Closing Bell: Bulls take charge on D-Street as Sensex ends 629 pts higher; Nifty above 10,700.
Bulls took charge right from the word go and consistently traded in the green. But intense buying in the last hour helped the market end on an even stronger note. The Nifty, not only managed to clock 10,700, but also closed above this mark. Buying was visible across all sectors, with maximum gains seen among automobiles, metals, banks, infrastructure and consumption names. In the broader market, the Nifty Midcap index ended 3 percent higher. At the close of market hours, the Sensex closed up 629.06 points or 1.79% at 35779.07, while the Nifty rose 188.40 points or 1.79% at 10737.60. The market breadth was positive as 1,882 shares advanced, against a decline of 645 shares, while 139 shares were unchanged. Hero MotoCorp, Bharti Airtel, and Indiabulls Housing gained the most, while Dr Reddy Laboratories, and Bharti Infratel lost the most.
HEADLINES OF THE DAY
Ramco wins order: Ramco Systems has secured deal from a leading adversary air (ADAIR) services provider to the US defence forces, to manage its fleet of fighter aircraft used for highly complex training fleet and defence contract requirements. Rating Agency CARE Ratings has reaffirmed CARE A1+ rating on Shree Cements' Commercial Papers of Rs 300 crore. Torrent Power has ought a nod from Gujarat regulator to hike tariffs so that it could offset under-recoveries. The company said that the tariff hike will help it recover Rs 275 crore. ACC Board Grants Nod to set up a greenfield integrated cement plan at Ametha. Zydus Wellness to acquire Heinz India: Shares of Zydus Wellness gained 2 percent on Wednesday after company received CCI approval for acquisition of businesses of Heinz.
The crucial resistance for Nifty spot is now seen at 10880 and above this 10960 Support for the immediate term is now placed at 10620 next support will be 10500.
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