Markets zoom up on expiry day

Indian equity market showed rare resilience on rollover day for the December series on Thursday. Metals, OMCs, FMCG and media stocks powered the upward rally. Index heavyweight Reliance Industries supported the uptick.

At 10:37 hours, Vedanta, Tata Steel, Reliance, Bajaj-Auto, Hindustan Lever, IndusInd Bank were the top gainer all up more than 2 per cent on the BSE. The benchmark BSE Sensex was at 36,077.50, up by 360.55 points or 1.01 per cent. While the top losers were Bharti Airtel, TCS, NTPC, Coal India, ONGC and Yes Bank, with the Yes Bank dipping more than 6 per cent.

On the other hand, on Nifty Hindalco, Bajaj Finserve, Vedanta, Bajaj Auto and Bajaj Finance were top gainers with the index at 10,827.45, up by 98.60 points or 0.92 per cent. The top losers were Yes Bank, ONGC, Coal India, HCL Tech and IOC. While Nifty Bank was at 26,646.75, up by 188.80 points or 0.71 per cent.

Historical trading data showed that Nifty50 dipped seven times during the last 10 expiry days in 2018. But this month, the market ducked the trend fuelled by oil marketing companies as they reacted to a fall in crude oil prices in the international market. Brent crude price was near US$60 per barrel. As a result, the Indian rupee fell below Rs. 70 per dollar, the first time in three months. Globally, the US and the Asian market were also positive reacting to the dovish comments of the US Federal Bank's chief Jerome Powell.