Markets hold ground; SpiceJet up 13% on stake sale reports

The Indian equity markets ended the day steady with the Sensex closing at18537, 0.16 percent and the Nifty closing at5635.90 , both up about 0.2percent, as information technology shares witnessed an uptick and investors waited for a decisive outcome on the government's FDI policy in the retail sector.

In Parliament today, the BJP refused to budge from its demand that the government's decision to introduce FDI in retail be subject to a discussion and debate under Section 184.


Additionally, the rupee continued to decline against the US currency for the fifth day on persistent dollar demand from banks and importers on the back of higher dollar in the overseas market.

This came as welcome news for IT stocks which benefited from the falling rupee. Infosys closed up 1.71 percent and Wipro was up 2.50 percent.

Among the sectoral indexes, Metal and Capital Goods closed up.

Stocks in news

GSK closed up 20 percent after UK-based healthcare and drugs major GlaxoSmithKline today said it has offered to hike stake in its Indian subsidiary, GlaxoSmithKline Consumer Healthcare, to up to 75 percent which would entail an outgo of over Rs 5,220 crore.

Aviation stocks including SpiceJet and Jet Airways closed up 13 percent and 11 percent after a government official said the Indian ariline companies were in talks with Air Asia and Etihad Airways to sell a stake.

United Spiritsclosed up 3 percent after investment bank Nomura upgraded the stock advocating a structural re-rating after the deal with Diageo. The investment bank said that selling off treasury shares and preferential issue of shares to Diageo will bring in Rs 3,300 crore in the company which will help to pay debt and improve profitability.

Mahindra & Mahindra closed down 3 percent after reports that the automaker has entered into a takeover deal with an Italian private equity fund for 50 percent of British luxury car maker Aston Martin. Brokerage firm Edelweiss said in a note that Aston Martin would require significant investments in research and development, and benefits of technology transfer to the Indian tractor and utility vehicle maker's product portfolio was "questionable" given little similarity between portfolios.

Hindustan Copper continued its downward spiral and closed down 20 percent.

Updated Date: Dec 20, 2014 20:27 PM

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