Closing Bell: Sensex ends 550 points higher, Nifty closes at 10,386; midcaps up 2%.
Wednesday’s session has ended on a strong note, with the Sensex soaring over 500 points, while the Nifty closed above 10,350-mark. A strong surge in financials along with IT names were responsible for pushing the indices higher.
Pharmaceuticals joined the bandwagon as well and a combination of all these factors boosted the market.
Automobiles, consumption, infrastructure, and PSU banks were the other big gainers. In the broader markets, the Nifty Midcap index rose around 2 percent.
At the close of market hours, the Sensex ended up 550.92 points or 1.63% at 34,442.05, while the Nifty was higher by 188.20 points or 1.85% at 10,386.60. The market breadth is positive as 1,593 shares advanced, 946 shares declined, while 1,114 shares were unchanged.
HEADLINES OF THE DAY
MOIL Q2 result: Its net profit rose 13.4 percent at Rs 105.1 crore against Rs 92.7 crore, revenue rose 24.8 percent at Rs 357.8 crore against Rs 286.7 crore, YoY.
Lupin Q2 result: Consolidated net profit down 41.5 percent at Rs 265 crore against Rs 455 crore. Revenue was unchanged at Rs 3,951 crore, YoY.
Rupee Recovers: Indian rupee has recovered from the day's low of 74.14. It is trading lower by 20 paise 73.88 per dollar, after a weak opening at 73.92.
Balrampur Chini Q2 result: Company's Q2 net profit was up 10.4 percent at Rs 90.9 crore against Rs 82.4 crore. Revenue was down 17.9 percent at Rs 1,015 crore versus Rs 1,236.8 crore, YoY.
FMCG major, Dabur India, reported a net profit of Rs 377.5 crore for the September quarter, a rise of 4.1 percent as compared to Rs 363 crore posted by the firm during the same period of last year.
Results to be announced tomorrow :- Arvind,Bajaj Electric,Berger Paints,DLF,GNFC,HDFC,HPCL,IIFL Holdings,Marico,Tata Comm.
The crucial resistance for Nifty spot is now seen at 10450 and above this 10610 Support for the immediate term is now placed at 10250 next support will be 10100.
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