Indian share markets traded on a positive note on Friday and ended on a strong note. Gains were seen in the bank sector, FMCG sector and auto sector, while oil & gas stocks and PSU stocks witnessed selling pressure.
At the closing bell, the BSE Sensex stood higher by 361 points (up 1%) and the NSE Nifty closed higher by 93 points (up 0.9%). The BSE Mid Cap index ended the day up 0.2% and the BSE Small Cap index ended the day down by 0.3%.
In the news from the banking space, SBI share price will be in focus today as the bank has received shareholders' approval to raise up to Rs 200 billion through the sale of shares.
The country's largest lender held a general meeting of its shareholders in Mumbai to seek approval for the business as a special resolution.
Tata motors share price will also be in focus today as the company is betting big on its upcoming SUV Harrier to place itself among the top three passenger vehicle manufacturers on a sustainable basis.
Market participants will also track JSW steel share price.
Reportedly, the company is seeking to garner up to Rs 35 billion in a local bond sale as part of a broader, dedicated fundraising to finance the buyout of Bhushan Power and Steel (BPSL), the future ownership of which would be decided by a court of appeals.
In the latest developments from the IPO space, Uniparts India has filed paperwork for an initial public offering (IPO).
The IPO comprised fresh issuance of shares worth Rs 1 billion besides an offer for sale of 1,30,60,770 stocks by existing shareholders.
Funds raised through the issue will be utilized towards repayment of the outstanding loan facilities availed by the company and for general corporate purposes.
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From the commodity space, Oil prices are on the rise, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January.
Prices surged on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000-bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group.
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