Closing Bell: Nifty closes above 10,850, Sensex up 46 pts; IT, pharma outperform

The market erased all its morning gains and ended marginally higher with Nifty able to close above 10,850 and Sensex above 35,700 mark.

Meanwhile, among the sector, IT, pharma and PSU banking stocks have outperformed, while auto, infra and metal remained under pressure.

TCS, Infosys, Wipro, HCL Tech and Tech Mahindra are the top gainers in the IT space.

The Sensex up 46.64 points at 35739.16, and the Nifty up 13.80 points at 10856.70.

About 1280 shares have advanced, 1366 shares declined, and 178 shares are unchanged.

Shares of top telecoms operators Airtel, Idea Cellular and Reliance Communications dropped as much as 6 percent after Reliance Jio introduced an offer of giving more data to users.

The firm is offering 1.5 GB additional data per day to customers on all pre-paid plans priced in the range of Rs 149 to Rs 799.

"Airtel introduced 1GB per day additional data on Rs 149 and Rs 399 price points only for a limited users. Jio will now provide 1.5 GB per day additional Jio 4G data to every pre-paid Jio user," a company source told PTI.

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Tata Motors today launched an anniversary edition of its compact sedan Tigor priced at Rs 5.58 lakh and Rs 6.57 lakh.

The limited edition Tigor Buzz will be available in both petrol and diesel engine options and will be equipped with manual transmission and is based on the XT variant, Tata Motors said in a statement.

While the petrol option is priced at Rs 5.68 lakh, the diesel version is tagged at Rs 6.57 lakh (ex-showroom Delhi), inclusive of the accessory kit, it added.

Karur Vysya Bank has entered into Bancassurance agreement with Max Bupa Health Insurance for distributing retail and group health insurance products to suit the needs of KVB customers.

At 14:40 hrs Karur Vysya Bank was quoting at Rs 107.65, down Rs 0.20, or 0.19 percent on the BSE.

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Shares ofRuchi Soya Industrieslocked at 5 percent upper circuit as Adani group emerged as highest bidder for the company.

Adani's group company offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said.

Baba Ramdev-promoted Patanjali Ayurved, the only other qualified player in the race, has bid for around Rs 5,700 crore, they added.

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: The company share rose 2 percent as company acquired stake in UK based company.

The company has entered into an investment agreement with Tevva Motor, Bharat Forge International, UK and existing shareholders of Tevva.

Pursuant to agreement, the company has acquired 34.53 percent and Bharat Forge International, UK, a wholly owned subsidiary of company has acquired 0.73percent stake in Tevva, aggregating to combined stake of 35.26 percent.

Shares of Page Industries gained over 3 percent on Wednesday as investors bet on the firm’s extension of licensing with Jockey International.

“Our license agreement with Jockey International Inc has been extended till December 31, 2040,” the company said in a filing to the exchanges.

The stock was in the news recently for its performance during the March quarter. The firm registered 41 percent jump in its March quarter (Q4FY18) to Rs 94.2 crore against Rs 66.8 crore in the same period last year.

After trading off the day’s high points in the previous hour, strength in pharma, IT and banking names are taking the market higher again. The Sensex is up over 100 points. The Nifty Pharma index is up over 2 percent, while gains in TCS is pushing Nifty IT index higher as well. Among stocks, Dr Reddy’s Labs, Sun Pharma, and Cipla are the top gainers, while Tata Steel, HUL, and Indiabulls Housing have lost the most.