Sensex up 257 pts, Nifty ends above 10,800 but market breadth in favour of bears

Benchmarkindices closed sharply higher led by recovery in the last hour of trade, backed by banking & financial stocks.

The Sensex gained 257.21 points at 35,689.60 and the Nifty rose 80.80 points to 10,821.90.

Sun Pharma, Cipla, Dr Reddy's Labs, Bajaj Finance, Baja Finserv, M&M and Indiabulls Housing Finance rallied 2-5 percent.

HDFC, HDFC Bank, Axis Bank, SBI, ICICI Bank, Bharti Airtel, L&T and HUL gained 1-2.6 percent while RIL fell nearly 2 percent.Nifty Midcap index gained 80 points.

HEADLINES OF THE DAY

OPEC Meeting: Saudi Oil Minister Khalid Al-Falih said he proposed to increase oil supply by 1 mbpd. "1 mbpd supply will be distributed among nations based on their ability to produce."

The Rs 466-crore public issue of RITES has been oversubscribed 8.53 times on last day of the issue.

The issue of Fine Organics was fully subscribed on the third day its initial public offering (IPO) on last day today.

The crucial resistance for Nifty spot is now seen at 10810 and above this 10875. Support for the immediate term is now placed at 10640 next support will be 10585.

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