Sensex moves up 211 points as January F&O series takes off
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Stock market got off to a positive start in the final trading session of 2016, with the benchmark Sensex surging 211 points to 26,577 on widespread gains amid further strength in the rupee.
In addition, the beginning of January series in the futures and options (F&O) space accelerated buying by participants, which supported the upside.
The rupee was quoting higher by 16 paise against the dollar at 67.94 in early trade.
The 30-share index rose 210.62 points, or 0.80%, to 26,576.77, with all the sectoral indices led by FMCG, power, banking and capital goods leading the rally.
The barometer had closed at an almost two-week high by gaining 155.47 points in the previous session as December derivatives contracts expired amid recovery in the rupee.
The broad-based NSE Nifty too was up 59.85 points, or 0.74%, at 8,163.45.
ICICI Bank, GAIL, Asian Paints, ITC, Sun Pharma, Maruti Suzuki, Axis Bank, HUL, HDFC Ltd, Cipla, SBI and ONGC were among prominent gainers, which supported the indices.
Hong Kong's Hang Seng rose 0.84% while Japan's Nikkei fell 0.40% in early trade. Shanghai traded up 0.11%.
The US Dow Jones Industrial Average closed 0.07% down.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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