Closing Bell: Nifty kicks off January series above 10,850; Sensex up 269 pts; Nifty Pharma surges.
Its a consecutive session of positive close for the market on Friday. The Nifty has kicked off January series on a strong note, ending above 10,850-mark.
Strong global cues, weaker crude as well as strengthening rupee were some of the primary factors behind the markets rally. At the close of market hours, the Sensex was up 269.44 points or 0.75% at 36076.72, while the Nifty was higher by 80.10 points or 0.74% at 10859.90. The market breadth was narrow as 1546 shares advanced, against a decline of 1049 shares, while 163 shares were unchanged. Sun Pharma, Vedanta, and Titan were the top gainers, while Coal India, TCS, and Bharti Infratel lost the most.
HEADLINES OF THE DAY
Multiplex chain operator PVR said it is planning to raise up to Rs 750 crore through issue of securities to qualified institutional buyers, for which it is seeking shareholders' nod.
Tata Steel BSL (earlier known as Bhushan Steel) shares rallied nearly 7 per cent intraday after CARE assigned AA rating for company's bank facilities.
Shree Cement gained half a per cent after CARE reaffirmed its rating as A1+ for company's commercial paper worth Rs 600 crore. Kansai Nerolac Paints shares gained a per cent intraday after the acquisition of construction chemical company.
Finance Minister Arun Jaitley has said that 11 PSU banks have identified 55 foreign operations for rationalization and closure in this fiscal, according to a CNBC-TV18 report. HDFC Bank shares gained 1.5 per cent in the morning after research house Emkay has maintained its buy call on the stock and expects to gain 18 per cent to its price target to Rs 2,500 apiece.
The crucial resistance for Nifty spot is now seen at 10960 and above this 11100 Support for the immediate term is now placed at 10720 next support will be 10550.
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