Closing Bell: Nifty closes above 10,950, Sensex mildly lower; Rupee trades around 70/USD

: Benchmark indices erased most of its losses and ended near day's high with Nifty closed above 10,950 level.

At the close the Sensex was down 52.66 points or 0.14% at 36431.67, while Nifty was down 15.60 points or 0.14% at 10951.70. About 1218shares have advanced, 1344 shares declined, and 167 shares are unchanged.

HDFC Bank, HDFC, Infosys, ITS and Kotak Mahindra Bank are the positive contributors to the Sensex.

Among the sectors, auto, infra, and pharma ended in green, while PSU bank, metal, energy, FMCG and IT index was down between 0.20 to 1 percent.

The company has emerged as the lowest bidder in its bid for maintenance dredging of 7.0 million CUM quantity for 3 years at Paradip Port vide tender floated by Paradip Port Trust. The contract value of this prestigious job is around Rs 167.61 crore which is expected to be completed over a period of 36 months.

| ONGC approves buyback worth up to Rs 4,022 crore at Rs 159 per share and set January 4 as record date for buyback.

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Container Corporation of India approved issue of 1 bonus shares for every 4 held.

Research house maintained overweight call with a target price of Rs 785 per share. Company received EU approval for Ogivri, Herceptin. The estimate Herceptin EU addressable market for biosimilars is USD 750 million.

Assuming 50-60 percent price drop and fair market share of 15-20 percent, expect sales potential to be USD 55-60 million over next two years, id added.

Indian Energy Exchange approved the proposal to buyback of its fully paid-up equity shares of Re 1 each not exceeding 37,29,729 equity shares of the Company at a maximum price of Rs 185 per equity share.

: Shares of Gujarat Ambuja Exports slipped 2.4 percent despite brokerage house SBICapital maintained buy with a target price of Rs 370 per share.

According to SBICapital the Chalisgaon ramp-up was impressive, it announces 33 percent increase in maize processing capacity.

Equity benchmarks have recovered sharply from their low points, with the Nifty inching towards 10,950.

The Sensex is down 71.08 points or 0.19% at 36413.25, and the Nifty down 24.30 points or 0.22% at 10943.00. The market breadth is narrow as 1173 shares advanced, against a decline of 1089 shares, while 150 shares were unchanged.

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The government is said to seek additional Rs 41,000 crore PSU bond recapitalisation. It has also sought a nod from Parliament to infuse Rs 2,300 crore in Air India.