Indian Stock market surges ahead of public sector banks chiefs meeting with Prime Minister Narendra Modi at gyan sangam meet. The BSE 30 stock Index ends 380 points higher at 27887.90, while Nifty gains over 110 points & ended slightly low to its important level of 8400.

Rally was led by banking stocks as gyan sangam starts from today at Pune where top bankers have gathered for disscussing long-pending reforms for improving efficiency and debt recovery. Bank Nifty hits its all time high of 19118 and became a top gainer sectorial indices.

The HSBC Manufacturing Purchasing Managers’ Index (PMI) rose to 54.5 in December from 53.3 in the previous month, its highest since end-2012, as new orders flooded in and factories kept price increases to a minimum.

BHEL gained 3 percent as it bagged a Rs 3,810 crore contract from Telangana for setting up the newly formed state’s first thermal power project.

Meanwhile USDINR pair witnessed less volatile session as pair ended at 63.29 down by 0.07 points to the previous close.

Among 50 shares of Nifty 47 were Advanced while 3 declined.

Top Nifty Gainers: HDFC (4.19%), JINDALSTEEL (3.70%), ASIANPAINT (3.59%), ICICIBANK (3.04%) and TATAMOTORS ( 3.02%).

Top Nifty Losers: BPCL (-1.14%), M&M (-1.10%), NMDC (-0.057%), RELIANCE (-0.33%) & BAJAJ-AUTO (-0.25%)

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Indian market benchmark indices Sensex shed around 500 points and Nifty tanks 175 points in two successive trading sessions. Today itself SENSEX closes at 18509.70, down by 292 points while NIFTY ended at 5574.75, down by 98.15 points. The benchmark indices breached their 200 DMA first time since August 2012.

Nifty opens below its previous day close tracking weak global cues. Indian market witnessed the selling pressure of FIIs. Political uncertainty and weak economic data puts indices under pressure.

Most of the sectoral indices traded in negative zone. Sector-wise CNX Realty index is biggest loser followed by IT and service sector. Realty trading down by 3.45%, IT and service sector down by 2.74% and 2.17% respectively.

Out of 50 shares of nifty index, 43 shares ended in red and 7 in green.

Top Five Nifty gainers: Dr. Reddy is the biggest gainer (3%) of the day followed by Coal India, HUL, Maruti and Tata Motors.

Top Five Nifty Losers: UltraTech cement fell down by 6.45% as the biggest loser of the day. JP Associates, Jindal steel, HCL and Reliance Infra followed the losing streak.

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