INDIAN BENCHMARKS: SENSEX CLOSED 481 POINTS HIGHER, NIFTY CLOSES ABOVE 7850
Monsoon magic cast its spell on Dalal Street on Wednesday, sending the equity benchmarks soaring, as stocks across auto, banking, consumption, FMCG and farm input sectors rallied in the hope that good rains will result in better rural demand and boost corporate bottom lines.
Investors ignored the long weekend of a holiday-truncated week, and rushed to accumulate stocks, lifting all but two Sensex stocks higher. In the Nifty pack, only seven stocks ended in the red.
M&M led the rally, as it made a robust 7.40 per cent gain on expectations of better sales due to a good monsoon. Other top gainers in the Sensex pack included ICICI Bank (up 5.40 per cent), Bajaj Auto (up 4.95 per cent), Bhel (up 4.88 per cent), and Maruti Suzuki (up 4.42 per cent).
HEADLINES OF THE DAY
SBI gains on improvement in IIP, Inflation data
Mahindra & Mahindra on rising trend
Bajaj Auto surges as Nepal partner plans to set up Assembly Unit
The crucial resistance for Nifty SPOT is now seen at 7830 and above this 7937. Support for the immediate term is now placed at 7740 and next support will be 7617.
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