Key benchmark indices ended with small gains as rise in Infosys and Bharti Airtel offset losses in HDFC and Larsen & Toubro. The Sensex ended below the psychological 36,000 mark after moving above and below that level in intraday trade. The Nifty ended a tad above 10,800 mark.PSU Banks were the major gainer and Pharma sector were the major loser of the day. On the political front, the Congress party has reportedly chosen senior leader Kamal Nath, 72, as its chief minister in Madhya Pradesh.
European shares were sharply lower following weak Chinese data renewed worries about the health of the world’s second-largest economy and potential damage from Washington’s protracted trade spat with Beijing. The sector was also in focus after Hennessey, Moet and Louis Vuitton owner LVMH announced plans to buy luxury hotel group Belmond (N:BEL) in a deal worth $3.2 billion. The shares were down 1.7 percent.
Adani Enterprises Ltd announced acquisition of aerospace and defence player Alpha Design Technologies Pvt Ltd for Rs400cr in an all-cash deal.
Infosys has formed a joint venture (JV) with Hitachi, Ltd., Panasonic Corporation, and Pasona Inc. wherein it will acquire 81% of the shareholding in Hitachi Procurement Service Co., Ltd (HIPUS).
Dilip Buildcon’s arm received financial closure for its HAM project in Madhya Pradesh for Rs1,004cr.
Shares of Reliance Communications climbed 2% after a PTI report said that the Supreme Court directed the Department of Telecommunication (DoT) to issue an NOC to allow the company to sell spectrum to Reliance Jio within 2 days.
Bharti Airtel rose 5.32% after Telecom Disputes Settlement and Appellate Tribunal (TDSAT) reportedly quashed provisions related to predatory pricing and discounted tariffs.
ONGC rose after the company scheduled a board meeting on 20 December 2018 to consider a proposal of buyback of shares.
Japan stocks were lower after the close on Friday, as losses in the Machinery, Precision Instruments and Communication sectors led shares lower. At the close in Tokyo, the Nikkei 225 fell 2.02%.
China stocks were lower after the close on Friday, as losses in the Travel & Leisure, Technology Hardware & Equipment and Retailers sectors led shares lower. At the close in Shanghai, the Shanghai Composite lost 1.53%.
Australia stocks were lower after the close on Friday, as losses in the Telecoms Services, IT and Financials sectors led shares lower. At the close in Sydney, the S&P/ASX 200 declined 1.05%.
(Click to submit your details) Just one step to get the best trading tips and Recommendation.