Sensex, Nifty hold gains; Coal India, Hindalco up 2-3% -- 14 Dec 2015

Hindalco, Tata Steel, HUL, Coal India and Vedanta are top gainers while Tata Motors, ONGC, Axis Bank, TCS and Bharti Airtel are losers in the Sensex.


                                     

The market is holding gains as the Sensex is up 103.95 points or 0.4 percent at 25148.38. The Nifty is up 39.65 points or 0.5 percent at 7650.10. About 1485 shares have advanced, 953 shares declined, and 179 shares are unchanged. Hindalco, Tata Steel, HUL, Coal India and Vedanta are top gainers while Tata Motors, ONGC, Axis Bank, TCS and Bharti Airtel are losers in the Sensex. Indian traders fear that an interest rate rise from the US Federal Reserve this week could cause a destabilising spike in bond yields, and are calling on the Reserve Bank of India (RBI) to intervene by buying bonds via open market operations (OMO). Banks are the main buyers of government bonds but are already holding large amounts of them to meet reserve requirements, so their purchases are waning. At the same time, foreign investors are pulling out of many emerging markets at the moment, so there is less demand from them. Foreign investors have pulled USD 1.7 billion out of India in November, the highest withdrawals since August.

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