INDIAN BENCHMARKS: SENSEX CLOSES 120 POINTS UP,NIFTY 50 ABOVE 8550
The S&P BSE Sensex gained over 120 points in afternoon trade tracking strong cues from European markets. ICICI Bank, Maruti Suzuki, GAIL, Power Grid Corporation, and State Bank of India led the gains in the 30-share pack.
The NSE's Nifty50 traded above its crucial level of 8,550 led by gains in PSU Banks, auto, private banks, and FMCG stocks. In fact, barring pharma, all its sectors were trading in the green.
After a choppy session, the market has ended at fresh 10-month closing high. The Nifty has ended above 8550 for first time since August 6, 2015.
The 50-share index is up 45.50 points or 0.5 percent at 8565 while the Sensex was up 126.93 points or 0.5 percent at 27942.11.
ICICI Bank, Maruti, BHEL, SBI and ITC are top gainers while ONGC, Infosys, Sun Pharma, M&M and Dr Reddy's Labs were losers in the Sensex.
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RESULTS TOMORROW : INFY, LICHSGFIN, RELIANCE, MASTEK, GOLKONDA
The crucial resistance for Nifty spot is now seen at 8621 and above this 8655. Support for the immediate term is now placed at 8540 and next support will be 8490.