Bulls make strong comeback on D-Street; Sensex up 331 points, Nifty above 10550

Bulls make strong comeback on D-Street; Sensex up 331 points, Nifty above 10550
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Mumbai, Nov 13: Tuesday’s trade witnessed the bulls making a strong comeback, helping the Sensex end over 300 points higher, while the Nifty closed above 10,550-mark.
A stronger rupee, softening inflation and fall in crude oil prices shored up sentiment on the market. Crude prices fell amid flak faced by OPEC nations for announcing a supply cut in December.
In terms of sectors, energy, infra, metals, banks and automobiles were the top gainers, while pain was seen in the pharmaceuticals’ space. The midcap index, too, ended on a positive note, closing over one-third of a percent higher.
At the close of market hours, the Sensex ended up 331.50 points or 0.95% at 35144.49, while the Nifty closed up 100.30 points or 0.96% at 10582.50. The market breadth was narrow as 1,305 shares advanced, against a decline of 1,283 shares, while 150 shares were unchanged.
Shares of NTPC, ICICI Bank, Eicher Motors and IOC were the top gainers, while Sun Pharma and Tata Motors lost the most.
“Despite volatility in global markets, Nifty gained nearly 1% supported by sharp fall in oil prices. Softening of CPI inflation to 3.31%, India’s stable industrial production and gains in rupee added to the positives. Decline in oil prices below $70/barrel is likely to invoke positive sentiments for domestic market in the near term,” Vinod Nair, Head of Research, Geojit Financial Services said in a statement.
Stocks in News
Allahabad Bank on Tuesday reported a net loss of Rs 1,822.7 crore for the September quarter. The lender had posted a profit of Rs 70.2 crore during the same quarter of last year. The stock ended 10 percent lower.
Shares of Bank of India fell over 7 percent as investors reacted to its September quarter earnings.
Aurobindo Pharma rose 2 percent in the morning trade, but was dragged lower by 3 percent later despite the company reporting fall in its profit for the September quarter.
Share price of Shree Cement shed more than 1.5 percent on the back of weak Q2FY19 numbers.
Share price of Reliance Infrastructure rose 2 percent on winning Rs 16.14 crore arbitration award against National Highway Authority of India (NHAI).
Lastly, Eicher Motors closed 6 percent higher after entire workforce at Royal Enfield’s Oragadam facility called-off a strike.
Global Markets
Markets in Europe were higher as fall in crude prices boosted sentiment among indices there. Stoxx 600 traded 0.34 percent.
Asian markets mostly declined due to Dow Jones Industrial Average falling by more than 600 points overnight. The Shanghai composite rose 0.93 percent to close at 2,654.88 while the Shenzhen composite advanced 1.628 percent to about 1,383.92. Hong Kong’s Hang Seng Index was largely flat during the final hour of trade.