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Thursday, 4 December 2014

Sensex ends 120 pts up, Nifty below 8600; ITC gains 6%

03:30pm Market closing

After hitting record highs, the market turned flat to ends with some gains. The Sensex closed up 120.11 points at 28562.82, and the Nifty was up 26.75 points at 8564.40. About 1489 shares advanced, 1459 shares declined, and 124 shares were unchanged.

ITC was star of the day, with a hefty gain of 6 percent at close. Other gainers in the Sensex include Sesa Sterlite, Cipla, HUL and HDFC Bank.

Among the top losers were Bharti Airtel, Hindalco, Tata Power and BHEL.

03:15pm Shipping stocks in focus

Shipping stocks see huge buying interest on hopes of relaxations in rules for the sector. Bharati Shipyard rallied nearly 14 percent followed by ABG Shipyard, Varun Shipping, SCI, Shreyas Shipping and Pipavav Defence with 4-5 percent gains.

The government today asked Reserve Bank of India to relax rules to revive the shipbuilding industry. The government also asked RBI and finance ministry to sanction special dispensation for 5 years.

Meanwhile, for the revival of the industry, the government on Monday also launched the PM JalMargYojna and projects for setting up dry and satellite ports, besides converting riverways into waterways.

03:00pm Market Update
The market gained strength in late trade with the Sensex rising 154.78 points to 28597.49 and the Nifty climbing 34.10 points to 8571.75 led by banking & financials and FMCG stocks.

ITC stayed strong with 5.3 percent gains as report suggests that the government is unlikely to ban sale of loose cigarettes in near-term. Sesa Sterlite extended gains, up 3.4 percent followed by Cipla with 2.7 percent upside.

Shares of HDFC, HDFC Bank, ICICI Bank, State Bank of India and Axis Bank advanced 0.7-0.9 percent whereas Infosys, L&T and Reliance Industries were marginally under pressure.

02:45pm ONGC in News

Oil and Natural Gas Corp (ONGC), India's biggest explorer, will next week sign a deal to acquire stake in two Siberian oilfields, including the strategic Vankor, during Russian President Vladimir Putin's visit to India.

ONGC Videsh, the overseas arm of state explorer, will sign a memorandum of understanding (MoU) for acquiring the stake in Vankor and Yurubcheno-Tokhomskoye fields, government officials said.

The MoU is part of Putin's energy engagement as he seeks to expand trade links with Asian nations to counter sanctions from the US and its allies. More information please visit this site

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