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    Nifty closes above 200-day moving average, Sensex gains 300 points

    Nifty closes above 200-day moving average, Sensex gains 300 points

    Nifty closes above 200-day moving average, Sensex gains 300 points
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    By Sudarshan Kumar   IST (Published)

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    The second half of trading session led by FMCG, Oil & Gas, and financials helped Sensex move 318 points higher to 35,775. Broader markets relatively underperformed in comparison to the benchmarks, but closed in the green.

    Indian equity market closed near the day’s high on Monday with the NSE major Nifty breaking above the 200-day moving average of 10,750 to close with a gain of 81 points at 10,763. The second half of trading session led by FMCG, Oil & Gas, and financials helped Sensex move 318 points higher to 35,775. Broader markets relatively underperformed in comparison to the benchmarks, but closed in the green. The Nifty MidCap index gained 84 points to 17,592, while Nifty Bank 55 points to 26,301. Market breath too was in favour of advances with NSE Advance-Decline ratio at 1:1. Barring Nifty PSU Bank, all sectoral indices closed with gains.
    Oil-to-telecom conglomerate Reliance Industries and FMCG major ITC contributed nearly 50 percent to the Nifty gains and well supported by Yes Bank, HDFC and L&T. Financial stocks of ICICI Bank, SBI and Indiabulls Housing Finance were the top drags.
    Public sector banks traded volatile as investors await cues from the crucial Reserve Bank of India (RBI) board meet
    . Among midcap stocks, Page Industries, Edelweiss Finance and Bharat Finance were top gainers, while RBL Bank, Exide and Gruh Finance slipped.
    In the futures market, Nifty 10,700 Put option added 12 lakh shares in the open interest with premium slipping 37 percent. Nifty 10,900 Call option added a little less than 1 lakh shares in the open interest with premium moving 51 percent higher. Nifty November Futures closed with a premium of 13 points against a premium of 5 points on Friday.
    Stocks in Asia were mostly higher on Monday as ongoing trade war concerns between the United States and China continued to weigh on investor sentiment. Chinese mainland markets traded higher with the Shanghai composite gaining 0.9 percent to close at around 2,703.51, while the Shenzhen composite advanced 0.5 percent to 1,417.43. Hong Kong’s Hang Seng index advanced 0.7 percent to close at 26,372.
    In Japan, the Nikkei 225 rose 0.6 percent to close at 21,821.16, while the Topix index gained 0.5 percent to 1,637.61. The positive moves followed trade data that showed the country’s exports rising 8.2 percent in October from a year ago, reversing the decline seen in September. Still, the October numbers came in below expectations of a 9 percent rise from economists polled by Reuters.
    South Korea’s Kospi closed 0.4 percent higher at 2,100.56.
    Australia’s benchmark ASX 200, however, slipped 0.6 percent to close at 5,693.7, with most sectors seeing losses. Energy stocks fell 1.6 percent, while the heavily weighted financial subindex was down 0.8 percent.
    Shares of newspaper publisher Fairfax Media bucked the downward trend to rise 2.4 percent after the company’s chairman, Nick Falloon, said that the proposed merger with television network Nine Entertainment received “overwhelming support from shareholders.” Nine Entertainment shares rose 1.84 percent on the day.
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