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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.

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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 

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