Stock Market Update: PSU banks gain; pharma under pressure

The bull run continues on Dalal Street as Sensex topped the 70,000 mark on December 11 days after Nifty hit the 21,000 mark. 

At 11:35 AM, Sensex was up 98 points at 69,923 mark while Nifty gained 25 points at 20,994 level, trading off day’s high.

Among the sectors, apart from pharma, all sectors are trading in the green led by PSU Bank index which gained over 1 percent led by Bank of India, Central Bank of India, Punjab & Sind Bank, Indian Overseas Bank and Bank of Maharashtra which gained 2-3 percent each.

The FMCG index added half a percent with the top gainers being Radico Khaitan which jumped over 5 percent followed by Varun Beverages, United Breweries Limited and Godrej Consumer Products which were up 1-3 percent each.

Dr Reddy’s Labs share price falls USFDA issues 3 observations for Telangana firm

Among stocks, Dr Reddy’s Labs was the top index loser which declined over 5 percent after the US Food and Drug Administration (USFDA) issued three observations for the company’s plant in Telangana state.

The observations range from unclean equipment and utensils to failure in explaining any unexplained discrepancy, according to media reports.

On the other hand, share price of Spicejet rallied 7 percent as the airline announced plans to list its shares on the National Stock Exchange (NSE). The board of the cash-strapped SpiceJet will meet on December 11 to consider options to raise fresh capital through the issuance of equity or convertible securities on a preferential basis.

Top Nifty50 Gainers:

Top Nifty50 Losers:

Oil extends gains on US strategic reserve purchases

Oil prices rose on Monday, extending gains for a second session as US efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year persisted.

Brent crude futures rose 0.6%, or 48 cents, to $76.32 a barrel by 0406 GMT, while US West Texas Intermediate crude futures were at $71.61 a barrel, up 0.5%, or 38 cents.

_{Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.}