The Sensex is up 179.27 points or 0.7 percent at 26039.44 and the Nifty is up 67.10 points or 0.8 percent at 8032.60. About 1396 shares have advanced, 348 shares declined, and 83 shares are unchanged.
Tata Steel and Infosys are up 3 percent while GAIL, TCS and Asian Paints are gainers while Tata Motors, NTPC, Cipla, Reliance and L&T are losers in the Sensex.
Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, today said its subsidiary Music Broadcast Ltd will raise up to Rs 400 crore through initial public offer.
The board of MBL, which operates the popular Radio City FM stations, in a meeting held today approved the IPO of the company.
“We wish to inform you that the board of directors of Music Broadcast Ltd (MBL) at their meeting dated November 24, 2016 has approved an initial public offer,” the company informed BSE.
“The IPO would comprise of fresh issue aggregating upto Rs 4,000 million (400 crore) and offer for sale by existing shareholders,” it added.
Laurence Balanco of CLSA says tactically, he is looking for a minor pullback to relieve the momentum extremes seen in leading markets (US and Japanese equities, US dollar, US 10-year yield, copper).
While these extremes warn of a short-term reversal, the fact that momentum has confirmed the highs suggests that such a pullback should be short- lived and followed by further gains into Q1 2017, he adds.
He says the Achilles heel to this equity market advance would be a US 10-year yield breaking above 3.05 percent, which is the resistance zone provided by the upper boundary of the 35-year downtrend channel.
It is also close to the level where the rolling 12-month correlation between the S&P 500 and the US 10-year yields switches from positive to negative, Balanco feels.
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