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CAPITALSTARS MARKET WRAP UP UPDATE
Bulls took the momentum back from bears on Tuesday as benchmarks ended the day on a strong note, courtesy a surge in banks and pharmaceuticals among others. An uptick in midcaps, too, helped the market close in the green. The Nifty managed to reclaim 11,400, while the Sensex ended over 200 points higher. This happened even as the rupee touched an all-time low during the day and hovered around 69.85 levels at the time of equity benchmarks closing.
Gains were largely led by banking names as the Bank Nifty ended around a percent higher. Additionally, pharmaceuticals, automobiles, energy and IT names were the top gainers. The Nifty Midcap index was higher by a percent.
At the close of market hours, the Sensex is up 207.10 points or 0.55% at 37852.00, while the Nifty closed up 79.30 points or 0.70% at 11435.10. The market breadth is still negative as 1,287 shares advanced, against a decline of 1,370 shares, while 160 shares were unchanged.
HEADLINES OF THE DAY
Sun Pharma rises 7% post company beat analysts' estimates with profit of Rs 982.8cr.
SpiceJet posts Q1 loss at Rs 38 cr on higher fuel cost, arbitration award, FX loss.
Allahabad Bank declines 6% as company reports net loss of Rs 1,944cr in Q1.
The crucial resistance for Nifty spot is now seen at 11450 and above this 11650 Support for the immediate term is now placed at 11300 next support will be 11150.
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