Closing Bell: Subdued start to Dec series, Nifty below 10,900; Sensex flat; pharma, IT outperform.
Benchmark indices ended marginally higher on Friday, but the Nifty could not hold on to 10,900 level.
This is fifth consecutive day gain recorded by the indices.
The Sensex was up 23.89 points at 36194.30, while Nifty was up 22.10 points at 10880.80. About 1278 shares have advanced, 1310 shares declined, and 146 shares are unchanged.
Among the sectors pharma and IT space outperformed the other indices with 1-2 percent gain, while bank, infra, metal and energy stocks have underperformed.
HEADLINES OF THE DAY
Promoter increased holding in Inox Leisure: Board approved the allotment of 64,00,000 equity shares of face value Rs 10 each to Gujarat Fluorochemicals, the holding company, (the Promoter) at the issue price of Rs 250 per equity share, including a premium of Rs 240 per equity Share, aggregating to Rs 160 crore.
Allahabad Bank to consider fund raising: A meeting of the board of directors of the company is scheduled on December 6 to consider and approve capital infusion of Rs 3054 crore in the bank by the Government of India.
Lupin shares gained over 2 percent after the launch of skin infection treatment cream in the United States.
The crucial resistance for Nifty spot is now seen at 10920 and above this 11200 Support for the immediate term is now placed at 10700 next support will be 10590.
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