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Market turns volatile
07-Dec-18   12:30 Hrs IST

Volatility ruled the roost in early afternoon trade as the key benchmark indices regained strength soon after trimming intraday gains. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 207.12 points or 0.59% at 35,519.25. The Nifty 50 index was up 50.65 points or 0.48% at 10,651.80. Bank stocks saw mixed trend.

Domestic stocks drifted higher in early trade on bargain hunting after three-day fall. Stocks extended early gains in morning trade. Key indices hit intraday high in mid-morning trade.

The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was off 0.1%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1052 shares rose and 1206 shares fell. A total of 146 shares were unchanged.

Bank stocks saw mixed trend. Among private bank stocks, Bandhan Bank (up 0.41%), DCB Bank (up 2.57%) and Axis Bank (up 0.26%) rose. IndusInd Bank (down 1.82%), Yes Bank (down 1.43%), RBL Bank (down 0.94%), ICICI Bank (down 0.09%) and HDFC Bank (down 0.43%) declined.

Kotak Mahindra Bank jumped 10.45% after media reports suggested that Warren Buffet promoted Berkshire Hathaway is looking to buy a 10% stake in the private sector lender. As per RBI guidelines, Uday Kotak needs to dilute his stake to below 20% by December 2018. As on 30 September 2018, Uday Suresh Kotak held 29.729% stake in Kotak Mahindra Bank.

Among PSU bank stocks, State Bank of India (SBI) (down 0.45%), Bank of India (down 0.43%) and Union Bank of India (down 0.27.%) dropped. Punjab National Bank (up 0.45%), Bank of Baroda (up 0.9%), Canara Bank (up 1.55%), IDBI Bank (up 0.08%) rose.

Shares of Rural Electrification Corporation rose 0.63% while Power Finance Corporation rose 1.94%. The Cabinet Committee on Economic Affairs has given its 'in principle' approval for strategic sale of the Government of India's existing 52.63% of total paid up equity shareholding in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) along with transfer of management control. The Cabinet Committee on Economic Affairs (CCEA) made after market hours yesterday, 6 December 2018.

The acquisition intends to achieve integration across the power chain, obtain better synergies, create economies of scale and have enhanced capability to support energy access and energy efficiency by improved capability to finance power sector. It may also allow for cheaper fund raising with increase in bargaining power for the combined entity. Both REC and PFC are Central Public Sector Enterprises under the Ministry of Power.

On the political front, market participants are awaiting exit poll results of five state elections due after market hours today, 7 December 2018 . The outcomes of the assembly elections will likely set the tone for the general elections next year. Voting in Rajasthan and Telangana is underway today, 7 December 2018 and the counting of votes in all the states will be done on 11 December 2018. Assembly elections in Madhya Pradesh and Mizoram were held on 28 November 2018. The election in Chhattisgarh Assembly was held in two phases on 12 and 20 November 2018.

Overseas, Asian stocks were trading mixed Friday as investors grappled with shifting indications on Sino-American trade talks and prospects for a pause in Federal Reserve tightening.

US stocks closed mostly lower Thursday after a dramatic session that saw the Dow Jones Industrial Average plunge more than 700 points at one point on fears that the arrest of a Huawei executive would reignite trade worries. However, the market clawed back most of its losses on a report that the Federal Reserve may turn more accommodative.

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