INDIAN BENCHMARKS: SENSEX MAKES SMART RECOVERY TO END UP 328 POINTS HIGHER, NIFTY 50 HOLDS ABOVE 7950
All through the first half of the session, the domestic market remained sluggish and traded with losses. The benchmark indices picked up pace immediately after Maruti Suzuki 3.62 % announced its March quarter numbers.
The country's largest carmaker didn't report stellar numbers; Q4 profit after tax fell 12 per cent to Rs 1,130 crore. But the earnings were not as bad as expected which helped the stock gain and also the key indices. This also gave confidence to domestic equity investors.
Crude prices surged in global markets. Brent oil futures for July delivery were trading at $44.77 per barrel, up 1.02 per cent (at the time of writing this report).
All of this led the S&P BSE Sensex to end 1.28 per cent or 328.37 points higher at 26,007.30. The BSE's 30-share barometer swung as much as 500.95 points in intra-day trade. It ended above 26,000 for the first time since January 1, 2016. Its broader market counterpart on the NSE closed at 7,962.65, up 1.37 per cent or 107.6 points.
UPCOMING RESULTS TOMORROW: BHARTI, CEAT, EXIDEIND, JSWENERGY, YESBANK, KPIT TECH, SHRI CITY UNION, SADBHAV ENGG,ALEMBIC PHARMA
HEADLINES OF THE DAY
Maruti Suzuki Q4 net profit down 12% to Rs1134 cr (YoY)
M&M launches Scorpio Adventure at Rs13.07 lakh
Hindalco up after Aditya to accept improved Metals X bid
The crucial resistance for Nifty SPOT is now seen at 8010 and above this 8135. Support for the immediate term is now placed at 7850 and next support will be 7775.
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