Closing Bell: Bloodbath on D-Street as Sensex plunges over 700 pts; Nifty gives up 10,500.
Bulls continued their momentum on Wednesday as fall in crude oil prices spurred the rally in equities. The Nifty managed to end above 10,900-mark.
Among sectors, banks, automobiles, consumption, and infrastructure names were the big gainers, while the Nifty Midcap index rose over a percent. IT and pharma were the big losers.
Asian Paints, Axis Bank, Indiabulls Housing and Bajaj Finserv were the big gainers, while Sun Pharma, Infosys, and HCL Technologies lost the most. At the close of market hours, the Sensex was up 137.25 points or 0.38% at 36484.33, and the Nifty up 52.80 points or 0.48% at 10961.50. The market breadth was positive as 1594 shares advanced, against a decline of 984 shares, while 147 shares were unchanged.
HEADLINES OF THE DAY
Equity benchmarks have extended their gains, with Sensex rising nearly 200 points. The Nifty is eyeing 11,000-mark. The National Company Law Tribunal has sanctioned the Scheme of Arrangement amongst Tata Teleservices (Maharashtra) and Bharti Airtel and their respective shareholders and creditors.
Shares of Indiabulls Real Estate (IBREL) jumped 7 percent after the board approved a scheme of arrangement to facilitate divestment of assets in Chennai to the US-based Blackstone Group.
European stocks traded slightly higher after a dramatic fall in the price of oil spurred speculation the US Federal Reserve might be done with monetary tightening.
The crucial resistance for Nifty spot is now seen at 11120 and above this 11280 Support for the immediate term is now placed at 10820 next support will be 10600.
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