Closing Bell: Nifty gains for 3rd day but fails to hold 11,700; Midcap index underperforms.
Benchmark indices continued to gain for third consecutive session with the Nifty reclaiming 11,700 level intraday, driven by banks, FMCG and IT stocks.
The BSE Sensex was up 84.60 points at 39,215.64 and the Nifty50 rose 24.90 points to 11,687.50 while Nifty Bank gained 165 points.
But the market breadth was in favour of bears as about 1,350 shares declined against 1,099 advancing shares on the BSE.
HEADLINES OF THE DAY
ICICI Lombard General Insurance said Vishal Mahadevia resigned as Non-executive, Independent Director of the company.
Housing finance firm Home First Finance Company (HFFC) is mulling worth Rs 1,500-crore initial public offer, reports suggest.
Kotak Mahindra, Indiabulls Housing, HCL Technologies were the biggest gainers, while Yes Bank, ONGC and Eicher Motors were the top losers.
Yes Bank fell nearly 9 percent from day's high of Rs 108.40 intraday on caution ahead of June quarter earnings due later today.
The crucial resistance for Nifty spot is now seen at 11800 and above this 11960 Support for the immediate term is now placed at 11500 next support will be 11360.
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