Closing Bell: Banks, RIL lift Sensex 267 pts; Nifty ends above
10,750 despite weak Asia
Benchmark indices closed on a strong note with
the Sensex rising more than 250 points, backed by banking & financials and
Reliance Industries.
The rally was also led by the Cabinet Committee's
approval to the proposal to raise minimum support price for kharif crops.
The 30-share BSE Sensex gained 266.80 points at 35,645.40
and the 50-share NSE Nifty rallied 70 points to 10,769.90 but the market
breadth was weak.
About 1,338 shares declined against 1,256
advancing shares on the BSE.
HDFC, HDFC Bank, Reliance Industries, Maruti
Suzuki, HUL, Bajaj Finserv, Bajaj Auto, Bharti Infratel, IndusInd Bank, Lupin
and Indiabulls Housing were top contributors the Nifty's gains, which rallied
between 1 percent and 4 percent.
Infosys, Grasim, Vedanta, HPCL, TCS, ITC, Tata
Motors and HCL Technologies were losers.
HEADLINES OF THE DAY
Kerala-based Muthoot Finance has set a target to disburse Rs 300
crore personal loans during the current financial year, a top company official
said today.
Banks' unsecured loan book has grown four times the bank credit
during the past three years, helped by a rise in discretionary spending,
technology-driven disbursements and lower interest rates, says a Crisil report.
MEP Infrastructure Developers share price rallied 3 percent
intraday Wednesday after signing a concession agreement for four projects with
the National Highways Authority of India (NHAI), but it corrected later to hit
fresh 52-week low of Rs 63.85 on the BSE.
The crucial resistance for Nifty spot is now seen at 10790 and
above this 10840. Support for the immediate term is now placed at 10700 next
support will be 10550.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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