Privacy Policy & Terms Of Use.

The order reinforces L&T's unique capability to deliver 'design to build' engineering and construction solutions across the hydrocarbon spectrum.

In news from the economy, after hitting an over eight- year low in the month of September, the share of foreign portfolio investments (FPI) in domestic capital markets through participatory notes (P-notes) surged to Rs 1.31 trillion at the end of October.

Reportedly, total value of P-note investments in Indian markets including equity, debt and derivatives, at October-end, climbed to Rs 1.31 trillion, from Rs 1.22 trillion at the end of September.

Investments through P-Notes were showing declining trend in the past few months mainly on the stricter norms put in place by the market regulator, but the October data came in as a big surprise showing 6.78% growth month on month basis.

Rising Foreign Direct Investments Augurs Well for India

Foreign Direct Investments (FDI) plays an important role in the economic development of a country. It is a source of long term capital that helps build critical infrastructures in the economy. It also aids in technology knowledge transfers, fosters innovation and helps raise productivity too. In short, having a steady flow of FDI inflows would help India to achieve necessary investments that will help accelerate economic growth and development.

In addition, the inflows acts as a catalyst for domestic industrial development. Since 2014, the Modi led government has laid a great emphasis on welcoming global best practices to be employed in India.

The government began this with the launch of 'Make in India' initiative in September 2014. Further, the government has carried out FDI reforms in sectors like rail infrastructure, defence and in financial sector, medical devices and construction sectors etc.

Moving on to news from energy sector. As per a leading financial daily, GAIL has announced that it will invest about Rs 60 billion and spend most of it to construct an additional 2500 kilometres of gas pipelines over the next three years.

It may be noted that the 380-km Kochi-Mangalore pipeline that is already under execution benefits both GAIL and Petronet LNG and is expected to significantly add value for the shareholders of the two companies.

Also, in early November this year, the company announced that the Uttar Pradesh government had issued directions to facilitate smooth and timely execution of capital investments under the natural gas projects in the State at an outlay of about Rs 40 billion.

GAIL share price surged 8% in today's trade on the BSE.

Bitcoin surpassed US$15,000 for the first time ever on Thursday, extending this month's advance to more than 40%.

The latest buying spree, which defies chatter about a bubble ready to pop, appears to have driven by a recent frenzy of interest among South Korean speculators and news that bitcoin derivatives will be sold in the U.S. by next week.

Bitcoin also got a boost from a successful test of the Lightning Network, which promises to provide a new way to pay with bitcoin. The technology would move some transactions away from the blockchain by allowing buyers and sellers to transact privately and later broadcast their activity to the public network. Supporters say it will ease the on-going congestion plaguing bitcoin.

And here's a note from Profit Hunter

GAIL is the top gainer in the Nifty 50 Index - up 8%. Let's have a look at its chart.

The stock bottomed out at 195 in August 2015 and traded in a strong uptrend tracking the rising trendline. It hit a high of 400 in March 2017 and found a strong resistance there. The January 2011 and November 2014 peaks acted as a resistance at the 400 level.

The bulls struggled a bit at the 400 level but they finally managed to break the level and the stock hit a new life-time high of 479 in October 2017. The stock underwent a minor correction. But today, it rallied 8% with strong volumes to hit a new life-time high of 496.

So will stock continue with its momentum or will it find some selling at its life high. Let's wait and watch.

Gail Soared 8% for the Day
Gail Soared 8% for the Day 

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Sensex Rallies 350 Points; GAIL Surges 8%". Click here!


Stock Market Updates

OIL & GAS Sector Best Performer this Week; METAL Lags... (Today's Market)

Jul 21, 2018

Here are sectors that gained the most in this week. Read on for weekly market stats and individual sector performance.

BSE Small-Cap Index Falls 0.4% This Week; Here are Smallcaps that Lost the Most... (Today's Market)

Jul 21, 2018

Here are stocks that lost the most in BSE Smallcap this week. Read on for weekly market stats and individual stock performance.

BSE Mid Cap Index Surges 1% This Week; Here are Midcaps that Gained the Most... (Today's Market)

Jul 21, 2018

Here are stocks that gained the most in BSE Midcap this week. Read on for weekly market stats and individual stock performance.

Top Stocks that Hit 52-Week Highs This Week (Today's Market)

Jul 21, 2018

Get a complete list of BSE-500 stocks that touched their 52-Week highs during the week.

Top Stocks that Hit All-Time Highs This Week (Today's Market)

Jul 21, 2018

Get a complete list of BSE-500 stocks that touched their all-time highs during the week.

ADANI POWER surges by 11%; BSE POWER Index Up 0.3% (Today's Market)

Jul 20, 2018 02:19 PM

ADANI POWER share price has surged by 11% and its Current Market Price is Rs 25. The BSE POWER is up by 0.28%. The top gainers in the BSE POWER Index is ADANI POWER (up 11.46%). The top losers are CESC LTD (down 0.12%) and SUZLON ENERGY (down 0.14%).

View More Indian Share Market News

Most Popular

Sintex's Auditor Resigns. How You Can Protect Yourself from Such Stocks(The 5 Minute Wrapup)

Jul 20, 2018

While the attack on the bad corporate governance is an overhang in the near term...this can be a game-changer in the years to come.

The Answer to Your Wealth Worries: Small Caps (Especially Now)(Profit Hunter)

Jul 10, 2018

If you're worried about the markets - you are on the wrong track. This is opportunity - put your wealth-building hat on, instead - Richa shows you how...

The Multiple Problems with the Minimum Support Price (MSP) System(Vivek Kaul's Diary)

Jul 11, 2018

The price signals that MSP sends out, creates its own set of problems.

ICICI Pru Mutual Fund Tarakki Karega! - The Unethical Way?(Outside View)

Jul 11, 2018

PersonalFN explains how ICICI Prudential Mutual Fund flouted the norms of related party transactions while subscribing to the IPO of ICICI Securities.

PPF v/s Mutual Funds: Which Is Better?(Outside View)

Jul 10, 2018

PersonalFN highlights the key points of distinction between PPF and mutual funds.


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Jul 20, 2018 (Close)