Sensex erases opening gains, Nifty around 10200 after Fed rate hike

16 December, 2017, 05:58 | Author: Valerie Burke
  • Most exit polls have predicted a simple majority for the BJP with over 100 seats in Gujarat with one exit poll predicting two-third majority

The stock market maintained a steady line after a strong opening today as exit polls predicted that the BJP would win Gujarat and Himachal Pradesh assembly elections.

The start was electrifying after a string of survey agencies predicted a clear win for the BJP in these two states, but the rally faltered as investors made a decision to wait for the counting, the results of which will start trickling in during market hours on December 18.

The 30-share BSE Sensex was up 46.73 points at 33,099.77 and the 50-share NSE Nifty rose 18 points to 10,211. "The metal sector gained its sheen after the recent correction while bank nifty and auto outperformed the main index as investors used the advantage of bargaining opportunity". The BSE Sensex was trading 268 points, or 0.81 per cent, up at 33,514 at around 9.30 am (IST), while NSE Nifty index was up 90.40 points, or 0.88 per cent, up at 10,342 at around the same time. The rupee and stocks ignored the WPI inflation which was at a 8-month high of 3.93 per cent.

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The incident occurred at Gas Connect Austria's hub in Baumgarten shortly before 9 a.m. local time, according to a spokesman. Apart from Russia , Germany receives gas from Norway, Britain and the Netherlands and produces 8 percent at home.

Indian stocks traded cautiously lower on Thursday ahead of exit poll results for Gujarat election. Banking stocks showcased buoyancy in anticipation of any positive outcomes over IBC with the commencement of the Parliament's winter session.

All sectoral indices were in fine nick, driven by metal and realty that jumped by up to 2.82 per cent. Meanwhile, foreign portfolio investors (FPIs) net bought shares worth Rs 232.17 crore yesterday. As per PI report, Coal India, which advanced 2.55 per cent, was in the lead. Dr Reddy's, HDFC Bank, Adani Ports and Bajaj Auto hit a home run, too. BSE small-cap and mid-cap indices surged 1.38 per cent and 1 per cent, respectively.

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