The BSE Sensex and NSE’s Nifty 50 traded higher on the last day of the year, extending gains for a fourth day, as global markets advanced following progress in Us-China trade negotiations. Equities gained in Hong Kong and Australia, along with US stocks futures after Donald Trump said in a tweet that negotiations were “moving along very well” toward a comprehensive deal and Chinese state media cited President Xi Jinping as saying he believed both sides wanted “stable progress.” Oil prices edged higher but remain on track for the first yearly decline in three years amid concerns of a supply glut.
Kotak Bank shares trade lower as RBI deadline to cut promoters stake ends today
The shares of Kotak Mahindra Bank fell 0.3% to Rs 1,240 as investors were cautious ahead of RBI’s deadline today for Kotak Bank to cut Uday Kotak’s holding.
Rupee gains against US dollar
The Indian rupee strengthened marginally following gains in its Asian peers, but remaining on track for the worst performance in Asia in eight years. At 9.15am, the rupee was trading at 69.81 a dollar, up 0.18% from previous close. It opened at 69.79.
The 10-year gilt yield was trading at 7.372% from its previous close of 7.385%. So far this year, the rupee was Asia’s biggest depreiciated currency, down nearly 9%. Last time the home currency was weakest in Asia in 2011, down by nearly 15.8%. Foreign investors have pulled out over $11 billion from local equity and debt market, year to date.
Aavas Financiers shares rise on Rs 500 crore funding
Aavas Financiers Ltd said it has received Rs 400 crore from National Housing Bank, in addition to the approval of undrawn limit of Rs 100 crore from the previous year. Shares rose as much as 1.45% to Rs 832 per share.
Asian Granito shares down 7%
The shares of Asian Granito India Ltd fell 7% to Rs 173.75 after its founder Mukesh Patel arrested by DRI for illegal transaction of import amount of Rs 3.5 crore.
Oil prices rise, Gold rates fall
The oil prices climbed on the last trading day of the year on Monday, taking a cue from firmer stock markets, but were on track for the first yearly decline in three years amid concerns of a persistent supply glut. Brent crude futures rose 42 cents, or 0.8%, to $53.63 a barrel.
Brent declined nearly 20% in 2018 following two years of growth. US WTI crude futures were at $45.65 a barrel, up 32 cents, or 0.7%, from their last close. WTI is down about 24 percent this year.
The Gold Prices fell slightly on Monday as Asian equities benefited from hints of progress on the long-drawn China-U.S. trade spat, while the dollar held steady in a narrow range. Spot gold inched marginally lower to $1,280.20 per ounce at 0048 GMT, but was not far off Friday’s six-month high of $1,282.09. US gold futures dipped 0.1 percent to $1,282 per ounce.